Profile evaluation: GMAT 700 + 6 years work ex + IIT

[striker]

Hello, a little background about me. I started with GMAT preparation very late (january), but was very confident of 730-740 score as I scored the same in all of the GMATPrep exams. Performance pressure kicked in and I scored below my expectations (700) in the real exam. Since then, I have been thinking to retake the exam, but many of my friends (already in b-schools) told me not to retake GMAT, rather focus on the applications and essays.

Well, I am aware that I am late for most of the b-school applications, but I still want to give it a try. I am targeting top European b-schools (HEC, INSEAD, IESE, IE, Said Oxford and Cambridge) most of which have initial rounds in late March-April. A brief about my profile - 6 years of work experience in international Telecom giant as Project Lead (experience in Project Management and Agile), Team Lead and Developer. Graduated from IIT Kharagpur with B.Tech in Electrical Engineering (CGPA - 7.3). Held few positions of responsibilities/leadership at IIT and my current company.

So, do you think I stand a chance in the schools I mentioned above (I am not confident about INSEAD)? Which schools I should consider? What should I focus more on? Should I even consider retaking the exam?
What is the best way to approach essays?