5 Ways Progressive Companies Are Responding To Changing Buying Behavior

Today’s SpeakersDr. Tom SantBusiness Communications ExpertBest-Selling AuthorAndrew GaffneyEditorDemandGen Report Moderator Alicia Fiorletta Associate Editor DemandGen Report

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Today’s Agendaü  Adapting to Changing Buying Behaviorü  Selling on Value Instead of Priceü  Automating Your Proposal Processü  Developing Sales Playbooks for Different Selling Situationsü  Adding Measurement to Key Engagement Points in the Pipeline

Adapting to ChangingBuying Behavior

Poll QuestionHow was your first point of contact made with recentcustomers you’ve closed?•  Prospect reached out and contacted us directly•  We contacted them after they requested more information on our website•  We contacted them after connecting on live chat on our site•  We contacted them via cold call•  Other

New Rules of EngagementHow was your ﬁrst point of contact made with your sales representa6ves?

Sales Entering at Later StagesAt what point in the buying process did you engage with sales representa6ves from solu6on providers?

Changing Buyer TakeawaysØ  Buyer controlling engagement processØ  Cold calling no longer effectiveØ  Sales entering at later stagesØ  Sales need to establish value quicklyØ  With pricing becoming more transparent, sales teams need to establish other value differentiation

Selling on Value Instead of Price

Did any of the following factors lead you to go with the vendor you selected?

Value Selling TakeawaysØ  Price not the only factorØ  Buyers also looking for expertiseØ  Buyers considering a variety of factorsØ  Willing to pay more for solution that fits their needs

Automating YourProposal Process

Where Is the Waste In Current Sales Processes? Administrative tasks Face-‐to-‐face selling 6% 25% Waiting/traveling 22% Order preparation Selling over the phone 10.25% 15% Order follow-‐up Internal paperwork 6% 3% Proposal writing, presentation preparation 12.5% from George A. Smith, Sales Produc-vity Measurement

Poten:ally-‐-‐Two Kinds of Waste to Eliminate Efficiency Effec:veness Efficiency is a Effec:veness is a func:on of the func:on of the way quan:ty of work you work. Sales Process you do. It’s based Sales Process It’s based on using on using tools and best prac:ces. processes. Measurable Results

Where Does the Time Go? •  Face-to-face selling 25% •  Travel, waiting 22% •  Telephone selling 15% •  Proposals, presentations 12.5% •  Order preparation 10.5% •  Internal paperwork 6% •  Administrative tasks 6% •  Follow-up on orders 3% from George A. Smith, Sales Productivity Measurement

Only 52.5% of Sales Time Involves Selling! •  Face-‐to-‐face selling 25% •  Travel, wai:ng 22% •  Telephone selling 15% •  Proposals, presenta:ons 12.5% •  Order prepara:on 10.5% •  Internal paperwork 6% •  Administra:ve tasks 6% •  Follow-‐up on orders 3% from George A. Smith, Sales Produc-vity Measurement

Automation TakeawaysØ  Time wasted in administrative, non-selling tasksØ  Need to increase time invested in sellingØ  More time needed to invest in creating powerful presentationsØ  Opportunity to improve efficiency and effectiveness

Developing Sales Playbooks for Different Selling Situations

When it comes to aligning buyers andsellers, more than 50% of salespeople arenot properly prepared for their initialmeeting with prospects, according to IDC.

Which resources did you ﬁnd most useful in the early stages of buying process?

As you progressed through the research process on the company, which types of communica6on/content did you feel were most helpful in suppor6ng your decision?

Aligning With The Buying CycleBuyers look for different kinds of informationat various points in the buying cycle.Ø  Recent study from Knowledge Storm/Marketing Sherpa found 61% of technology buyers want content that directly addresses the issues they face at each point in the decision process.Ø  Frequency is also important: 85% of tech buyers said they need to encounter at least three pieces of content.

Situational Selling TakeawaysØ  Driving repeatable behavior within recurring selling situationsØ  Condensing over-whelming amount of informationØ  Playbooks keep it briefØ  Serve up the right content at the right timeØ  Ensure consistency in how deals are workedØ  Decrease training of new hires – minimize common questions

Adding Measurement

Data Analysis Across Sales“Data management and analysis must beimproved across sales. High performing salesorganizations are taking concrete steps toimprove the quality of their data as well as theirteams ability to analyze and interpret keytrends and insight from this data.”—IDC Sales Productivity Benchmarks Study

Qvidian’s Sales Performance Analy<cs allow sales and marke:ng management to op:mize their sales team’s ability to close business at each stage of the buying process. •  Gain greater forecast accuracy •  Iden:fy trends and replicate successful selling situa:ons •  Proac:vely coach reps to advance a deal •  Improve overall marke:ng eﬀec:veness See which opportunities are real and which are overstated based on activity performed.

Sales Measurement TakeawaysØ  Need to measure across all areasØ  Will measure impact of messaging within sales force systemØ  Track results back to activity

Recommended Action ItemsØ  Build A Plan To Adapt to Changing Buying BehaviorØ  Differentiate Based on Value over PriceØ  Automate Your Proposal ProcessØ  Develop Playbooks for Different Selling SituationsØ  Add Measurement to Key Engagement Points in the Pipeline

Thank you for attending today’s webinar! Download the new white paper on this topic “5 Steps to Increase Win Rates and Improve Pipeline Performance” here: www.qvidian.com/resources

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5 Ways Progressive Companies Are Responding To Changing Buying Behavior

by G3 Communications on Dec 30, 2011

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5 Ways Progressive Companies Are Responding To Changing Buying Behavior — Presentation Transcript