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Crystal Ball or Magnifying Glass? - Hindsight Bias affects our Sales!

Crystal Ball or Magnifying Glass? - Hindsight Bias affects our Sales!

Crystal Ball or Magnifying Glass?

‘Let’s take a look at what my sales will be at the end of the month….’  If you run your sales by gazing into a crystal ball to see future success, then you are may be suffering from Hindsight Bias.  And when those deals you thought would come in, then don’t, you may find yourself saying ‘I knew it all along…’

Foresight beats hindsight everyday.  Our job is to manage the commit or close stages of each deal.  Hindsight just confirms why we either got the deal or didn’t get the deal.  Foresight however gives us a chance to see the potential outcomes and do something about it!  So we are more likely to get the deal.

How I hear you say?  I’m not a clairvoyant!  No you’re not.  So here’s a plan to get you thinking…

  1.  Remind yourself we can’t predict the future, you’re not a clairvoyant but clear your head of preconceived ideas. 
  2. Examine ferociously the data, what do you know, what don’t you know, what should you know, where are the gaps
  3. Consider the alternative outcomes, the most likely, the least likely
  4. Close the gaps - ACT - Be brave, this could be the difference between a YES or a NO
  5. Post event – analyse what happened both when you win and when you lose

This is something you can get better and better at, and the net result will be more successful deals.

Replace your Crystal Ball with a Magnifying Glass!






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