Sales Acceleration Summit - This session is now available on demand: http://www.insidesales.com/events/2014/sales-acceleration-summit/zorian-rotenberg
Session Overview
Get actionable success strategies on how to manage sales using data to build a scalable, predictable, and repeatable revenue engine. You will learn what the world's top sales leaders do and what sales metrics they use to grow revenue faster and increase performance of their sales teams.
10. #SalesSummit | @zorian
Selling Process as a Sales Funnel
Connecting
Meeting and Researching
Evaluating
Negotiating
Buyer Steps
Identifying
Qualifying and Validating
Presenting
Closing
Seller Steps
Making Decision Validating Fit
SuspectOpportunity
DealBuying
100
80
60
40
20
2,000
11. #SalesSummit | @zorian
$ Sales =
$ Average
Deal Size
% Hit
Rate
% Win
Rate
# Dials per
Day 240X X X X
12. #SalesSummit | @zorian
Are Your Sales Reps Effective?
SDRs Dials Connects Opps Deals Dial : Connect Dial : Opp Opp : Deal Dial : Deal
Steve Nash 3,844 333 11 1 12:1 349:1 11:1 3,844:1
Jeff Hornacek 4,285 339 15 2 13:1 286:1 8:1 2,143:1
Shawn Marion 2,911 251 27 4 12:1 108:1 7:1 728:1
Jared Dudley 3,973 342 20 6 12:1 199:1 3:1 662:1
Total 15,018 1,265 73 18 12:1 206:1 6:1 1,155:1
Hit Rate Win Rate# Dials
Chinese symbol for Risk is a two character combination of Danger + Opportunity
Hit Rate = Lead : Opp; rep’s Intelligence or how able you are at identifying real Opps from the pool of leads
Win Rate = Opp : Deal; it is your Sales Skills that you have to close the deal
Sales = [Opps Closed] x [ASP] x [Win Rate]
1) Hire the same type of successful sales person
2) Train each sales rep in the same way. Go through training during the first month on the job. Give an exam at the end and an assessment grade by the trainer – it will correlate highly to the ultimate success of the rep.
3) Have the salespeople work the leads using the same process & give each sales person the same quantity and quality of leads
Hiring – 5 Key Traits:
Conscientiousness
Coachability
Intelligence
Prior Success
Passion
This research on sales rep performance published by the American Psychological Association way back in 1993 found that the most predictive indicator of sales rep success is “conscientiousness.” Conscientiousness simply means achievement and dependability. We also can refer to it as “hard work until you get it done,” also known as “GSD” (i.e. Get S**t Done, implying that getting things done comes with a goal and the dependability to achieve it). Candidates who are conscientious are goal-oriented, hardworking, persistent, and have high expectations for themselves – exactly what you want in a sales rep.
You must have a consistent Sales Process which represents how you are selling - it’s the Selling Steps your sales reps must take to sell your product to your buyers and you should standardize the customer interactions so that all your reps will be using the same process which will allow you to measure each rep carefully. This is the foundation of the repeatable and scalable process that will help you build a sales machine that produces predictable revenue.
You should research the buying process and map Selling Stages to the Buying Stages so that your sales process is categorized based on the steps of the buying process
Map observable Milestones that tie buying and selling process together.
Hit Rate = Lead : Opp; rep’s Intelligence or how able you are at identifying real Opps from the pool of leads
Win Rate = Opp : Deal; it is your Sales Skills that you have to close the deal
Sales = [Opps Closed] x [ASP] x [Win Rate]
Pipeline – Opps Open and Closed
Analyze Conversions
If conversion is low then there is that dam effect
If Opps are moving too slowly in any stage – may be stalled, stagnated and inflated
Low conversions are bottlenecks
How is % Won compared to last selling period (this Month vs. last, this Quarter vs. last when you are doing QBR, etc.)
How does your % Win Rate compare to last period at a critical late stage, say from Trial?
How does your % Win Rate compare by different sources, say Marketing vs. Sales Prospecting vs. Partners?
Deal Sizes: Small vs. Large
Flag Opps >2x of your ASP, what is % for both of these?
Different Sales Reps or Teams
By Difference Sources: Marketing - Sales - Channels
By Different Products
One of the most successful race car drivers Mario Andretti - “If everything seems under control, you're not going fast enough.”