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Sales Process  - Double Sales Rep Revenue in 5 Steps
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Sales Process - Double Sales Rep Revenue in 5 Steps

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This presentation provides the basic 5 steps that are used to build a formal sales process that can double your Sales Reps revenue. The key to success lies in the adoption of the designed process. A ...

This presentation provides the basic 5 steps that are used to build a formal sales process that can double your Sales Reps revenue. The key to success lies in the adoption of the designed process. A presentation by Sales Benchmark Index, A Sales Consulting Firm.

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  • Buyer Personas is where it all starts. If you don’t know who you are targeting, you cannot generate quality leads.2
  • Determine if this is something you can undertake yourself. SBI finds that internally-managed Sales Process improvement projects take much longer than a consultant-driven effort.
  • Contact us if you would like to understand the details of how to implement a revenue-doubling sales process improvement.Email - info@salesbenchmarkindex.comPhone - 1-888-556-7338Web: http://www.salesbenchmarkindex.com

Sales Process  - Double Sales Rep Revenue in 5 Steps Sales Process - Double Sales Rep Revenue in 5 Steps Presentation Transcript

  • Website Email Phonewww.salesbenchmarkindex.com info@salesbenchmarkindex.com 1-888-556-7338 Sales Process: Double Sales Rep Revenue in Five Steps Are you ready to be world class? (Free tool on the last slide)
  • Building a Sales Process:Customized to your firm’s needs 1 Understand the Buyer’s Perspective 2 Leverage Current State 3 Prepare for Change 4 Design the Formal Sales Process 5 Implement the Sales Process
  • The Buyer’s Perspective:Necessary for proper alignment1. What buyer persona(s) are you going after? 12. For each buyer persona, what buyer stages do they follow?3. For each stage, what observable behavior signifies the buyer’s transition from one of their buying stages to the next? These behaviors are called Exit Criteria.4. Use discovery methods like: – riding along with Sales Reps on sales calls – speaking with customers – using customer surveys – performing Win/Loss/No Decision Analyses5. Discovery will also reveal the buyer’s indications/questions that help you identify which sales stage they are in. Back
  • Typical Misaligned Sales Process Sales Cycle Determining Confirming Opportunity Confirming Finalizing Prospecting Differentiated Value and Negotiating Closed Identified Vision Match Mutual Plan Problems PowerSales Exit Criteria First Meeting Pain, Timeline, Discovery, Sch Demo, Reference Close Call Decision edule Demo Summary of Called, Complete, Criteria, SOE Findings Activant Ask Order Preferred, Proposal Review Needs Explore Resolve Catalyst Purchase Recognition Options Concerns Recognize Clear Vision of Solution Preferred Solution Risks Considered Issue Order Buyer Exit Criteria Problem Identified Buying Cycle
  • Persona: Company Profile and Fit AWARENESS CONSIDERATION PREFERENCE PREFERENCEFocus Verticals and Employee Count:Manufacturing, Retail, Transportation, Professional & Buyer Buyer BuyerFinancial Services (300 – 5000 employees) • Do I have a problem? • Can I ignore this? • How long will it take to get this • How does this problem relate to • Is there a quick fix? fixed?Indicators of high likelihood of pain, strong fit achieving my goals? • Can I fix it myself? • How much of our time do I need to• Old legacy in-house ERP and T&A systems • How painful is the problem? • Do I need help? put towards it?• In-house manual systems and processes • Who does the problem impact – • What are my choices if I need help? • How do I know the fix will work?• Hourly workforce that is decentralized, unionized, departments, users, employees, • How should I evaluate alternatives? • How disruptive will it be?• Growing/shrinking, leadership change, merger/acq decision makers? • How will others on my purchasing • How much will it cost?• Facing heavily regulation with govt customers • What are my peers doing? committee evaluate alternatives? • What impact will it have?Buying criteria: • What happens if it doesn’t work?• Increased productivity, Compliance, User experience, business case, systems integration, employee satisfaction I Cant… I Want… Key MessagesHR SVP/EVP (Most senior person) • Receive advanced notification and • Ease of use solution for • Increase employee engagement visibility to compliance issues employees, limited training resulting in higher satisfactionResponsibilities: • Get visibility or access to historical required • Ensure compliance withBenefits, Payroll, recruiting, com data to manage compliance issues • An early warning alert and automated HR and pay policypensation, performance • Identify root cause of performance historical view of compliance enforcement that supportsmanagementFocus: HR compliance, employee and productivity issues. challenges and issues workers and workplaceengagement/culture, productivity, accountability • Maximize the productivity of my • ALL: Access to data that helps me • High user adoption, reduced workforce maximize return on employee training and fewer errors with BIC Role in purchase: Always a key influencer and may • ALL: Balance staffing requirements investment (Productive/Efficient) user experience be drive the evaluation. Evaluates employee and employee schedule preference • ALL: third party validation and engagement, staffing levels, and compliance. proof of financial justificationOperations COO • Get the reports I need to compare • Ease of use solution for employees, • Integrated solution resulting in profitability of plants/stores. limited training required improved accuracy (no re-key) andResponsibilities: Delivers on the • Identify root cause of performance • To reduce costs of managing my speed (no latency)promise of the organization and productivity issues. workforce • Decreases administrative time(product/service) • Maximize workforce productivity • Deliver highest quality at the lowest Improve customer service andFocus: Optimal productivity and efficiency. Seeking • Receive advanced notification and cost in shortest time product quality while reducingQuality, Cost savings and Speed. Process driven to visibility to labor expense leakage • An early warning alert and historical costs by changing the way labor isachieve customer satisfaction. • Model workforce changes and see view of compliance challenges and deployed and scheduled how they impact KPI’s issues • Cloud solution is scalable and Role in purchase: User Buyer, must work with the • Schedule the right people, right configurable, with an upgrade path CFO to fund a WFM solution. place, right time that is automated and no cost • Get the reports I need to compare • To reduce costs of managing my • Self-funding investment, clear ROIFinance CFO (delegates to Controller) profitability of plants/stores. workforce • Flexibility of solution to meet theResponsibilities: Delivers bottom • Receive advanced notification and • To drive out costs and enable current and future needs of myline numbers for the organization. visibility to labor expense leakage incremental revenue generation evolving companyFinancial performance reporting, and compliance issues • Better align corporate performanceforecasting revenue, budgeting and indicators with employee activitiescost control • Cloud solution is scalable andFocus: Financial performance and productivity. configurable, with an upgrade pathAlways looking for ways to increase profitability. that is automated and no cost Role in purchase: Approver/Economic Buyer
  • Leverage Current State:Know your strengths & weaknesses 1. Is your current Lead Generation function capable of providing qualified opportunities to a new Sales Process? 2 2. Do you have a viable Customer Relationship Management system that is well deployed and adopted? – Does it have line-of-sight dashboard capability? – Can you reasonably modify the CRM to match the new Sales Process? 3. What best practice methods are Sales Reps currently using that can be made Standard Operating Procedure in the new Sales Process? 4. Are there any high quality sales presentations in use by one area in the field that can be leveraged by all? Back
  • Lead Generation – Overview Demand Generation – Lead Sourcing Demand (Inquiries) Generation Marketing Captured Lead (MCL)Marketing Marketing Qualified Lead (MQL) Lead Management Sales Accepted Lead (SAL) Sales Qualified Lead (SQL) Opportunity Created Sales Opportunity Management “Closed/Won”
  • Dashboard Design Guidance – BD Sales Rep How is my overall In what part of the sales What is my upside potential? performance? process do I need coaching? • Volume Potential • Win and Loss Rate • Stage Transition % and • Last Interaction • No Decision Rate Target • Top Target Accounts • New ‘Deal Proposals’ • Stage Durations and • Upcoming Renewals • Target Attainment Target • Territory Potential • SFDC Activity Levels • SFDC/Sales Aids Use • Selling Time • Progression/Regression • Brand Value Articulation Am I meeting my personal Am I achieving my sales What Leads/Prospects financial/career goals? goals? should I pursue? • LRP/Budgeted Volumes • Pipeline Volume • Leads • Short Term Program Targets • Closure Rate • Qualified Opportunities • Activity Targets • SFDC Activities • Lead Age • Bonus • Target Volume • Lead Conversion Rate • Target Accounts • Deal Profitability
  • Prepare for Change:Adoption is key in E=Q*A 1  Assemble an Expert Panel of Top Sales Reps and Sales Manager.  Identify metrics/targets the new Sales Process will improve. 3  Develop Change and Communications Plans.  Are other departments on board with a new Sales Process? – What obstacles and even sabotage will be presented by other departments like:  Product  Marketing  HR  Customer Service  IT 1 Effectiveness of a solution = Quality of the solution * Adoption of the solution Back
  • Expert Panel:Their purpose in a project 1. Form of Discovery for internal best practices and centers of competency 2. Trusted Source to help vet initial observations and findings 3. Trusted Source to comment on initial solution design and plans 4. Resources that can be used to help train during rollout of the Sales Process 5. Form the nucleus of a pilot implementation 6. Promote the change throughout the organization 10
  • Choose the Improvement Metrics– For Sales Process, these are the usual metrics that improve: 1. Sales cycle length (World-class benchmark = 37% shorter) 2. Deal closure rate (win 48% more) 3. Average deal size (14-21% higher) 4. Average revenue per head (2x greater)– What improvements do you think your sales force is capable of? • Consider setting conservative targets for the first version– Set your initial targets within first month of project, but know that they can’t be finalized until discovery is complete – you won’t know until later what metrics are available or feasible
  • Sample Communications Calendar
  • Design the Formal Sales Process:Aligned with Buyer’s cycle for success 1. Document the Buyer’s process(es) 4 2. Design the aligned Sales Process(es) with appropriate Exit Criteria and Job Aids 3. If necessary, allow for product or channel variations 4. With Marketing’s help, design Sales Aids for Major Interactions – These are stage-aligned presentations used by the Sales Reps to move Prospects to the stage Exit Criteria). 5. Create a Sales Playbook that contains the details of each Stage, Step and Task 6. Run a pilot using the Expert Panel as Pilot Team Back
  • Buying & Selling Processes Stage Names Buying Process1. Recognize 2. Search for 3. Evaluate 4. Resolve 5. Implement Need Information Alternatives Concerns 1. Qualify 2. Value 4. Preserve 3. Proposal 5. ImplementOpportunity Proposition and Close Sales Process
  • Sales Process Guidance Panel 1. Qualify 2. Value 4. Preserve 3. Proposal 5. ImplementOpportunity Proposition and CloseDescription – one sentence description of the purpose of this stageCustomer Indications Strategic Sales Activities List of steps, in order of accomplishment, that tell theTypical Customer/Prospect Actions, statements, and sales rep what they should be doing to move theobservations that point towards this stage being their customer forwardcurrent state in their buying processSales Aids Customer/Prospect Exit CriteriaList of the tools the sales rep should use in this stage tohelp achieve the exit criteria. Description of the prospect/customer-specific actions that indicate the buyer has moved to the next step in their buying process and that we should move to theTools with an (I) indicate internal use only corresponding next stage in our selling processTools with an (E) indicate external use with the Internal exit criteria may also be listed herecustomer/prospect
  • Implement the Sales Process:Focus on Adoption1. Develop Courseware and Train the Sales Force – Use Expert Panel Members as co-instructors 52. Execute to the Change and Communications Plans – Heavy emphasis on post-training reinforcement that includes weekly SM and SFE Team topic-based sessions – Allows the general training session fire-hose effect to be absorbed in digestible chunks3. Have changes to the CRM software implemented in order to align with the new Sales Process and required SPM Dashboards4. Perform Continuous Improvement – Requires periodic audits of use Back
  • Sample General Training Session Agenda Module Day Time 1: Introduction and The Buyer’s Process 1 1:00-3:00 2. Sales Process Overview 1 3:00-4:00 3: Sales Process Stage 1: Qualify Opportunity 1 4:00-6:00 4: Sales Process Stage 2: Value Proposition 2 8:00-10:30 5: Sales Process Stage 3: Proposal 2 10:30-12:00 Lunch 2 12:00-1:00 5: Sales Process Stage 3: Proposal (cont.) 2 1:00-3:30 6: Sales Process Stage 4: Preserve & Close 2 3:30-6:00 7: Sales Process Stage 5: Implement 3 8:00-9:30 8: Course Review and Wrap Up 3 9:30-12:00
  • Sample Post-Rollout Reinforcement Schedule Weekly Call Topics Week Starting Week Starting Week Starting Date 7/11/2011 7/18/2011 7/25/2011Theme Map Opportunities to Stages Buyers Process SPM Sessions Training on new SPM dashboards in SFDC Re-acquaint Reps with the Buyer process and the new metrics that will be tracked. SMs to instruct Reps to go through their by covering slides 21-22 of Module 1 of Hands-on training with participants logged current portfolio of Opportunities and training. Have Reps discuss (and then add into their SFDC accounts and viewing theirTheme Specifics determine which stage they are in by using to SFDC) the specific exit criteria that their dashboards and learning how to run the Customer Indications and, possibly, the buyers in current opportunities have reports and filter them. Multiple sessions Opportunity Assessment tool. exhibited. will occur: BD Reps, Reseller Sales Reps, Marketer Sales Reps, SMs. Sales Team Meeting + virtual Pilot Team Sales Team Meeting + virtual Pilot TeamMethod of Delivery Live webinars. Member. Member.Speaker/Instructor SM + Pilot Team member. Pilot Team member of SFE Lead. SFE Team and SFDC personnel. 1. Each Rep to add in a Note the specific 1. Reps must try out their login id andSuggested Action 1. Each Rep to have all of their Opportunities buyer Exit Criteria to each current ensure they can see their new dashboardsItems mapped to new SFDC stages by next week. Opportunity in SFDC. in SFDC. One Pilot Team member from the region should have already done this to be able toPrework assist the SM in explaining how to do it. Also, all Reps should read through/be familiar with the Customer Indications of each Sales Stage.
  • Can you do this yourself? Understand Buyer’s Process Understand Current State Identify Identify Lead Leverage Best Buyer Steps, Understand Exit Determine Buyer Assess CRM Tools, Generation Practices and Questions, & Criteria Personas Use & Capability Capability Sales Aids Indications Sales Sales Sales Mktg Ops Sales Mktg Sales Sales Ops Prepare for Change Assemble Expert Choose Improvement Develop Change & Assess Org Panel Comms Plans Alignment Metrics Sales Sales Sales Sales Ops Ops Ops Design Implement Develop Execute Develop Audit Results Buyer- Create Sales Develop & Comms & Recommend Channel/ Pilot with &Aligned Sales Aids & Sales Train on Change SFA/CRM Product Expert Panel Continuously Process w/ Playbook Courseware Management Changes Variants Improve Exit Criteria Plans Sales Sales Sales Sales Sales Sales Ops Sales Mktg Ops Ops Ops
  • Learn More Contact us to hear the rest of the story... Email - info@salesbenchmarkindex.com Phone - 1-888-556-7338 Web: http://www.salesbenchmarkindex.com/ • Download the Opportunity Assessment Tool mentioned on slide 18 • Join the thousands of sales force subscribers who read our daily best practice articles and ideas to help you "Make The Number!" Get a daily peek into your peers sales strategies & access free tools! http://www.salesbenchmarkindex.com/Read-the-Sales-Force-Effectiveness-Blog/20