Brian Bachofner of InsideView illustrates how the customer is changing and how buying patterns are changing. He emphasizes the importance of understanding and adapting to those changes to remain relevant in the business world.
2. Results of Research
• The biggest challenges sales people have is…
– Getting in the door
– Building support within the organization
– Closing the deal
• Biggest emotional driver in sales is Winning
• Customer see us in the Vendor category
• Differentiators are Insight and Connections
3. The Problem: The Buyer Has Changed
Buyers are impatient
with sellers
u
v
Insight Research is time
consuming and difficult
w
Customer
Churn/turnover is
increasing
Leads
Opportunities
4. Major market shifts…require change in CRM
Sales: from vendor driven to buyer driven process
Marketing: from outbound to inbound marketing
Buyers: from un-informed to very informed
Channels: from few to countless channels
Campaigns: from months/weeks to minutes
CRM Intelligence is imperative to successful CRM
SLIDE : 4
5. Declining Effectiveness
Sales & Marketing 1.0 Becoming Ineffective
SLIDE : 5
of Buyers Deflect Calls and Emails92%
Buyer Behavior Has Changed
6. The evolving Buyer
SLIDE : 6
Campaign
Enrich
Convert and Win
Retain and Grow
Relationship
Manager
RECOMMEND
Lead
Enrich
Sales
2013
Campaign
Enrich
Convert and Win
Retain and Grow
Relationship
Manager
RECOMMEND
Lead
Enrich
Sales
MARKETING
SALES
Awareness
and Interest
Decision
Action
Retain and Grow
RECOMMEND
57%
7. Challenge 2: Organizational Change is Primary Driver
Source: Mikael Blaisdell, Leading Authority on Customer Retention, Editor, The HotLine Magazine, 2012
0% 10% 20% 30%
People Changes - Loss of Sponsor
Lack of Adoption
Business Downturn
Competing Product
Customer Acquired/Merged
25% - 30%
20% - 25%
15% - 20%
10% - 15%
10% - 15%
8. Additional Problem: Insight Research is Not Easy…
Initial Insight Research
50 Accounts x 55 Mins/Account
= 45 hours
Time Consuming
Update Insight Research
50 Accounts x 10 Mins/Account
= 8 hours
Overwhelming
Media
Editorial
Social
9. How Does An Average Rep Spend Their Day?
Productivity and Effectiveness
Researching
the largest
non-selling activity
2011 CSO Insights Sales Optimization Study
10. Discussion
• What are you doing today to overcome these challenges?
Whiteboard Session
… and it all stems from the evolution in how buyers think and act now. Quite differently than 5 years ago.#1 Buyers carry shields, to deflect unsolicited inbound calls and emails! Bigger ones than they used to. It’s because they are much more proactive than they were 5 years ago. Leading the charge in defining their problems and scoping their requirements. Often 60% - 80% through their buying cycle before wanting to talk to vendors. And they pick which ones to call.#2 With this proactivity, they are growing very impatient with traditional relationships selling or solution selling. They don’t want to slow down to help the sellers catch up. Why would they? The one thing that DOES lower their shields is when they hear unique insights about their business, help them reframe their problem and consider other solution ideas.#3 Buyers need the support of their troops. It pretty surprising, given their proactivity and leadership in defining the solution. Buyers are actually significantly more risk averse and they are not willing to sign major deals without consensus among the key users and influencers.TRANSITION: Go straight to next slide.
2. The Biggest DRIVER of Customer Churn is Organizational Change! The top 5 drivers of customer churn are [read them off…]The biggest driver is People Changes – the most important being a change in your sponsor in the organization. Also critical is the arrival of new senior management (CEO, CMO, CF), who bring new ideas and new vendor relationships.[The SOURCE of this data is Mikael Blaisdell, the leading authority on Customer Success Management and Editor of “The HotLine Magazine”.]
In order to solve the three problems I just covered, your sales reps need to do Insight-quality research…And that’s a Big Problem: Insight-based research is NOT easy. [Build slide][Click] First it’s OverwhelmingIn the last 10 years, web traffic has grown 30,000 Percent commensurate with the growth of content on the web.And the biggest change in the last 5 years is the growth of user generated content and social media, rich with insights on people and companies (there is pressure now for executives to “have a point of view” and share it actively on Twitter and their own blogs).[Click] Secondly, it’s Time Consuming!Assuming each sales rep has 50 targets. It takes a minimum of 55 minutes to do Insight-level research on each account. And this only gets you HALF the insight value of an sales intelligence system gets you. That’s 45 hours of research. Just to get going. [This includes in order of time Company Website, LinkedIn, Relevant Trade Journal, Google News, Company 10K, Quarterly Call Report…]Then to keep current on it, it’s another 8 hours of update research – every week? Twice a week?90000