Zorian Rotenberg - The Science of Sales
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Sales Acceleration Summit - This session is now available on demand: http://www.insidesales.com/events/2014/sales-acceleration-summit/zorian-rotenberg Session Overview Get actionable success strategies on how to manage sales using data to build a scalable, predictable, and repeatable revenue engine. You will learn what the world's top sales leaders do and what sales metrics they use to grow revenue faster and increase performance of their sales teams.
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Zorian Rotenberg - The Science of Sales
- 2. #SalesSummit | @zorian The Science of Sales Management Data-Driven Tips To Double Your Sales
- 3. #SalesSummit | @zorian The Meaning of Sales Management?
- 4. #SalesSummit | @zorian Build a Sales Machine using a Repeatable and Scalable process to drive Predictable Revenue
- 7. #SalesSummit | @zorian $ Sales = $ Average Deal Size % Hit Rate % Win Rate # Dials per Day 240X X X X
- 8. #SalesSummit | @zorian Be Consistent in Hiring, Training & Process
- 9. #SalesSummit | @zorian Engineer a Consistent Sales Process
- 10. #SalesSummit | @zorian Selling Process as a Sales Funnel Connecting Meeting and Researching Evaluating Negotiating Buyer Steps Identifying Qualifying and Validating Presenting Closing Seller Steps Making Decision Validating Fit SuspectOpportunity DealBuying 100 80 60 40 20 2,000
- 11. #SalesSummit | @zorian $ Sales = $ Average Deal Size % Hit Rate % Win Rate # Dials per Day 240X X X X
- 12. #SalesSummit | @zorian Are Your Sales Reps Effective? SDRs Dials Connects Opps Deals Dial : Connect Dial : Opp Opp : Deal Dial : Deal Steve Nash 3,844 333 11 1 12:1 349:1 11:1 3,844:1 Jeff Hornacek 4,285 339 15 2 13:1 286:1 8:1 2,143:1 Shawn Marion 2,911 251 27 4 12:1 108:1 7:1 728:1 Jared Dudley 3,973 342 20 6 12:1 199:1 3:1 662:1 Total 15,018 1,265 73 18 12:1 206:1 6:1 1,155:1 Hit Rate Win Rate# Dials
- 13. #SalesSummit | @zorian Pipeline Creation
- 14. #SalesSummit | @zorian Sales Funnel and Win Rate
- 15. #SalesSummit | @zorian Average Deal Size
- 16. #SalesSummit | @zorian Sales Cycle Per Sales Rep
- 17. #SalesSummit | @zorian Run Experiments, Measure and Fail Fast
- 18. #SalesSummit | @zorian “If You Can’t Measure It, You Can’t Manage It” - Peter Drucker
- 19. #SalesSummit | @zorian 2 FREE Sales Apps
- 20. #SalesSummit | @zorian Image Source Credits: • Beach Rocks: www.flickr.com/photos/vinothchandar/8178276684/ • Engineers: http://www.flickr.com/photos/seattlemunicipalarchives/4818952324/ • Toy Soldiers: www.flickr.com/photos/primadonna926/2257406235/ • Measuring tape: http://www.flickr.com/photos/aussiegall/286709039/ • Skier falling: http://www.flickr.com/photos/deniskochnev/8560028933/
Editor's Notes
- Chinese symbol for Risk is a two character combination of Danger + Opportunity
- Hit Rate = Lead : Opp; rep’s Intelligence or how able you are at identifying real Opps from the pool of leads Win Rate = Opp : Deal; it is your Sales Skills that you have to close the deal Sales = [Opps Closed] x [ASP] x [Win Rate]
- 1) Hire the same type of successful sales person 2) Train each sales rep in the same way. Go through training during the first month on the job. Give an exam at the end and an assessment grade by the trainer – it will correlate highly to the ultimate success of the rep. 3) Have the salespeople work the leads using the same process & give each sales person the same quantity and quality of leads Hiring – 5 Key Traits: Conscientiousness Coachability Intelligence Prior Success Passion This research on sales rep performance published by the American Psychological Association way back in 1993 found that the most predictive indicator of sales rep success is “conscientiousness.” Conscientiousness simply means achievement and dependability. We also can refer to it as “hard work until you get it done,” also known as “GSD” (i.e. Get S**t Done, implying that getting things done comes with a goal and the dependability to achieve it). Candidates who are conscientious are goal-oriented, hardworking, persistent, and have high expectations for themselves – exactly what you want in a sales rep.
- You must have a consistent Sales Process which represents how you are selling - it’s the Selling Steps your sales reps must take to sell your product to your buyers and you should standardize the customer interactions so that all your reps will be using the same process which will allow you to measure each rep carefully. This is the foundation of the repeatable and scalable process that will help you build a sales machine that produces predictable revenue.
- You should research the buying process and map Selling Stages to the Buying Stages so that your sales process is categorized based on the steps of the buying process Map observable Milestones that tie buying and selling process together.
- Hit Rate = Lead : Opp; rep’s Intelligence or how able you are at identifying real Opps from the pool of leads Win Rate = Opp : Deal; it is your Sales Skills that you have to close the deal Sales = [Opps Closed] x [ASP] x [Win Rate]
- Pipeline – Opps Open and Closed
- Analyze Conversions If conversion is low then there is that dam effect If Opps are moving too slowly in any stage – may be stalled, stagnated and inflated Low conversions are bottlenecks How is % Won compared to last selling period (this Month vs. last, this Quarter vs. last when you are doing QBR, etc.) How does your % Win Rate compare to last period at a critical late stage, say from Trial? How does your % Win Rate compare by different sources, say Marketing vs. Sales Prospecting vs. Partners? Deal Sizes: Small vs. Large Flag Opps >2x of your ASP, what is % for both of these? Different Sales Reps or Teams By Difference Sources: Marketing - Sales - Channels By Different Products
- One of the most successful race car drivers Mario Andretti - “If everything seems under control, you're not going fast enough.”