Skill and connection analysis report
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The document shows a graph that compares different factors that can contribute to how similar two people are, such as having similar skills, following the same groups, working at the same company, attending the same college, having common connections, or attending the same school. The factors are ranked based on how much they contribute to similarity, with having similar skills being the strongest indicator and attending the same school being the weakest.
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Skill and connection analysis report
- 13. 0% 25% 50% Have similar skills Follow the same group Work at the same company Went to the same college Common connections Attended the same school
Editor's Notes
- During intro
- The curve: This chart illustrates the trend that was happening. The face-to-face solution seller helped scale large B2B organizations like IBM and Xerox. The model worked But the pressure to continue to grow and become more efficient changed things: - We had more role specialization – the Sales Development Rep was introduced ------ Sales is subject to the same pattern of innovation that play out all industries. Let’s start with innovation cycle #1, the Face-to-face Era in sales. Face-to-face, or person-to-person selling worked great for decades, featuring highly personalized, relationship-driven selling. A salesperson’s key value was directly correlated to how robust their rolodex was. This era in Sales was incredibly effective, until a new innovation cycle emerged that made this kind of selling obsolete.
- - We had more automation – the Sales Tech stack became a thing
- Let’s take a closer look at a few of the forces of innovation that increased Sales productivity in the latest cycle. 1) The rise of telesales and inside sales enabled Sales teams to accelerate acquisition efforts by exponentially increasing the reach of the average sales team. 2) Technology improvements like CRM and Marketing Automation have enabled sales teams to drive up productivity per rep by standardizing sales process and optimizing marketing campaigns. 3) Sales teams have created specialized roles like SDs for prospecting, AEs for winning new business, and AMs to grow existing accounts, etc. This specialization increased focus and accelerated team performance. Together, these innovations have enabled Sales teams to operate at a much faster pace and with higher productivity per person. Any company that didn’t make this leap got left behind.
- This all worked very well for a while, but lately the benefits of the era are showing diminishing returns and Sales performance is flattening and even declining. Some of the forces pushing down the curve are ones I’m sure many of you in the room are seeing within your own industries: Increased buyer complexity - There are more buyers in the buying group, decision making is more distributed across functions and geographies, and companies are increasingly operating at global scale. Saturation – with more companies leveraging basic automation tools, the advantage gained by early movers is becoming obsolete
- And we see the declining efficacy of the Automation era in a variety of ways: Buyers aren’t engaging with seller emails like they once did. Email click-through-rates have declined for 18 consecutive quarters to 3% CTR And our cold calls and canned emails are less effective: According to a recent study, reps now have to make an average of 9.1 attempts to reach each prospect. That’s double the 4.7 attempts it took in 2010. And despite the new tools, mobile devices, the use of CRM, and so on, in addition to all of the hard work that sales reps put in, the results just aren’t there like they used to be. Research from CSO Insights shows quota attainment rates have declined for 5 straight years to just 53% of reps attaining quota.
- _____ The cost of this declining productivity is real. According to a report from IDC, B2B companies are throwing away, on average, ten cents for every dollar of revenue they generate due to lost productivity. The companies who remain stuck in the Automation cycle are seeing their performance suffer.
- This is the next wave of innovation in sales: building relationships at scale.
- Well, we analyzed over 600K opportunities and found that when sales reps had 6 or more connections with their buyer, they saw a 34% lift in win rate compared to reps that had just 1 connection. And not only did those reps have a higher win rate, but they also decreased the length of their sales cycle by 10%. Think about the impact this can have when you multiply these productivity gains across your entire sales organization. I’ve actually seen the impact of this on my own team. One of the reps on my team invested time upfront to identify influencers and build relationships. He set out to engage over 200 people... it led to $XM. So there’s real value in connections and building these relationships at scale. That’s the good news.
- 79% of business buyers say it’s absolutely critical or very important that they interact with a salesperson who is a trusted advisor, according to Salesforce.
- ---- Existing copy We took a look at how valuable this buyer-level personalization is using LinkedIn data. Specifically we looked at the acceptance rates of InMail by decision makers. What we found was interesting though perhaps not surprising – acceptance rates increased significantly when the two people had something in common versus nothing at all. At the higher end, we saw over a 50% lift. Numbers aside, I know we’ve all experienced the power of taking this kind of personalized approach first hand. And we’re now able to personalize our outreach and build initial trust in this way in a highly scalable way. And it doesn’t end with the first message – it can and should continue throughout the sales cycle. Doing so helps you continue to add value and ultimately build a stronger relationship with your buyer.
- Need someone credible and advise them; check DemandBase and Gartner. What do buyers need most from seller? In fact, 57% of leaders say soft skills are more important than hard skills. https://business.linkedin.com/talent-solutions/blog/trends-and-research/2018/the-most-in-demand-hard-and-soft-skills-of-2018 Building a team of sellers who have the skills to become an essential partner to a broad array of customers, and providing them with the systems and support they need to win IS NOT EASY. But it will only get harder. Automation and AI will help take care of the transactional parts of our business, so we need to invest in the skills that will always differentiate us as people. This is why hiring managers list their top 3 skills needed as soft skills: i. Creativity ii. Persuasion iii. Collaboration
- Need someone credible and advise them; check DemandBase and Gartner. What do buyers need most from seller? In fact, 57% of leaders say soft skills are more important than hard skills. https://business.linkedin.com/talent-solutions/blog/trends-and-research/2018/the-most-in-demand-hard-and-soft-skills-of-2018 Building a team of sellers who have the skills to become an essential partner to a broad array of customers, and providing them with the systems and support they need to win IS NOT EASY. But it will only get harder. Automation and AI will help take care of the transactional parts of our business, so we need to invest in the skills that will always differentiate us as people. This is why hiring managers list their top 3 skills needed as soft skills: i. Creativity ii. Persuasion iii. Collaboration
- This is what we're doing to build a better team listening, empathy , resilience Quality vs quantity should not be a trade-off, it should be a hierarchy. Focus your time and energy on your highest quality accounts, let technology work for you on the others. Picking quality of engagement and we can expand that to experience matters.