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CRM 2.0: A Sales Rep's Digital Admin by CSO Insights

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Revenue targets are set for the year - CSO Insights talks to how you can increase sales rep efficiency and effectiveness to hit those revenue numbers.

Revenue targets are set for the year - CSO Insights talks to how you can increase sales rep efficiency and effectiveness to hit those revenue numbers.

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  • 1. CRM 2.0 in Action Series: DocuSign - A Sales Rep’s Digital AdminCRM 2.0 in Action Series:DocuSign - A Sales Rep’s Digital AdminBy Jim Dickie and Barry Trailer; Managing Partners, CSO InsightsINTRODUCTIONAs part of CSO Insights’ 18th annual Sales Performance Optimization (SPO)study, the percentage of reps making quota was a key metric used to assess thehealth of the world of sales. After quota attainment plummeted in 2009, thenumber of salespeople achieving their revenue targets increased each of thepast two years, as seen in Table 1. Quota Attainment 2009 2010 2011 Assessment Percentage of reps 51.8% 59.4% 63% making quota Table 1 Rep performance is on the rebound, even in an uncertain economy.Based on this success, what did companies do when they set their revenuetargets for this year? A total of 94% of the 1,500+ firms taking part in the 2012SPO survey raised quotas: the highest percentage recorded in the eighteenyears of the study.Growth is something investors want and CEOs and CFOs expect sales togenerate. However, the growth targets should be attainable. We therefore find itnoteworthy that 45.1% of the sales executives we surveyed expressed seriousconcerns when asked what their expectations were for meeting these increasedrevenue goals.But the reality is that the targets for this year are set, so now is the time toexplore ways to increase sales rep efficiency and effectiveness to hit thoserevenue numbers. Let’s examine how salespeople spend their time to gaininsights into how this can be accomplished. Figure 1 summarizes asalesperson’s average time allocation based on the 2012 SPO study data.© CSO Insights 1 No portion of this report may be reproduced or distributed in any form or by any means without the prior written permission of the authors.
  • 2. CRM 2.0 in Action Series: DocuSign - A Sales Rep’s Digital Admin Figure 1 Nearly half of the time required to close a deal is spent processing the order and managing the account.We shared this chart with one of our advisory board members, and his eyesimmediately zoomed to the “Post Sales Tasks” number. It reminded him of acomputer manufacturer where he was formerly the CSO. The standing joke atthat firm was, “No sale goes unpunished.” He shared that once a rep received averbal “yes” from a prospect, he/she stopped selling for three days—the length oftime it took to formalize and finalize the order.THE PAPER CHASEHe then explained their order workflow process. The rep had the followingadministrative tasks to complete after receiving approval from the client to moveforward with the purchase:  An order form was created, which typically involved cutting and pasting data from the CRM system, configuration system, and Word documents.  The agreement was sent to the prospect highlighting the pages that were to be initialed/signed and by whom.  The rep often called into the prospect account multiple times throughout the following day to determine how the order was progressing through the buyer’s approval process.  The internal approval process then began once the rep received the order back from the prospect (i.e., monitoring signatures and approvals).© CSO Insights 2 No portion of this report may be reproduced or distributed in any form or by any means without the prior written permission of the authors.
  • 3. CRM 2.0 in Action Series: DocuSign - A Sales Rep’s Digital Admin  The rep distributed the appropriate portions of the final approved agreement to finance, manufacturing, distribution, support, and sales management to get the order booked, fulfilled, and commissionable.  And, finally, the rep updated the prospect CRM record to reflect the new business.These are necessary administrative tasks, but does any CSO want a rep tospend valuable selling time completing them? Not really, but if a rep is not doingthem, who will?DOCUSIGN: GETTING THE ORDER DONE RIGHT, RIGHT NOWWhile there may not be someone else to do the tedious work to move an orderthrough the process, there is something else. In the course of reviewing variousCRM 2.0 technologies (i.e., applications providing capabilities beyond those inSalesforce.com, Microsoft, SAP, Oracle, etc.), we evaluated DocuSign anddiscovered that it can end the paper chase for sales so sales reps can focus onclosing more deals to achieve revenue goals.DocuSign’s cloud-based solution had been described to us as a technology-enabled document approval workflow management tool. A much simpler imagecame to our minds after we had a chance to see the solution in action. It is likegiving each of your sales reps their own digital administrative assistant tofacilitate and manage contract creation, approval, and processing. Consider thefollowing scenario of how the order workflow process should be managed:  After receiving the client’s verbal approval to move forward, the rep accesses DocuSign’s cloud-based order form from a template library, ensuring current and accurate documents are used.  The forms are pre-populated by DocuSign pulling contact information from CRM, shipment information from ERP, product details from the sales configuration system, special contract terms from the proposal generation system, etc. No cut and paste—just click and load.  Using DocuSign, the rep easily creates a decision making process workflow and designates the individuals on both the buyer and seller’s side to route the order for review and approval. If some people in the process workflow are always the same, they can be preset so the rep doesn’t have to repeat the same work for every sale.  The rep reviews the online document and tags the places where initials, signatures, dates, etc., are required or a DocuSign template can pre- populate these tags for them.© CSO Insights 3 No portion of this report may be reproduced or distributed in any form or by any means without the prior written permission of the authors.
  • 4. CRM 2.0 in Action Series: DocuSign - A Sales Rep’s Digital Admin  With the requirements in place, DocuSign ensures that nothing is missed during the review and approval process. The system sends the order to the first stakeholder and a blind copy to the appropriate people inside the vendor’s firm to keep them apprised of the status.  DocuSign manages the process of forwarding the agreement to the appropriate people, in the correct order, and gathers all of the required information, signatures, and initials. If needed, DocuSign automatically sends email reminders on behalf of the rep to push the process along. The rep can instantly check the workflow status at any time to see where the documents are in the process and contact the appropriate individuals if there is inactivity.  After the approvals have been completed, DocuSign automatically populates the designated internal systems with the information needed to start the order fulfillment, shipping, billing, and customer support processes. It also updates the appropriate fields in the CRM account record and the sales forecast. Finally, of direct interest to the rep, DocuSign informs the incentive management system that the deal is commissionable.DOCUSIGN ROIIn both scenarios, the job gets done, but consider the differences between therep-enabled and technology-enabled approaches:  Higher Sales Productivity: Technology, which costs a few dollars a day, does the bulk of the work as opposed to a salesperson that earns $50, $60, $70+ an hour, freeing up more time for selling.  Order Accuracy: Leveraging templates and pre-population of data, the accuracy of the technology-enabled method reduces the chance for errors and minimizes legal risk. Integration with CRM systems also means customer-supplied data gets automatically inputted with no opportunity for human error.  Faster Order Closing: DocuSign helps ensure that deals don’t get lost in the cracks. It tracks the flow of the order through the approval process and ensures that all personnel in the workflow chain don’t miss anything they need to review, initial, and sign. It also accelerates the closing process, thus minimizing the chances for a competitor to get the decision reconsidered.© CSO Insights 4 No portion of this report may be reproduced or distributed in any form or by any means without the prior written permission of the authors.
  • 5. CRM 2.0 in Action Series: DocuSign - A Sales Rep’s Digital Admin  Lower Cost Order Handling & Storage: Using the technology approach, the final order is an electronically managed document; easier and less expensive to store and access than paper. In addition, all of the key data elements of the deal can be automatically populated in the appropriate internal systems making access to the details easily available to all functional areas inside the organization.DocuSign ends the paper chase and efficiently and effectively supportssalespeople in getting from a verbal to a contractual “yes” at the end of the salescycle. In our review of DocuSign, we were able to use the application in a matterof minutes, versus hours or days. DocuSign also offers new users a free trial,which gives companies an opportunity to see the solution in action before makinga financial commitment to use it.As we said, your targets for this year are set. Now is the time to explore ways toincrease sales rep efficiency and effectiveness to hit those revenue numbers. Wesee DocuSign as a solid choice companies can look to now to increase theperformance of their sales teams in the quest to hit 2012 revenue targets.About CSO InsightsCSO Insights has provided executives with best practices in sales and marketingfor over eighteen yearsEach year, we survey thousands of Chief Sales Officers (CSOs) to benchmarkthe use of people, process, technology, and knowledge, and the impact on saleseffectiveness. We also review offerings from solution providers to retain ourposition as the experts on options for CSOs.We offer pragmatic suggestions, experienced-based examples, and the kind ofinsights youll want before your next Executive Strategy Session or Boardmeeting.© CSO Insights 5 No portion of this report may be reproduced or distributed in any form or by any means without the prior written permission of the authors.