Math of Sales: Your Formula for Sales Success
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Want to learn how you can increase your sales connections by 40%? View this presentation to learn a strategic approach for prospecting that is guaranteed to yield greater results for your sales organization. By reading this presentation, you will learn: - An easy to follow formula for creating more prospects with less effort - How you can uncover the data you need for your sales organization to be predictable prospectors and build strong pipelines - How you can find incremental revenue you may have otherwise left on the table - How to reduce the number of clicks it takes to log a call in Salesforce.com from 12 to 2 We also have a corresponding whitepaper that goes into more detail. You can download it here: http://salesvue.com/whitepapers/math-sales-formula-sales-success/.
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Math of Sales: Your Formula for Sales Success
- 2. Bill Johnson CEO and Co-founder, Salesvue Peter C. Fuller CMO, Salesvue Douglas Karr Founder, Marketing Technology Blog
- 3. Your Formula for Success
- 4. Technology is rapidly changing the art of selling.
- 5. Do You Know?
- 6. Industry averages aren’t relevant and don’t exist within the reality of your business. You need to know your numbers.
- 7. How much money is not knowing your number costing you? ($$$,$$$,$$$) bit.ly/roicalcu
- 8. Adopting the Math of Sales provides a quantitative strategy for prospecting and pipeline growth.
- 9. The only way to know your numbers and use this formula is to first deploy a standardized process.
- 10. Real View of a Company without a process.
- 11. Activities This is what your team’s activities should look like. 600 500 400 300 200 100 0 Week 1 Week 2 Week 3 Week 4 Rep A Rep B Rep C Rep D
- 12. When your activities are standardized, teams now complete the activities needed to have conversations. With the variable data in hand, you can now use the formula to forecast just about anything accurately. 20 5 1 Activities Conversations Conversion
- 13. Use Cases for the Math of Sales Understand the cost of Forecast more accurately. downtime. Take money off the table. Scale your staff.
- 14. “I was blind to 70% of my sales reps activity until Salesvue.” —Mike Rutz, VP of Sales Angie’s List
- 15. Salesvue Reveals Your Numbers Process & Plans. Built-in plans and processes are compiled from hundreds of thousands of calling hours. SBI. See exactly what every member of your force is doing, and get instantaneous activity-to- pipeline dollar value metrics. Dialer. Make dialing more efficient. Our built-in dialer with local spoof allows sales members to call from inside your CRM solution. Native Salesforce.com. Salesvue runs natively within SFDC. This means your data is safe and secure.
- 17. Companies that use Salesvue have reported: “500% increase in conversions”--PERQ “40% increase in connections”--SPRNKLR “100% increase in sales team happiness”—Scale Computing
- 18. Prospect. Onboard. Retain. To access the slides and whitepaper or get a demo, click here: bit.ly/slidesmos @salesvue Salesvue
Notas del editor
- Introduction— Doug Karr
- Introduce the speakers: Bill has over 30 years of experience in managing and providing technology solutions to a variety of industries. His experience helped him develop the product, Salesvue. Peter has a range of experience with both early and late stage public companies. He was first introduced to Salesvue during his tenure at Scale. Doug is the founder of the Marketing Tech Blog and CEO of DK New Media, an inbound marketing agency. Hand it over to Bill Johnson, CEO and co-founder--
- Thanks, Doug. What you’re looking at hear is the magic formula for success that’s hidden, yet fully operational within your company. Most people don’t know it, but that doesn’t mean it isn’t there. It’s like DNA. For a long time, we didn’t know it existed. Our lack of knowledge didn’t change that fact that DNA was and is making us who we are as humans. Like DNA, this formula is making your company, its forecasts and sales volumes what it is today. We call it the Math of Sales. Let’s get into it…
- Technology is changing the process of selling. As video conferencing and web demonstration services become more affordable and reliable, not only is it possible to engage with clients and potential clients virtually, it’s often becoming a preferred method by consumers. Busy schedules and the ability to access information more readily means consumers with less time and less interest in scheduling face-to-face meetings to learn about a company’s product or services. As a result, many sales organizations are experiencing a shift in their sales approach. They are spending more time in virtual engagements, tracking correspondence to keep with consistent follow-up, and creating more big data on customers and prospects than ever before. Many could say that the ‘art of the sell’ (while still important) is merging with the importance of measurement, or in other words - the math of calculated selling. All of this data creates a new opportunity to use real-time analytics for building a measured, calculated approach to driving revenue faster.
- Real-time analytics need to answer three basic questions--- How many calls does it take to prospect? How many connections will convert into an appointment? Howe many conversions will turn into an opportunity? By answering these three questions with real-time, quantitative data, organizations could answer age-old questions surrounding forecasting, staffing and company strategy. Unfortunately, while most Sales CRM’s today provide a platform for storing the above information, abstracting real-time data is a challenge for most. By the time reports are built, data has changed in real-time, leaving companies to build pipeline strategies based on educated guesses.
- Some companies that don’t like educated guesses use industry standard averages. Don’t be fooled into thinking that number has any relevance to your business. Industry averages don’t actually exist as reality. As you know, an average is revealed by adding all the respondent data and dividing by the number of respondents. To get “eight” as an average, respondent surveys had to have more than eight and less than eight calls as their best guess to connect. At Salesvue, our inside sales team makes the majority of its connections on call number twelve. What’s your company’s number? It’s important to know. If your number is nine and ninety percent of your team is giving up before call number nine, how much business are you leaving on the table?
- Using the ROI calculator on www.salesvue.com you can find out how much money you’re likely losing. For instance, a company with just 5 account managers executing 40 activities per day to sell a product with a $15,000 average deal size is leaving $645,000 on the table. Rather than closing $1.515 million dollars in year, the company is realizing only $840,000 in topline revenue.2 At Salesvue, We know how much we leave on the table: More than 25% of our revenue would never have happened if we didn’t push our inside team to make call number 12.
- Every sales cycle begins with identifying potential buyers and moving these prospects through a sales funnel. Too often, however, the strategy for reaching a targeted list of new potential buyers lacks the backing of any quantitative data. How to reach new prospects and move them towards an opportunity stage is often based on predictive analysis over empirical data. This leaves the crucial part of building a company’s pipeline to be based on nothing but estimated guesses and comparison industry averages. The approach for reaching a targeted list of potential buyers is quantifiable in time and activities. When following this targeted approach, prospecting can become a predictable piece of the selling cycle.
- For most companies, the formula and the use cases are moot because variable data is missing. That doesn’t mean it doesn’t exist. To the contrary, every company has the numbers needed to do this math, the numbers simply remain hidden and extremely hard to unearth from the depths of any CRM system in use today. More often, companies are lacking the visibility needed to know how many activities their sales representatives manage on a daily basis for prospecting and how many activities it takes to connect with a new potential buyer. However, to use this formula, companies must standardize sales prospecting activities across all reps. Without a standard process, the variable data associated in the formula above will not reveal itself.
- This graph is taken from a Salesvue customer just after implementing Salesvue and before standardizing a process. As you can clearly see, no standard methodology exists in this team. Without standardization, it is impossible to: a) define what is working, b) understand how much money is being left on the table or c) determine if the team is doing the activities necessary to connect with the Total Addressable Market.
- By putting a process in place, sales team activities are standardized and measurable. This is what your graph should look like. Once it looks like this, it much easier to determine your math of sales.
- When your activities are standardized, teams now complete the activities needed to have conversation. And you now know your Math of Sales.
- The use cases for this formula are immense. Forecast more accurately—1,040 new opportunities in 80 days is a fairly specific estimate that can lead to opportunity value and more accurate closed/won forecasting. Take money off the table—you’ll know you’re reaching your market and rest well with the peace and assurance that your team is doing the right activities to take all the money that’s on the table off of it. Understand downtime—easily calculate the cost of reduced activities. Scale your staff—If you know what you can do with 1 person, 10 or 100, you can easily justify scaling it. To our knowledge, the only technology on the market that allows you to both add process and reveal the Math of Sales is Salesvue.
- As Mike Rutz of Angie’s List says, he was blind to his reps activities.
- Salesvue reveals your numbers.