5 Ways Progressive Companies Are Responding To Changing Buying Behavior

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Join Andrew Gaffney, Editor of DemandGen Report, and Business Communications Expert, and Best-Selling Author, Dr. Tom Sant, as they share insights into the latest tools and tactics progressive companies are implementing to keep pace with today's changing buyers – and win more business.

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5 Ways Progressive Companies Are Responding To Changing Buying Behavior

  1. 1. Today’s SpeakersDr. Tom SantBusiness Communications ExpertBest-Selling AuthorAndrew GaffneyEditorDemandGen Report Moderator Alicia Fiorletta Associate Editor DemandGen Report
  2. 2. Welcome  Webinar  A.endees   Your  GoToWebinar  A/endee  Viewer  is  made  of  2  parts:  1. Viewer Window 2. Control Panel Type  your  ques<on  here  
  3. 3. Today’s Agendaü  Adapting to Changing Buying Behaviorü  Selling on Value Instead of Priceü  Automating Your Proposal Processü  Developing Sales Playbooks for Different Selling Situationsü  Adding Measurement to Key Engagement Points in the Pipeline
  4. 4. Adapting to ChangingBuying Behavior  
  5. 5. Poll QuestionHow was your first point of contact made with recentcustomers you’ve closed?•  Prospect reached out and contacted us directly•  We contacted them after they requested more information on our website•  We contacted them after connecting on live chat on our site•  We contacted them via cold call•  Other
  6. 6. New Rules of EngagementHow  was  your  first  point  of  contact  made  with  your  sales  representa6ves?  
  7. 7. Sales Entering at Later StagesAt  what  point  in  the  buying  process  did  you  engage  with  sales  representa6ves     from  solu6on  providers?  
  8. 8. Changing Buyer TakeawaysØ  Buyer controlling engagement processØ  Cold calling no longer effectiveØ  Sales entering at later stagesØ  Sales need to establish value quicklyØ  With pricing becoming more transparent, sales teams need to establish other value differentiation
  9. 9. Selling on Value Instead of Price
  10. 10. Did  any  of  the  following  factors  lead  you  to  go  with  the  vendor  you  selected?  
  11. 11. Value Selling TakeawaysØ  Price not the only factorØ  Buyers also looking for expertiseØ  Buyers considering a variety of factorsØ  Willing to pay more for solution that fits their needs
  12. 12. Automating YourProposal Process
  13. 13. Where Is the Waste In Current Sales Processes? Administrative  tasks         Face-­‐to-­‐face  selling     6%   25%   Waiting/traveling       22%   Order  preparation     Selling  over  the  phone     10.25%   15%   Order  follow-­‐up     Internal  paperwork    6%   3%   Proposal  writing,  presentation  preparation       12.5%   from  George  A.  Smith,  Sales  Produc-vity  Measurement  
  14. 14. Poten:ally-­‐-­‐Two  Kinds  of  Waste  to  Eliminate   Efficiency   Effec:veness   Efficiency  is  a   Effec:veness  is  a   func:on  of  the   func:on  of  the  way   quan:ty  of  work   you  work.     Sales  Process  you  do.    It’s  based   Sales  Process   It’s  based  on  using  on  using  tools  and   best  prac:ces.   processes.   Measurable  Results  
  15. 15. Where Does the Time Go? •  Face-to-face selling 25% •  Travel, waiting 22% •  Telephone selling 15% •  Proposals, presentations 12.5% •  Order preparation 10.5% •  Internal paperwork 6% •  Administrative tasks 6% •  Follow-up on orders 3% from George A. Smith, Sales Productivity Measurement
  16. 16. Only 52.5% of Sales Time Involves Selling! •  Face-­‐to-­‐face  selling     25%   •  Travel,  wai:ng   22%   •  Telephone  selling   15%   •  Proposals,  presenta:ons   12.5%   •  Order  prepara:on   10.5%   •  Internal  paperwork      6%   •  Administra:ve  tasks      6%   •  Follow-­‐up  on  orders      3%     from  George  A.  Smith,  Sales  Produc-vity  Measurement    
  17. 17. Automation TakeawaysØ  Time wasted in administrative, non-selling tasksØ  Need to increase time invested in sellingØ  More time needed to invest in creating powerful presentationsØ  Opportunity to improve efficiency and effectiveness
  18. 18. Developing Sales Playbooks for Different Selling Situations
  19. 19. When it comes to aligning buyers andsellers, more than 50% of salespeople arenot properly prepared for their initialmeeting with prospects, according to IDC.
  20. 20. Which  resources  did  you  find  most  useful  in  the  early  stages  of  buying  process?  
  21. 21. As  you  progressed  through  the  research  process  on  the  company,   which  types  of  communica6on/content  did  you  feel  were  most   helpful  in  suppor6ng  your  decision?  
  22. 22. Aligning With The Buying CycleBuyers look for different kinds of informationat various points in the buying cycle.Ø  Recent study from Knowledge Storm/Marketing Sherpa found 61% of technology buyers want content that directly addresses the issues they face at each point in the decision process.Ø  Frequency is also important: 85% of tech buyers said they need to encounter at least three pieces of content.
  23. 23. Situational Selling TakeawaysØ  Driving repeatable behavior within recurring selling situationsØ  Condensing over-whelming amount of informationØ  Playbooks keep it briefØ  Serve up the right content at the right timeØ  Ensure consistency in how deals are workedØ  Decrease training of new hires – minimize common questions
  24. 24. Adding Measurement
  25. 25. Data Analysis Across Sales“Data management and analysis must beimproved across sales. High performing salesorganizations are taking concrete steps toimprove the quality of their data as well as theirteams ability to analyze and interpret keytrends and insight from this data.”—IDC Sales Productivity Benchmarks Study
  26. 26. Qvidian’s  Sales  Performance  Analy<cs  allow  sales  and  marke:ng  management  to  op:mize  their  sales  team’s  ability  to  close  business  at  each  stage  of  the  buying  process.   •  Gain  greater  forecast  accuracy   •  Iden:fy  trends  and  replicate  successful  selling   situa:ons   •  Proac:vely  coach  reps  to  advance  a  deal   •  Improve  overall  marke:ng  effec:veness   See which opportunities are real and which are overstated based on activity performed.
  27. 27. Sales Measurement TakeawaysØ  Need to measure across all areasØ  Will measure impact of messaging within sales force systemØ  Track results back to activity
  28. 28. Recommended Action ItemsØ  Build A Plan To Adapt to Changing Buying BehaviorØ  Differentiate Based on Value over PriceØ  Automate Your Proposal ProcessØ  Develop Playbooks for Different Selling SituationsØ  Add Measurement to Key Engagement Points in the Pipeline
  29. 29. Thank you for attending today’s webinar! Download the new white paper on this topic “5 Steps to Increase Win Rates and Improve Pipeline Performance” here: www.qvidian.com/resources
  30. 30. Ques:ons  1. Viewer Window 2. Control Panel Type your question here

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