Best Practices for Accelerating Sales

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Information about Best Practices for Accelerating Sales
Business & Mgmt

Published on March 8, 2014

Author: SOMAmetrics

Source: slideshare.net

Description

The Basics for accelerated Growth and Increased Revenues. Set up a successful Teleprospecting team to grow your Sale Funnel and raise the number of closed deals.

Best Practices for Massively Accelerating Sales Workshop Presentation Alicia Assefa COO SOMAmetrics 2013 © SOMAmetrics 2013 1

Agenda • • • • • • • • • • Terms and Definitions What Teleprospecting Is/Isn’t Elements of a Complex Sale Framework for Quality SQLs Funnel Math Marketing and Teleprospecting Quotas Build the Right Tools Manage for Success SQL Closed Loop Workflow Manage SQLs in the Sales Funnel © SOMAmetrics 2013 2

Terms • • • • • • • • GOSPA – Goals Objectives Strategies Activities KPI’s- Key Performance Indicators or metrics Impressions – Touches to your targets ASP – Average Sale Price MQL- Marketing Qualified Lead – interested prospect SQL- Sales Qualified Lead – qualified prospect Response Rates – Campaign responses Sales Funnel – Sometimes referred to as a sales pipeline and tracks deals from start to close. Used to forecast revenue © SOMAmetrics 2013 3

Terms • DANCE TACP process for qualifying prospects: – – – – – – – – D-for dollars (budget) A-Authority N-Needs CE-Compelling Event T-Timeline of their decision A-Awareness C-Consideration P- Preference for your solution © SOMAmetrics 2013 4

Teleprospecting Is/Isn’t Teleprospecting Is: • Often the first live-person contact your prospects will have with your company. The conversation needs to be spot-on and meaningful for your prospect • An effective method for delving into prospects needs and building their pain • A sales funnel development engine • Most effective when supplied with Marketing Qualified Leads (MQLs) • A great way to stay in touch with Target or Key accounts • In touch with many, many prospects every month. These prospects often provide useful market intelligence which your company can gather and use to perfect its messaging © SOMAmetrics 2013 5

Teleprospecting Is/Isn’t Teleprospecting Isn’t: • • • A panacea! If your company doesn’t have a viable solution, OR doesn’t know the right targets to reach, OR if your messaging is off, Teleprospecting will not work for your company Very effective as a “cold-call” engine. Effective Teleprospecting teams are given MQL’s to contact every month. – Use Funnel-Math to determine the right number of MQLs for your team Your CMO, VP of Marketing/Sales! Make sure that your Teleprospecting team has all the tools they need to be effective on the phone and in follow-up communications with Prospects: – Call guide, qualification questions, emails, voicemail script, other content – Ensure that your message is integrated throughout all Teleprospecting Tools © SOMAmetrics 2013 6

Teleprospecting Is/Isn’t Teleprospecting Isn’t: • Sales. Don’t expect them to close deals. Educate them to uncover needs and to develop pain. Sales and Inside Sales are the teams to develop Sales Qualified Leads (SQLs) into closed business • Admin support for sales reps. Don’t give your Teleprospector a second job as an Admin. © SOMAmetrics 2013 7

Ideas Strategy Best Practices Execution Funnel 3 Audits & Assessments Business Strategy Outbound Revenues Teleprospecting Email campaigns Direct Mail Funnel 4 Sales Brainstorming Marketing Strategy Four Funnels Framework Advertising Events Public Relations Customer Service Funnel 1 Idea Roadmap Sales Strategy Social Media Inbound Organic /Paid SEO Teleprospecting works best when considered a component of your company’s over-arching Marketing and Sales strategy Funnel 2 Original Content Automation | Metrics © SOMAmetrics 2013 8

Case Study: Complex Sales • VP of Global Teleprospecting for $3billion global technology solution company managing team of 35 Teleprospectors supporting 5 business units • On average, 4-5 conversations were necessary with influencers and decision makers to gather all required information to turn in a Sales Qualified Lead (SQL) • Project Portfolio Management (PPM) BU (8 Teleprospectors/ ASP $250K) – Sponsors: Project Management Officers (PMO) – End-users: Project Managers – Roll-up dashboards to CEO . CIO and CFO – Gate Keeper: IT, VP, Executive Admin – Key challenge: finding the “PMO” many targeted companies had different titles for the same role – Needed to rally all key stakeholders including IT • Success: SQLs from team generated a $104M Sales Funnel and Generated $40M in Revenue © SOMAmetrics 2013 9

Elements of a Complex Sale • Target customers – May be large organizations (Fortune 2000 companies and government entities) – May associate significant risk and cost to the purchase of the solution • Often involves decisions from CXO’s and a handful of key stake holders • Different titles may be in charge of the same initiative, making it difficult to determine where to begin the prospecting process Significant research and time may be required to uncover the many moving parts and weave together a coherent story to present to the Sales team • • Purchase of solution may be the result of a company or division-wide initiative • Complex solutions are often disruptive technologies that generate fear regarding the “old guard” and “my job”! © SOMAmetrics 2013 10

Teleprospecting for Complex Solutions • Requires that your team can navigate the issues, find the right people (decision makers and influencers), build pain and educate the prospect so that they know how your solution can solve their problem • May take multiple calls over many weeks to gather enough information to generate a high quality SQL • May result in bringing multiple departments together to join in the “buy-in” process. This may be what it takes to justify the prospects investment in your solution • If done well, will massively increase the productivity of your Sales team and ROI of your marketing campaigns 11

Elements of a Complex Sale CEO CXO-A VP-A1 CXO-B VP-A2 VP-B1 Director-A1 Manager-A1 Calls made to non-decision makers won’t generate viable SQLs. © SOMAmetrics 2013 12

Framework for High Quality SQLs Interest Level/ Pain/ Need: -1 = Meltdown -2 = Hot -3 = Tepid Company Information: - Name, Address, Etc. - Industry, Size, Etc. Executive Sponsor #1: Each SQL Should Paint a Picture for your Sales Team A Great SQL will have the following elements: • Information about the company, issues, initiatives • Perspective from a CXO • Perspective from a few Key Influencers • Interest level of 1 or 2 • Timeframe, as established by sales team Executive Sponsor #2: -Name, Title, Department, Role -Name, Title, Department, Role -Key Initiatives/Pain -Key Initiatives/Pain -Challenges impacting success -Challenges impacting success -Interest Level (1,2,3) -Interest Level (1,2,3) Stakeholder #1: Stakeholder #2: -Name, Title, Department, Role -Name, Title, Department, Role -Key Initiatives/Pain -Key Initiatives/Pain -Challenges impacting success -Challenges impacting success -Interest Level (1,2,3) -Interest Level (1,2,3) © SOMAmetrics 2013 13

Funnel Math – Set Appropriate Quotas • Start with Funnel Math – Sales targets that are developed without alignment to sales and marketing budgets won’t be met • Adding more Sales/Inside Sales resources may not be the answer, if they aren’t supported by demand generation programs – Our studies show that it takes 2300 cold calls to generate 1 closed deal – Effective Teleprospecting can massively increase the productivity of your sales organization and Sales Funnel Growth • Sales and Marketing should work together to align revenue targets to marketing budgets to ensure that you generate the right numbers: – Impressions – MQLs – SQLs – Sales Funnel © SOMAmetrics 2013 14

Funnel Math – 4 Funnels Drive Awareness Educate Qualify Engage Funnel 1 Funnel 2 Funnel 3 Funnel 4 Marketing Teleprospecting Social Media Print Marketing Campaigns Email Sales SEO/PPC MQL SQL Sales Funnel Broadcast © SOMAmetrics 2013 15

Marketing and Teleprospecting Quotas • Once you know your numbers, set appropriate quotas for your Marketing and Teleprospecting Teams: – Marketing Quota: Total MQLs needed to support the Teleprospecting team – Teleprospecting Quotas: • SQLs are the qualified leads that are presented to Sales each month. KPI: 8 SQLs per month is a great start. • SQLs to Sales Funnel is number of SQLs * ASP that you expect to grow the sales funnel. KPI: 80% of approved SQLs should go on the Funnel. • SQLs to Closed Deals is the number of SQLs that generate revenue. Multiply the closing ratio by SQL Funnel quota to determine this number. © SOMAmetrics 2013 16

Build the Right Teleprospecting Tools Marketing – Targets and Message • • What is your solution or service and what pain does it solve? Who are your best targets: – Industry – Departments – Titles • What is your message • What are the qualification criteria for your SQLs: – A- Hot – B- Warm – C- Lukewarm – Nurture © SOMAmetrics 2013 17

Build the Right Teleprospecting Tools Teleprospecting Play Book Content • Call Guide • Qualification Questions – DANCE – Pain Development Questions • Objection Management Document • Customer Stories that outline: – Problem – What your Company Did to resolve the problem – Outcomes • List of Key Features and corresponding Benefits • Pain Analysis • Key Targets • Message • ROI • Key Performance Indicators • GOSA Template • Job Description • MBOs • Other Resources 18

Manage for Success Start your Teleprospecting department with 2 Teleprospectors • You will generate more SQLs, which enables a faster ramp of the sales funnel • Learnings will happen faster – Market information – Issues – Questions • There will be a team vs. a sole person slogging away on the telephone Whom should you Hire? • Teleprospecting for complex solutions has been around for almost 30 years. There are many people available who have experience and like the work. – When you begin, start with experienced people – If you have a complex solution or service offering, hire experienced people © SOMAmetrics 2013 19

Manage for Success • Manage a Teleprospecting team with the same rigor that a Sales Manager uses to manage her sales team • Each Teleprospector will need to understand what is expected of them, every day, month, quarter – • KPI’s – Dials, Key Conversations, Potential SQLs, SQLs, SQLs to Sales Funnel and SQLS to Closed Deal Successful Teleprospectors have a plan: – Goals, Objectives, Strategies, Plans and Activities (GOSPA) is a quarterly business plan that I have used to help team members stay on track – The GOSA must align with KPI’s • Teams that can achieve bonuses are more successful than those who receive only a base salary • SPIFF’s add fun and a competitive spirit to the daily grind of making 40-50+ dials per day © SOMAmetrics 2013 20

Closed Loop System Marketing Process Qualification Process MQL’s from Marketing Engine Teleprospector Qualifies MQL N Target Accounts from Sales Meet Qualification Criteria? Y N Meeting set? Y Approval Process N Review Process Feedback SQL Accepted by Sales? N Y Interest established? Approve SQL and assign to Sales Designate as SQL Y Sales Opportunity Created Good Opportunity ? © SOMAmetrics 2013 N Y SQL to Sales Funnel 21

Sales Funnel Management Deals close faster when prospects are engaged throughout the sales process! Discover Sales Engagement Tools Continuous Marketing Funnel Criteria for movement to next stage • • • Pain and Consequences Solution and Benefits Customer Commitment to get the deal closed (MOU) Forecast Prospect commits to get deal done Closed Deals © SOMAmetrics 2013 22

Q &A SOMAmetrics Revenue Acceleration Consulting Practice The Raymond House, 655 13th St. Suite 303 Oakland, CA 94612 510.206.9263 www.somametrics.com © SOMAmetrics 2013 23

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