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5 Strategies to Accelerate Sales

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5 Strategies to Accelerate Sales

  1. © 2013 Forrester Research, Inc. Reproduction Prohibited 1
  2. Mick Hollison › CMO @ InsideSales.com › 23 year industry veteran › Sales, marketing & product leadership roles › Lotus, IBM, Microsoft, Citrix © 2013 Forrester Research, Inc. Reproduction Prohibited 2
  3. About InsideSales.com › History • Founded in 2004 • HQ in Silicon Slopes, Utah • $40m+ in venture investment • 3 years of 100%+ annual revenue growth • 325 employees and growing © 2013 Forrester Research, Inc. Reproduction Prohibited › Industry leadership • #5 in software job growth in U.S. Inc. Magazine • Always On top 100 private companies • #3 paid app on Salesforce AppExchange • 6 issued patents in web comms and predictive analytics 3
  4. Lori Wizdo › Principal Analyst @ Forrester › B2B Marketing & Lead-to-revenue management › 25 year industry veteran › BMC, Xerox, NCR, Unisys © 2013 Forrester Research, Inc. Reproduction Prohibited 4
  5. Rethinking Inside Sales: The Strategic Weapon in Lead-toRevenue- Management Lori Wizdo, Principal Analyst November 15, 2013
  6. What is lead-to-revenue management? Attract Capture Nurture Convert Expand The managed process that turns leads to prospects and then into customers. © 2013 Forrester Research, Inc. Reproduction Prohibited 6
  7. The input/output machine needs a tune-up Average conversion ratios from Forrester’s Research MQL TopPerformers Pipeline Won deal 32% 32% 28% 26% 0.75% (N = 211) All SQL End-toend (N = 196) (N = 201) (N = 195) 39% 37% 34% 32% (N = 65) (N = 58) (N = 59) (N = 58) Base: Marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 US and Europe B2B Technology Marketing Tactics And Benchmarks Online Survey © 2013 Forrester Research, Inc. Reproduction Prohibited 1.54% You can’t get there from here. 7
  8. › 300% Increase in Leads? › No Problem. › We’re automated. © 2013 Forrester Research, Inc. Reproduction Prohibited 8
  9. Kicking Lead Gen Up a Notch… • Launch 22% more campaigns • Get some Inbound working Sales Accepts Leads Then…. a. Puts lead on ‗back burner‘ to close this Q‘s deals b. Closes lead as ‗dead‘ when they don‘t want a PoC c. Creates 20% Opportunity & Task to call in 3 months • Increase leads dramatically • Nurture each lead, -- 4-touches • Score Leads • Promote Leads to Sales © 2013 Forrester Research, Inc. Reproduction Prohibited 9
  10. …. And Gets the Same Old Result • Marketing Team is working like demons • Dramatic Increase in Traffic, Leads, MQL, SQL • Minimal increase in marketing contribution to pipeline • Limited contribution to revenue • Relationship with Sales still not all that good © 2013 Forrester Research, Inc. Reproduction Prohibited 10
  11. It’s time for a new strategy
  12. It’s NOT about…. …moving masses of ―leads‖ through a sequential process of attrition until tens or hundreds of deals emerge. Attract © 2013 Forrester Research, Inc. Reproduction Prohibited Capture Nurture Convert Expand 12
  13. Our goal NOW is to… …take a single lead through an optimized process. ...and then repeat that process hundreds or thousands of times. © 2013 Forrester Research, Inc. Reproduction Prohibited 13
  14. It’s not about your process anymore. Attract Capture Nurture Convert Expand Your managed process . . . . . . must be calibrated to . . . Discover Explore Evaluate Buy Engage . . . the buyer‘s journey. © 2013 Forrester Research, Inc. Reproduction Prohibited 14
  15. What’s Going Wrong? © 2013 Forrester Research, Inc. Reproduction Prohibited 15
  16. Here’s how it goes horribly wrong … Attract Capture Nurture Convert Expand What’s working for lead generation? ―I am sending out mailings to segments in our database and targeted names we pull from Jigsaw and RainKing. We‘re using our inside sales team to follow-up. But, our new lead gen rates are too low.‖ © 2013 Forrester Research, Inc. Reproduction Prohibited 16
  17. Here’s how it goes horribly wrong … Attract Capture Nurture Convert Expand Do appointment setting campaigns work? ―It‘s taking a while for our lead gen efforts to ramp up. I am thinking about running an appointment setting campaign with our inside sales team.‖ © 2013 Forrester Research, Inc. Reproduction Prohibited 17
  18. How Deals Used to Start © 2013 Forrester Research, Inc. Reproduction Prohibited 18
  19. How Deals Start Today! © 2013 Forrester Research, Inc. Reproduction Prohibited 19
  20. Buyer activities Seeking info to raise performance Seeking solutions to known problems. Search for options. Awareness © 2013 Forrester Research, Inc. Reproduction Prohibited Consideration Purchase 20
  21. The Fine Art of Being Found › Drive people to site with highly relevant campaigns and offers › Target different types of visitors › Gather insight into the visitor experience › Identify patterns, and tune your site to deliver the right information at the right time to drive conversions. › Be Agile; respond immediately to trends © 2013 Forrester Research, Inc. Reproduction Prohibited 21
  22. You did it! A targeted prospect has found you. Don‘t push them away. © 2013 Forrester Research, Inc. Reproduction Prohibited 23
  23. Here’s how it goes horribly wrong … Attract Capture Nurture Convert Expand How can I improve conversions? ―How can I improve the conversions on my web forms? I want to ask for less information, but my VP of sales say it‘s not a lead if they won‘t tell us their title, phone number, and size of their sales team at a minimum.‖ © 2013 Forrester Research, Inc. Reproduction Prohibited 24
  24. Inside sales as “concierge” › › Serves as the primary point of engagement and discovery Acts as a metaphorical ―sherpa‖ to the buyer throughout their sales journey © 2013 Forrester Research, Inc. Reproduction Prohibited 25
  25. © 2013 Forrester Research, Inc. Reproduction Prohibited 26
  26. Buyer activities Scope the problem Research solutions. Architect the solution. Build a business case. Establish budgets. Awareness © 2013 Forrester Research, Inc. Reproduction Prohibited Consideration Purchase 27
  27. The Fine Art of Engagement © 2013 Forrester Research, Inc. Reproduction Prohibited 28
  28. When and where are you engaging? Create and deliver on a vision 74% 26% Respond to request RFP RFI “How often do you choose a vendor who has worked with you to turn a vision into a clear path to value?”` © 2013 Forrester Research, Inc. Reproduction Prohibited 29
  29. Buyers reward early engagement Executive Buyers © 2013 Forrester Research, Inc. Reproduction Prohibited 30
  30. Why the 1st Generation of Lead Nurturing didn’t work. Serial Touches Eventual Sale 1st Generation Lead Generation was, all too often: About US, not the Drip Marketing On Systematic Sales customer‘s journey Steroids Harassment © 2013 Forrester Research, Inc. Reproduction Prohibited 31
  31. Here’s how it goes horribly wrong … Attract Capture Nurture Convert Expand ―So, I see you just downloaded a whitepaper from our website. Does that mean that you‘re ready to sign up for the free try-and-buy I told you about last week?‖ © 2013 Forrester Research, Inc. Reproduction Prohibited 32
  32. What is lead nurturing today? © 2013 Forrester Research, Inc. Reproduction Prohibited 33
  33. “…B2B customers completed nearly 60% of a typical purchasing decision…before even having a conversation with a supplier.” Source: Corporate Executive Board
  34. The Power of Inside Sales
  35. › › › Lower cost of sales - between 40% and 90% Increased buyer preference for collaborating & purchasing remotely Improved collaboration technologies – online meetings , video conferencing, etc… › Faster customer response times › Increased revenues from targeted accounts
  36. Sales Acceleration communication gamification prediction
  37. Best Practices for Inside Sales Communication
  38. Time of Day
  39. Day of Week
  40. Immediate Response
  41. Call Attempts
  42. Likelihood of Executives Responding at Work 100% 80% 60% 40% 20% 0% Email Text Message Mobile Phone Office Phone Voicem ail LinkedIn Online Facebook Instant Messaging Twitter Fax Video Chat
  43. Social Media Comparison At Work How likely are you to respond? LinkedIn Facebook Twitter How do you recommend people contact you? LinkedIn Facebook Twitter 40% 18% 17% 28% 8% 10%
  44. Buyer activities One Million Dollars! Evaluate vendors. Shortlist vendors. Proofs and pilots Negotiate. Awareness © 2013 Forrester Research, Inc. Reproduction Prohibited Consideration Purchase 46
  45. Here’s how it goes horribly wrong … Attract Capture Nurture Convert Expand Is anyone getting lead scoring to work? ― We‘ve been having trouble with lead scoring. When we set the bar low, sales complains about unqualified leads. But, we‘re afraid to tighten the criteria because we might overlook late stage buyers who don‘t have a long history with us. © 2013 Forrester Research, Inc. Reproduction Prohibited 47
  46. Lead Scoring Best Practices Not Enough Synch with sales • Define qualified lead with sales, but do hold the standard high. Start Early • From the moment of first capture • Linked with anonymous behaviors Accentuate the Positives • Late-funnel content consumption • Collegial activity levels Embrace the Negatives • Downgrade with passage of time or discover of new negative data Automate • Trigger new offers/workflows/alerts based on score changes. 100% of top performers use lead scoring as a basis for matriculating leads to sales. 150 90 185 55 Measure & Adjust • Revisit attributes, actions and scores on a regular basis © 2013 Forrester Research, Inc. Reproduction Prohibited 48
  47. Best Practices for Inside Sales Lead Scoring & Prediction
  48. Excellent Likelihood • Neural Score Neuralytics® score| sort| notify Average Likelihood Poor Likelihood
  49. Neuralytics® score| sort| notify • Neural Score • Neural Sort Typical List
  50. Neuralytics® score| sort| notify • Neural Score • Neural Sort Typical List = High Contactability
  51. Neuralytics® score| sort| notify • Neural Score • Neural Sort Neural Sort = High Contactability
  52. Rethinking Inside Sales The New Model is ENGAGEMENT Inside Sales Can Discover Inside Sales Can Nurture Inside Sales Can Be the Bridge between Marketing and Field Sales © 2013 Forrester Research, Inc. Reproduction Prohibited 54
  53. But, there are still some challenges. Attract Capture Nurture Convert Expand How can I get Inside Sales to Follow-up on Leads? ―‖It‘s really difficult for us to get inside sales to pay attention to early stage leads because they are paid on meetings and deals. Any ideas?‖ © 2013 Forrester Research, Inc. Reproduction Prohibited 55
  54. Best Practices for Inside Sales Gamification
  55. HBR Job Satisfaction Study › Intrinsic motivators › Extreme job satisfaction › Achievement › Recognition © 2013 Forrester Research, Inc. Reproduction Prohibited 58
  56. © 2013 Forrester Research, Inc. Reproduction Prohibited 59
  57. Initial gamification results 30% increase in sales productivity after 60 days © 2013 Forrester Research, Inc. Reproduction Prohibited 61
  58. › Hyper-educated buyers are changing the dynamics of marketing and sales › Simply generating more leads to move through the same process won’t change the results › Aligning the selling process to the buyer’s journey through inside sales as a “concierge service” is essential › Inside sales needs predictive technology, new forms of motivation and multiple communications tools in order to succeed
  59. Thank you Lori Wizdo +1 617.613.8805 lwizdo@forrester.com Twitter: @loriwizdo Engage beyond this event Community — http://forr.com/CommunityTM Blog — http://forr.com/BlogTM Twitter — http://forr.com/ForrTwitter
  60. Mick Hollison mhollison@insidesales.com Twitter @mhollison © 2013 Forrester Research, Inc. Reproduction Prohibited 64
  61. © 2013 Forrester Research, Inc. Reproduction Prohibited 65

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