What pm can do to overcome the eight most common barriers to accelerating your sales revenue   ProductCamp DFW 2012
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What pm can do to overcome the eight most common barriers to accelerating your sales revenue ProductCamp DFW 2012

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ProductCamp DFW Session - June 23, 2012

ProductCamp DFW Session - June 23, 2012

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What pm can do to overcome the eight most common barriers to accelerating your sales revenue   ProductCamp DFW 2012 What pm can do to overcome the eight most common barriers to accelerating your sales revenue ProductCamp DFW 2012 Presentation Transcript

  • What Product Management/Marketing Can Do toOvercome the Eight Most Common Barriers toAccelerating Sales Revenue Tom Evans Lûcrum Marketing @compellingmktr June 23, 2012 Copyright 2012 - LÛCRUM MARKETING
  • Symptoms of Sales Cycle Challenges• Your product is falling short of revenue targets.• At the end of every quarter, your sales team faces pressure to accelerate deals.• Too many discounts are made in order to close sales.• Prospects keep delaying purchase decisions.• Conversion rates of prospects to deals are low. Copyright 2012 - LÛCRUM MARKETING
  • Eight most common sales cycle barriers1. Lack of sales methodology2. Sales team (channel) has not been properly enabled3. Solution does not address a significant (or top of mind) pain for the economic buyer4. Your message doesn’t communicate compelling value5. You’re selling to the wrong level of buyer6. Sales leads not well qualified7. Sales tools don’t help advance the sale8. No system to track sales process (lack of visibility) Copyright 2012 - LÛCRUM MARKETING
  • 1. Lack of Sales Methodology• Issue – Sales team does not have disciplined process to move prospects to closed opportunities• Steps to Overcome – Choose a methodology that best matches company’s needs. – Train the full sales team (plus marketing and executives) – Build sales tools to support the methodology Copyright 2012 - LÛCRUM MARKETING
  • Example tools for “Solution Selling®”• Reference Story – Helps show that salesperson is knowledgeable of buyer’s problems – Helps buyer admit pain• Pain Sheets® – Helps salesperson diagnosis Pain for different buyer profiles• Telephone Script – Creates interest in first 20 seconds Reference: Solution Selling: Creating Buyers in Difficult Selling Markets by Michael Bosworth, 1994 Solution Selling & Pain Sheets are registered trademarks of Solution Selling, Inc. Copyright 2012 - LÛCRUM MARKETING
  • 2. Sales team not enabled• Issue – Sales is selling anything to everyone with little effectiveness• Steps to Overcome – Create well defined market plan (target segments, buyer pains, messages, etc.) – Create core set of sales enablement tools • Executive Level Presentation, Product Backgrounder, Needs Discovery Guide™, Message Driven Demo™ – Train the sales team (plus marketing and executives) Needs Discovery Guide and Message Driven Demo are trademarks of The Lûcrum Group, Inc. Copyright 2012 - LÛCRUM MARKETING
  • Sales Enablement (Base Components)• Product Backgrounder – Succinct key elements of market plan• Needs Discovery Guide™ – Per buyer profile: Challenges / Impact / Capability / Benefits• Executive Level Presentation – High level discussion of how your solution addresses needs. (10 – 15 slides)• Message Driven Demo™ Needs Discovery Guide and Message Driven Demo are trademarks of The Lûcrum Group, Inc. Copyright 2012 - LÛCRUM MARKETING
  • 3. Solution does not address a significant (ortop of mind) pain for the economic buyer• Issue – Solutions solves problem, but not a big one. – Solutions solves big problem for user, but buyer doesn’t feel it.• Steps to Overcome – Discover key issues for buyers in your market • Market trends, business drivers, strategies, challenges, goals – Can you identify a need that you can add to your solution that increases the importance to the economic buyer? Copyright 2012 - LÛCRUM MARKETING
  • 4. Message not communicating compelling value• Issue – Message does not cause buyers to want your solution.• Steps to Overcome – Discover key issues for buyers in your market • Market trends, business drivers, strategies, challenges, goals – Develop message(s) that speak to these – Focus on the top 2 – 3 messages that have the highest impact (value & differentiation) Copyright 2012 - LÛCRUM MARKETING
  • Six Steps to a Compelling Message1. Who is our audience?2. What are we selling?3. Why should our customers care?4. What we can do for our customers?5. Why us?6. Create your message(s) Copyright 2011 - LÛCRUM MARKETING
  • 5. Selling to wrong level of buyer• Issue – Selling to the user, technical buyer or middle manager who has no authority to buy and little influence.• Steps to Overcome – Sales training and/or sales enablement problem • Or maybe a hiring problem – Product doesn’t address an executive level problem Copyright 2012 - LÛCRUM MARKETING
  • 6. Sales leads not well qualified• Issue – Bad sales leads waste time of the sales team, results in low conversion/close rates & long sales cycles• Steps to Overcome – Define a well defined target market (Market Plan) • Specific segments & buyers – Define lead qualification criteria – Lead nurturing programs • Move lead to qualify prospected (sales ready) Copyright 2012 - LÛCRUM MARKETING
  • Lead Qualification/Scoring• Work with sales• Start with perfect lead• Demographics – E.g., revenue, employees, project budgeted, company profile, buyer role, order size, urgency – BANT – Budget, Authority, Need, Timeline – Source• Interactions – Forms completed, click email links, downloads, website pages, phone call, data completeness Copyright 2012 - LÛCRUM MARKETING
  • 7. Sales tools don’t help advance sale• Issue – Many bottlenecks in funnel, low conversion rates, sales don’t use tools, etc.• Steps to Overcome – Ask the sales team – Understand the typical “buying process” (and players) – Understand the key concerns, roadblocks for each buyer type at each phase of the sale • E.g., Cost (TCO), Needs Assessment, Business Case, Risk, ROI, References, Approval Copyright 2012 - LÛCRUM MARKETING
  • Understanding the Buying Process• What are the typical phases of the buying process?• Who are the typical buyers & influencers?• Who is involved at each phase?• What are their main concerns at each phase?• What are they doing at each phase?• What are the typical barriers to moving ahead? Build tools that address buyers and influencers needs at each phase! Copyright 2012 - LÛCRUM MARKETING
  • 8. No system to track sales process• Issue – If you can’t track sales opportunities, you can’t manage them• Steps to Overcome – Implement a Sales Force Automation (SFA)/Customer Relationship Management (CRM) system • Full picture of prospect • Put more rigor into sales forecasts (e.g., probability of close) • Manage sales funnel, close rates • Monitor sales projections & sales team performance • Access to current sales tools Copyright 2012 - LÛCRUM MARKETING
  • Summary• Understand key issues/pains/goals/needs of buyers• Well defined market plan (target segments, buyers, messages)• Understanding the “buying” process• Build sales & marketing tools that help move leads to prospects and help prospects make buying decision• Lead qualification/scoring & nurturing• Great relationship with sales (alignment, tools, enablement, qualified prospects) Copyright 2012 - LÛCRUM MARKETING
  • Thank You! Tom Evans Lûcrum Marketing tevans@lucrum-marketing.com +1.512.961.5267 Copyright 2012 - LÛCRUM MARKETING