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Slow Down, You're Moving Too Fast: How the Right Sales Data Can Help Improve Your Sales Process

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What's the best time of day to follow up? Is high call volume actually important? Is there an ideal sales cadence? How quickly should you respond to a new inbound lead? Is it critical to respond within 5 minutes?

The Telfer School of Management, in partnership with VanillaSoft, recently undertook the largest ever academic study of sales data - examining 130,000,000 real-life sales interactions and 45,000,000 contacts. In this presentation, from the 2018 ZoomInfo Growth Acceleration Summit, we share these findings, and will have you questioning what contemporary thought leaders have been espousing as effective. If you want to better organize your sales process, multiply your conversion rates, and dramatically increase your revenues, you need to hear what this data is saying.

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Slow Down, You're Moving Too Fast: How the Right Sales Data Can Help Improve Your Sales Process

  1. 1. Slow Down, You’re Moving Too Fast How the Right Sales Data Can Help Improve Your Sales Process
  2. 2. DAVID HOOD CEO, VANILLASOFT David Hood is a successful software entrepreneur with extensive international experience in finance, business development, sales, and marketing. Under his leadership VanillaSoft has grown over the past decade from a small start- up to a leader in the inside sales and CRM space focusing on sales engagement and cadence automation. david@vanillasoft.com
  3. 3. What can you LEARN from studying 130,000,000 sales interactions?
  4. 4. THE STUDY Big Data Telfer School of Management, Business Analytics Division, University of Ottawa • 130,000,000 interactions retained from a total of 220,000,000 • 45,000,000 distinct contacts • 4,000,000 Web leads • 550 companies • Over 40 countries, close to 5,000,000 data points from Europe • Over 30 industries, 70% B2B and 30% B2C
  5. 5. Study Objectives What are the most consistent and relevant variables that are significant for a lead conversion model? What are the relationships and patterns between these variables, and how do they impact lead conversion outcomes?
  6. 6. Study Approach • Cross-Industry Standard Process for Data Mining (CRISP-DM) • Calculated central tendency measures of initially identified variables to plot distributions and understand relationships between them • Correlation statistics and logistic regression used to verify relationship between variables • Preliminary results –the current study should wrap up by end of year.
  7. 7. Areas of Focus Seeking clear outcomes Speed-to-Lead How quickly do you respond to a warm lead? Persistency How often do you attempt to engage the lead? Variables Affecting Positive Outcome What influences a next step, or a sale versus a loss?
  8. 8. SPEED-TO-LEAD Past studies have shown the importance of responding quickly to warm inbound leads
  9. 9. First Contact Attempt 5.8% 7.1% 10.9% 12.3% 13.4% 13.5% 14.3% 13.4% 13.3% 13.9% 13.0% 12.8% 13.0% 6.3% 5.4% First Contact Attempt: Responses Time To Web Leads and Outcomes
  10. 10. Call Day First Attempt 64.98 139.86 141.92 140.31 138.67 136.14 87.9 125.43 117.51 114.11 112.72 112.77 114.03 96.64 Call Day to Response Rate (Duration) First Attempts
  11. 11. Call Time First Attempt 135.64 145.99 146.36 148.24 147.05 139.04 136.85 132.11 125.77 114.55 100.24 91.64 87.63 123.72 122.31 124.93 126.79 123.65 119.08 118.92 116.04 111.23 103.17 91.64 84.24 76.89 Time of Call to Response Rate (Duration) First Attempts
  12. 12. Call Back Times 7 16 22 14 8 8 8 6 4 2 2 2 1 3 12 14 9 7 9 7 7 6 8 9 6 2 Scheduled Call Back Times B2B B2C
  13. 13. PERSISTENCY Speed-to-lead is really about the first touch. So, how important are follow-up attempts?
  14. 14. Average Contact Trend Average Contact Trend 3.248 4.135 5.766 6.516 6.12 5.661 5.947 5.909 5.93 Average Contact Trend (Win Outcome)
  15. 15. Average Contact
  16. 16. Average Contact
  17. 17. Average Contact
  18. 18. Call Productivity • No direct link is found between call productivity (number of calls) and success. • A strong correlation is found between call productivity and follow-up, which strongly increases success. • The best performers made between 50-60 calls a day.
  19. 19. Sales Experience • Experience was measured by the amount of time working with the current company. • Salespeople with more experience have a higher win rate. • Experiences salespeople engage with more persistence and have higher average call durations.
  20. 20. Conclusion How will your selling practices change? Speed-to-Lead Respond to new warm leads quickly – but not too quickly. Conventional wisdom that immediate response is best may cost you sales, and tardy responding definitely will. Persistency The number of contact attempts to reach a successful outcome is trending upwards, and can vary significantly from industry to industry. Persistency is one of the most important factors in sales success. Cadence Sales cadence has an impact on the outcome. When and how often you call will significantly affect your sales. Experience Even with technology, experience plays a roll. Experienced salespeople make fewer calls on average but they engage with more persistency, speed and are have longer average calls.
  21. 21. www.vanillasoft.com @VanillaSoft

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