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Megatrends for sales organizations

Four megatrends are defining today's and tomorrow's sales landscape: Technology, demographic shifts, economics of experimenting, and the power of the user. This speech by McKinsey's Jennifer Stanley explores the trends, and lays out the five things that sales executives need to do now to adapt. For more on McKinsey's megatrends, be sure to check out: http://www.mckinseyonmarketingandsales.com/megatrends-for-sales-organizations

1 of 22
@Sales20Conf • #s20c
McKinsey & Company Proprietary Materials1
14 July 2014
@Sales20Conf • #s20c
McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials
Today’s topics
2
Megatrends
Customer behaviors
Imperatives for sales executives
@Sales20Conf • #s20c
McKinsey & Company Proprietary Materials
@Sales20Conf • #s20c
McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials
Technology
User-centricity
Demographics
Economics
Mega-
trends
3
1 2
4 3
4 Megatrends
@Sales20Conf • #s20c
McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials
The new ABC of IT
4
1
60% of server
workloads
virtualized
Cloud
Cloud Services =
$180B
by 2016
3.3 connected
devices
per employee
BYOD
40% of business
devices
are consumer-
owned
Analytics
750TB – 1,000TB
of data
$232B on big data
in
next 5 years
@Sales20Conf • #s20c
McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials
Software is everywhere
“The Internet of
Things . . . will
change everything
– including
ourselves”
– Dave Evans,
Cisco’s chief futurist
Number of connected devices
2000 2011
200M
10B
50B
2020
5
@Sales20Conf • #s20c
McKinsey & Company Proprietary Materials
1
@Sales20Conf • #s20c
McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials
New pockets of growth emerging
220 new cities in
China with 1M+
people – 35 in Europe
Small
Large
Mega
Emerging cities = 60%
of new urban
consumers
Rising middle class By 2025 . . .
6
2

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Megatrends for sales organizations

  • 1. @Sales20Conf • #s20c McKinsey & Company Proprietary Materials1 14 July 2014
  • 2. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Today’s topics 2 Megatrends Customer behaviors Imperatives for sales executives @Sales20Conf • #s20c McKinsey & Company Proprietary Materials
  • 3. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Technology User-centricity Demographics Economics Mega- trends 3 1 2 4 3 4 Megatrends
  • 4. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials The new ABC of IT 4 1 60% of server workloads virtualized Cloud Cloud Services = $180B by 2016 3.3 connected devices per employee BYOD 40% of business devices are consumer- owned Analytics 750TB – 1,000TB of data $232B on big data in next 5 years
  • 5. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Software is everywhere “The Internet of Things . . . will change everything – including ourselves” – Dave Evans, Cisco’s chief futurist Number of connected devices 2000 2011 200M 10B 50B 2020 5 @Sales20Conf • #s20c McKinsey & Company Proprietary Materials 1
  • 6. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials New pockets of growth emerging 220 new cities in China with 1M+ people – 35 in Europe Small Large Mega Emerging cities = 60% of new urban consumers Rising middle class By 2025 . . . 6 2
  • 7. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Shifting of the guard Exit Boomers, enter Millennials OF BOOMERS USE A SOCIAL NETWORKING SITE 11% visit a social networking site several times a day 26% visit a social networking site once a day 30% OF GEN XERS USE A SOCIAL NETWORKING SITE 50% OF MILLENNIALS USE A SOCIAL NETWORKING SITE 75% 19% visit a social networking site several times a day 29% visit a social networking site once a day 29% visit a social networking site several times a day 26% visit a social networking site once a day 7 2
  • 8. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Me + Free + Easy 8 High expectations for how and when customers want to be served @Sales20Conf • #s20c McKinsey & Company Proprietary Materials 3
  • 9. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Falling experimentation costs “Experimentation is the new planning” – FastCompany In 2011 alone, Google performed over 7,000 A/B tests 9 4
  • 10. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials 500,000 listings 34,000 cities 192 countries >150,000 servers ~1 million users 4 million registered >2,400 skills listed Everything- as-a-Service Growth of the sharing economy 10 4
  • 11. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials How are business buyer behaviors changing? The consumerization of business • Know me before I meet you • Funnel paradigm has changed • Multi-channel 24/7 11 @Sales20Conf • #s20c McKinsey & Company Proprietary Materials
  • 12. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Know me before I meet you 39% 42% 74% 34% 12 Top of mind concerns Service satisfaction rating Recent Technology trends Last interaction Most recent ticket opened
  • 13. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials More tailored post-sale interactions Less costly channel mix New sales tools in use 35% of sales digitally- enabled Online #2 information source Goodbye, B2B sales funnel Trigger 13
  • 14. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Multi-channel 24/7 14 IVR Activation Retail Card Transaction Retention Call Agent Activations Web Activations Call Center Balance Transfer Retail Balance Transfer Web Balance Transfer Call Center Inquiry Retail Deposit/With Drawal Training:Call Center Inquiry Call Center Dispute Retention Call Retail Card Transaction IVR Activation Agent Activation Web Activation Call Center Balance Transfer Retail Balance Transfer Web Balance Transfer Call Center Inquiry Retail Deposit/With drawal Training:Call Center Inquiry Account Application (Web) Call Center Dispute Retention Call IVR Activation Agent Activation Retail Balance Transfer Web Balance Transfer Call Center Inquiry Retail Deposit/With drawal Low CSAT Training:Call Center Inquiry Account Application (Web) Web Activation Agent Activation Web Balance Transfer Call Center Inquiry Retail Deposit/With drawal Account Application (Web) Low CSAT Call Center Dispute
  • 15. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Imperatives for sales executives Use Big Data Share your pitch Leverage technologies Product  Service  Platform Rethink sales capabilities and leadership 15 @Sales20Conf • #s20c McKinsey & Company Proprietary Materials
  • 16. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Better resource allocation HIGH LOW LOW HIGH Market share Growthpotential Micromarket potential Call planning Next product to buy Trigger points Use Big Data as an unfair advantage 16
  • 17. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Share your pitch before you meet them 17 Use social media to create communities, educate customers and promote thought leadership
  • 18. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Manage the multichannel decision journey Initial sales On-boarding Billing and care Collections Loyalty / retention Life events Up and cross-sales Follow your Customers through their journey Uncover how different touch points impact outcomes 18
  • 19. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Product  Service Platform COMMUNITY INFRASTRUCTURE MARKET INFORMATION EXCHANGES ENABLEMENT API PAY-AS- YOU GO OPEX AS-A-SERVICE MODELS FLEXIBLE CONSUMPTION 19 CAPEX ONE-TIME TRANSACTION PRODUCTS
  • 20. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Rethink sales capabilities and leadership Talent On-boarding Performance management Automation 20
  • 21. @Sales20Conf • #s20c McKinsey & Company Proprietary MaterialsMcKinsey & Company Proprietary Materials Final thoughts Trends are clear Customers’ expectations are shifting Prepare to adapt 21 @Sales20Conf • #s20c McKinsey & Company Proprietary Materials
  • 22. @Sales20Conf • #s20c McKinsey & Company Proprietary Materials jennifer_stanley@mckinsey.com Staying connected JenniferStanley Expert Associate Principal, McKinsey & Company @JenStanley3 McKinsey on Marketing & Sales www.linkedin.com/in/jenniferstanley/