Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East
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Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East

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Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East

Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East

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Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East Global lean sales - Pallav Nadhani of FusionCharts at NASSCOM’s Roundtable Conference - East Presentation Transcript

  • Global Lean Sales Pallav Nadhani
  • Sales is the lifeblood of any organization It fixes everything!
  • Pre-requisite to online sales Product and Positioning
  • Know thy customer • Have the discipline to answer which kind of customers do you want to serve? • Know the size of customer you want to serve, what people in a company that size do, the problems they have, the features that will resonate & the channels needed to reach them • For the most part, avoid the low end of the market. It’s too elusive and hard to shake enough money out of them. • Understand customer’s pain points & position your product benefits against those pain points
  • Now answer the question, and keep repeating it, till you can say it in deep sleep Why buy mine?
  • Selling through the web, your goal is to get email address of prospect through various means, segment them, qualify them, nurture them, close them, and then up-sell/cross-sell.
  • Customer Acquisition Funnel • Awareness (ads, blog, event, word-of-mouth…) • Initial Visit • Different channels / different ROI • Best channels = low cost, high ROI • Engagement • Trial, case study, whitepaper, anything that could give you email AND other information • Nurturing • Mix of product, marketing and sales • Sales job: get the customer on the call and do aggressive follow up • Closing • Handover from sales to client success. •Repeat business through subscriptions, up-sells or cross-sells.
  • Pillars of online sales • People • Hiring • Training & coaching • Compensation • Incentives • Tools • CRM • Marketing Automation • Content distribution • Data on prospects • Process • Metrics-driven • Qualification • Culture
  • Evolution of sales team Stage Sales Composition Qualifying criteria Objective Validation Sales team == YOU Zero revenue Validating the product. Product Management. Babysteps Couple of sales reps 15-25 new leads per day Establishing sales process. Lots of experimentation to figure out what works. Growth VP/Director of Sales, Multiple Sales reps, Client Success Reps - Metrics for sales productivity established - More leads than sales reps can handle Growing revenue aggressively. Increasing sales efficiency through automation. Scale VP of Sales, multiple directors (regional/vertical bifurcation), sales reps performing different roles (generating leads, closing, appointment setting). Partnerships/Alliances/Channels head. - Optimized sales metrics available - Market large enough - Revenue continuing to grow Finding new channels for revenue
  • Sales compensation • You do not have any data to start with. So start with industry benchmarks and then customize it to suit your requirements • VP / Director of Sales: fixed + variable based on overall company revenue (say 20L + 10L) • No upper limit to what s/he can make. Have an accelerator on overachievement (Say 150% of variable, once quota is surpassed) • Sales reps : 2L + 1L x number of years of experience • Depending on role, quota could be based on appointments set, calls made, revenue, number of closures or a mix of all of it • Initially, quotas could be set based on historical data. Later, they can be revised (quotas could be revised quarterly) • Sales operations team : depending on city • To enable sales team to focus on what they do best – selling; and to abstract everything else (agreements, invoices, mundane stuff) from them.
  • Some industry metrics • Ramp up period: 3-6 months (you cannot have a sales rep productive ASAP) • Fixed / Variable ratio: anywhere between 50:50 to 80:20 (in India, 70:30 is common) • Annual Quota: $600k-$800k annually, or $5000 Monthly Recurring Revenue • Percentage of sales reps who achieve quota: 70% • Average number of dials per day: 39 • Average conversations per day: 9 • Number of touches before moving on: 5 (Source: http://www.bridgegroupinc.com/resources/InsideSalesReport.pdf)
  • Tools of the trade • CRM e.g., SalesForce or SugarCRM. The most important investment in your sales process. • Implementation and adoption of this tool is very important, as it has to support you during scaling up of sales engine. • Brings visibility into entire sales process and for individual reps. • Marketing Automation e.g., Marketo or Pardot for automated nurturing of leads, segment them, doing split testing of content • Data directories like Jigsaw or other tools that give additional information on prospects to sales team • Social media mining tools for similar purpose • Webex / VOIP for calls • Inbound US number / online chat tools
  • Sales Mantra Higher Sales = Volume x ● More leads in funnel ● Better leads quality ● More leads handled per sales person ● Enough sales people to handle all leads Productivity ● Better qualification ● Better closure rates ● Metric driven pricing ● Better routing of leads to right sales reps / partners ● Due diligence on lost deals
  • The most experienced sales reps are the ones who know that the 3 most important things to do with a sales lead are to qualify, qualify, qualify
  • Typical sales cycle • Lead generation through: marketing / database / outbound prospecting • Qualification and appointment setting: role typically requires calling and qualifying and setting appointment • Closing - also called account executives or hunters • Nurturing - called client success reps, account managers or farmers
  • Things that help your sales cycle • The goal in your early meetings is to get the customer to trust you enough to talk about their existing problems • Ensure that your sales reps understand BANT (Budget, Authority, Need, Time) • You can only sell effectively when your sales cycle matches the customer’s buying cycle • Do SOMETHING that makes you stand out. Learn how to tell stories…for every type of engagement. They stick. • Create artificial accelerators for closure, and reward if done within that milestone.
  • Sales culture • During induction, make organizational philosophy very clear • When not to sell products to a prospect • How to approach competitive products • What takes priority – customer or numbers? • Make everyone’s performance public • Sales people are competitive. Let them compete • Track aggressively and do random audits • Always set aggressive quotas, the best ones will prove it can be done • Keep small contests to drive team behavior • Lunches, holidays, etc. • Money and gifts really drive sales people • Recognize that sales people are different • Don’t expect them to behave like engineers or marketers, and don’t ask them to design their collaterals (they suck at it!) • Remember that sales people WILL ALWAYS ask for a better product, or more discounts, or more marketing or …
  • Customer reference-ability • Get testimonials, case-studies, even better customer videos • Having reputable people from reputable businesses reference your company makes all the difference in the purchasing decision • Customers like to compare your solution to something else on the market • Customers seldom like to buy unless they perceive they have options • Building reference-ability in pricing as well
  • Partners • 2 types of resellers: vanilla resellers, who will only fulfill demand, or resellers who can generate demand for you. Use vanilla resellers in nonEnglish speaking countries. • Implementation partners who can add value to your product. Use them for large orders like government tenders etc.