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Digital sales coverage, joe

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Your buyers have changed how and when they want to engage with your Sales Team and now wait until their buying decision is 2/3 made before they engage. When they do engage, 70% of the time your Sales …

Your buyers have changed how and when they want to engage with your Sales Team and now wait until their buying decision is 2/3 made before they engage. When they do engage, 70% of the time your Sales Reps are not properly prepared for the conversation and only 7% will earn a second conversation with your customer.
Meanwhile, sales team productivity is falling off the cliff as reps continue to use traditional engagement methods with prospects and customers, customers who simply don’t want to spend their time with sales.

The future of sales productivity lies in combining digital customer engagement with analytics, enabling sales teams to target, prepare, and engage far more effectively.

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  • customer don’t want to talk to you until THEY are ready…so YOU need to be prepared when the opportunity arises
  • How do you internally need to rethink how to engage customers NOW?
  • FTF call = $200Tele call = $30Digital nurture = $2-$3Human customer contact is…Very expensive……requires scheduling…and often viewed as “invasive” Increasingly, digital customer engagement is:Significantly lower cost…immediate when customer wants it…able to provide customized rich content Implication: Digital customer engagement will rapidly substitute for higher cost face-to-face and tele based sales interactions
  • A new revenue equation
  • …let me use Inside Sales as an example…
  • Improved Customer Brand ExperienceIntegrated digital and inside sales interactionsExpanded Customer Reach and ResponseSignificantly higher digital response and engagement rates vs. teleIncreased Revenues and Customer Lifetime ValueTargeted sales activities with tailored offeringsReduced Cost-to-SellFree up sales capacity from lead profiling, qualification activities……shifting time to higher value opportunitiesDeeper Customer InsightCollect customer preferences via digital engagementBuild better predictive algorithms with interaction data
  • Step 1:Select Top 3 business areas to pilot “shift and lift” programRecommend coverage maps for live rep vs. digital nurturingQuantify economic model of cost reduction and revenue lift from “shift and lift”Map the 6-12 mo. roll-out plan for delivering economic gainsCreate executive business case and messaging on transformation planStep 2:Analyze data to identify which prospects warrant ISR focus based on preferences, purchase likelihood, value and engagement propensity modelingDevelop buyer persona flags and triggers for existing database Digitally flag the best opportunities (buyer x account x interest x timing) within the CRM systemRefocus inside sales away from low priority tasks, prospects, and interactionsStep 3:Digital engagement, nurturing, and recycling programs using marketing automation to score and qualify leadsDifferentiated treatment and messaging by channel preference, lifecycle stage, potential value and engagement propensity Build and launch the basic lead scoring model based on existing dataStep 4:Implement analytics foundation linked to existing MA/CRM systems to continually advance the lead scoring model accuracyImplement trigger event notification for ISR and MA interaction based on Buyer personaProduct and offer recommendations Personalized content & channelTrigger by stage in buying processStep 5:Build online community around common affinity group interestsManage ongoing content calendar based on social interests and “buyer path” analysisRecruit prospects to engage community contentTrack interaction with MA and customize messaging by persona, preferences, and interaction historyFeed data into analytics engine and Inform ISRs via CRM on history and top messages to deliver

Transcript

  • 1. Improve Sales Productivity & Revenue Performance with Digital and Data
  • 2. –2– ©2014 MarketBridge Corp.
  • 3. MARKET RESEARCH “57% of a typical purchase decision is made before a customer even talks to a supplier.” CEB “67% of the buyer’s journey is now done digitally” Sirius Decisions “76% of B2B customers prefer to receive content unique to their stage in the buying process” Pardot/SFDC “B2B buyers complain that only 29% of sales reps are well prepared to engaged with them” IDC –3– ©2014 MarketBridge Corp.
  • 4. How Do You Sell to Buyers in the Digital Age? Traditional Marketing Spend (media buy, direct mail, e-mail, teleprospecting, events) Digital Engagement • Search, mobile, social media • Content marketing, digital communities • Sales enablement Traditional Sales Spend (field sales, inside sales, resellers, agents, retail, e-commerce) –4– “Old School” engagement is declining. Prospects…     Take fewer sales meetings Attend fewer events Don’t answer telesales calls Block emails “New School” engagement allows for self-education       Search Social Media On-line media 3rd party sites Content-rich vendor sites Authentic online communities ©2014 MarketBridge Corp.
  • 5. “The State of the Union” for Sales ❶ Goals Up, Headcount Down ❷ Increasingly Inefficient “Talk Time” • Corporate mandates prevent the old formula of More Headcount = More Revenue • Even less expensive sales channels like Inside Sales need to prove value more than ever before • Required sales call volume has doubled to make contact with a targeted prospect • For Inside Sales…1,000 outbound calls generates only 32 real leads1 • 48% of sellers never follow up after first touch2 ❸ Ignored Accounts = Ignored Revenue Opportunity • Disqualified leads (“Not Ready to Buy”, “Insufficient Funds”, “Insufficient Authority” ) are too expensive and too consuming to nurture • Yet, these leads represent too much revenue potential to be left untouched by sales 1 –5– The Bridge Group; 2 National Sales Executive Association ©2014 MarketBridge Corp.
  • 6. The New Revenue Equation: Digital Engagement + Data Analytics = Sales Productivity Connected Marketing & Sales “Engine” Richer Customer Data Social/Mobile ↓ Direct Marketing ↓ Lead Management ↓ Sales Management ↓ Loyalty & Retention CUSTOMER PROFILE & DATABASE Deeper, Predictive Customer Data & “Dashboards” Smarter Marketing & Sales –6– ©2012 MarketBridge Corp.
  • 7. Lifting Sales Productivity Through Digital Engagement and Data Analytics STEP 1 STEP 2 STEP 3 Prioritize Sales Call Patterns Digital Customer Engagement Feed Sales Quality Leads • Analytics driven • Sales-ready • Likelihood to convert • “Not ready to buy” prospects • Low cost coverage • Systematic lead qualification and scoring –7– • Trigger-based • Fed into SFDC • History of digital engagement ©2014 MarketBridge Corp.
  • 8. Benefits of Digital + Data Programs Increased Revenues and Customer Lifetime Value Expanded Customer Reach and Response Reduced Cost-to-Sell Deeper Customer Insight Improved Customer Experience –8– ©2012 MarketBridge Corp.
  • 9. The Economic Potential For every 100 inside reps…  $1.4M+ in potential labor savings  60%+ increase in per rep quality talk time  17,600 more quality conversation hours  25% increase in rep sales productivity –9–  20% lower cost-to-sell  Lower cost per conversation by $5  Up to 20-25% lift in overall sales production  2.5X more touches of nurtured prospects at 81% lower cost ©2014 MarketBridge Corp.
  • 10. The Prescriptive Path RevenueEnginesTM for Sales STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Deploy SMART™ Analytics to Continually Feed Reps the Best Prospects Engage Prospects in a Content-Rich Community and Build Data Asset . Quantify the Business Case & Build the Launch Plan Target Highest Value Customer Interactions through Analytics Launch Digital Engagement Programs to Engage Early Stage Prospects – 10 – ©2012 MarketBridge Corp.
  • 11. Step 2 – Utilizing Data to Drive Productivity Public Profile Digital Footprints Transaction History Customer Personas & Predictive Analytics P1 P2 P3 P4 P5 Custom Content Search Email Web Content – 11 – Inside Sales Field Sales ©2012 MarketBridge Corp.
  • 12. Step 2 - Driving Revenues w/ Predictive Analytics Prospect Profiling On-demand social media, CRM, email collaboration at the individual or customer level … …delivered on Sales desktop Individual Buyer Profile ? SMART Customer Profiling Monthly/weekly up-to-date profile of customer/prospect cohorts social media usage and demographics SMART Predictive Analytics On-going opportunity scoring and segmentation to predict high propensity, high value, and timing of target buyers Existing Customers High Value Prospects New Prospects Ready-to-Buy Customers Target Industry, Title, Geo, etc. Targeted Cross-Sell – 12 – ©2012 MarketBridge Corp.
  • 13. The Digital + Data Customer Funnel Digital and Data Funnel Campaigns Targeted Buyer Personas Prospecting Leads Lists By Persona Score & Enrich Opportunities Research First Contact Social Selling / Warm Intros Relationship Updates CRM, Full Relationship Predictability More Accurate Pipeline Value Analytics Analyze & Group Customers – 18 – ©2014 MarketBridge Corp.
  • 14. “Digital Sales Coverage” Example From Field Sales only….to Digital Nurture + Field Sales REACH • Digitally recruited 660,000 not-readyto-buy prospects • $5-$6 total cost per acquisition ENGAGE • Engagement through online community and social media…not field/inside sales • Buyer persona-based content marketing INTEGRATED PROGRAM • Field Agents • Direct Mail • Inside Sales • Online Ads • Viral Marketing • Live Events • Social Media • Public Relations • Co-Promotions CONVERT MEASURE – 19 – • Ongoing conversion campaigns to Sales • New and existing clients purchase at a 3X higher conversion rate • Omni-channel analytics and program dashboards • Performance reported weekly ©2013 MarketBridge Corp.
  • 15. What’s The Economic Potential for Your Business? Offer: Provide 6 Metrics and MarketBridge Will Deliver a Digital Sales Coverage ROI Estimate ROI Calculator Inputs: 1. Average Deal Size 2. Rep Selling Time For your sales force…  Potential labor savings  Increase in rep time selling  Increase of quality interactions 3. Conversion Rates  Growth in rep sales productivity 4. Sales Rep Cost  Decrease in cost-to-sell 5. Sales Headcount  Cost per interaction savings 6. Calls per Week  Lift in overall sales production – 20 – ©2014 MarketBridge Corp.
  • 16. Improve Sales Productivity & Revenue Performance with Digital and Data MarketBridge delivers digital customer engagement and analytics solutions to improve the Sales productivity and Marketing ROI of the Fortune 1000. Joe Bisagna Senior Director of Client Development Jbisagna@market-bridge.com (240) 752-1896 market-bridge.com – 21 – ©2014 MarketBridge Corp.