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The ROI of Great Sales Coaching

During this session, we team up with CSO Insights to discuss why great coaching is critical for a successful sales organization. We will also examine CSO Insights metrics that show revenue gains enjoyed by organizations with great sales coaches.

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The ROI of Great Sales Coaching

  1. 1. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL The ROI of Great Sales Coaching Presented by: Jim Dickie, Managing Partner, CSO Insights Tim Braman, VP of Corporate Strategy, Revegy
  2. 2. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Housekeeping • Control panel on the right side of your screen displays your audio information. • Use the “Questions” pane to send us your questions throughout the session. • Minimize or maximize the viewing pane during the presentation by clicking the double arrows icon. • Need help? Call 888.259.8414
  3. 3. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Welcome Revinar /rev-uh-nahr/ 1. a webinar series dedicated to sales planning and execution practices which drive revenue
  4. 4. © 2015 CSO Insights Insights into Great Sales Coaching: The When, Why and How
  5. 5. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors  Sales Performance Benchmarking Firm, - A Division of MHI Global  2015 Sales Performance & Sales Management Optimization Studies ◦ - 1,500+ Firms Worldwide  Identify Challenges, Collect and Share Best Practices for How to Address Those Issues For a Complimentary Subscription to Our Sales Management 2.0 eBook Series email: laura.andrus@csoinsights.com
  6. 6. © 2013 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors The Role of Sales Management Marketplace Distribution Curve “The goal of sales leaders is to create more leaders, not followers!” Jay Vanderbree, Senior Vice President, LG Electronics
  7. 7. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors Overall Plan Reps on Quota 81.9% 2014 58.1% 89.2% 2012 63.0%
  8. 8. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors 94.5%
  9. 9. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors Red Zone Effectiveness 2014 – Dallas Cowboys 92.2% 2014 – Sales Teams 45.9% Seriously?
  10. 10. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors • Timely • Accurate • Relevant • Consistent • Individualized
  11. 11. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors
  12. 12. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors
  13. 13. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors Level 1: Level 2: Level 3: Level 4: Random Informal Formal Dynamic 46.5% 46.6% 59.8% 72.2%
  14. 14. Ok…So I’m a Believer… • Do I coach Skills? • Do I coach Process? • Who do I coach? • When do I coach them? • What does ‘Good’ coaching look like? • How much is enough? What next?
  15. 15. 3 Must Haves for Effective Coaching 1. Right Target & Capabilities 2. Right Timing/Cadence 3. Right Method/Conversation
  16. 16. Who to Coach Bottom 10-15% Middle70-80% Top 10-15% Sales Performance NumberofReps Minimal Value in Coaching
  17. 17. How Much Time Should You Invest in Coaching? Coaching Time/Rep/Week % Reps Making Quota Win Rate < 30 Minutes 56% 43% 30 – 60 Minutes 59% 50% 1 – 2 Hours 63% 54% > 2 Hours 72% 56% 40% 45% 50% 55% 60% 65% 70% 75% % Reps Making Quota Win Rate
  18. 18. So why do we only coach when bad things happen? Source: CSO Insights, 2014 Sales Management Optimization Study
  19. 19. What is a path to GREAT coaching? Business Outcomes SMART Objectives Seller Activities
  20. 20. Tactical – What activities/skills are the most important? 0 1 2 3 4 5 6 7 Product/Market/Company Knowledge Story Telling/Case Studies Discovery & Solution Alignment Solution Value Prop/Competitive Differentiation Pre-Call Planning Customer Value & Handling Objections Source: Harvard Business Review, December 1, 2010, UK Cranfield School of Management “Do you really know who your Best Salespeople Are?”
  21. 21. IT decision-makers Business decision-makers Forrester Research: Base: 418 Global IT and business decision makers Source: Executive expectations of sales interactions online survey, Q4, 2012 26%Global Average 10% US 14% UK How often do you accept follow-on meetings?
  22. 22. The path to good coaching - Activities Activities OutcomesObjectives Grow Revenue Skills/ Deals
  23. 23. Activities OutcomesObjectives Grow Revenue Path 1 Improve Win Rate 10% - Coach Value Messages - Create Call Plan - Ride Along Assessment Improve Win Rate 10% - Coach Pipeline to Ideal Customer Profile Path 2 The path to good coaching - Activities
  24. 24. Coach Activities to your Competency Model during “Ride-alongs”
  25. 25. Activities OutcomesObjectives Grow Revenue Win Rate of 75% on “Must Win Deals” 1. Review Deal Strategy 2. Align Sales Calls with Strategy The path to good coaching - Deals
  26. 26. 26 Why Coach Deals • Why Coach Deals43% 47% 52% 0% 10% 20% 30% 40% 50% 60% Poor Coaching Average Coaching Good Coaching Win Rate Loss Rate No Decision Source: CSO Insights, 2014 Sales Management Optimization study
  27. 27. Stage (SFDC-%) Identify (Lead – 0%) Qualify (D – 25%) Develop (C – 50%) Proof (B – 75%) Close (A – 90%) Purpose Identify the Opportunity Qualify the Opportunity Build the Solution Prove the Value Close the Deal Critical Success Factors • Validate customer’s current business challenges and key initiatives • Understand customer’s technology landscape and our potential partners • Determine key stakeholders, evaluation criteria and decision- making process • Develop latent pain/provocation message • Conduct initial executive meeting • Confirm executive commitment and critical success factors • Identify competitive landscape • Determine potential solution fit • Develop initial sales strategy with account team & management • Conduct detailed discovery • Develop our unique value propositions • Confirm solution fit with key stakeholders • Create solution presentations and demonstrations • Test / Refine the solution presentation with our Coach • Present OUR solution to decision makers / sponsor • Integrate implementation, training and support teams • Provide references or conduct POC • Submit value-centric proposal • Confirm final decision process and timing • Gain customer commitment and finalize legal agreements / timelines • Obtain internal approvals • Process Purchase Order • Conduct transition meeting with Professional Services and support teams Identify Key Areas of YOUR Sales Process to Coach
  28. 28. When to Coach - Deals Is the Rep following the Sales Process?
  29. 29. When to coach - Deals Needs Exploration Needs Identified Solution Development Solution Accepted Final Terms & Conditions Contract Received Sales Process Highly Effective Coaches Average Coaches Source: Corporate Executive Board, Defining Coaching Excellence, 2010
  30. 30. 3 Must Haves for Effective Coaching 1. Right Target & Capabilities 2. Right Timing/Cadence 3. Right Method/Conversation
  31. 31. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL How much time should you invest in coaching? Coaching Time/Rep/Wee k % Reps Making Quota Win Rate < 30 Minutes 56% 43% 30 – 60 Minutes 59% 50% 1 – 2 hours 63% 54% > 2 hours 72% 56% 40% 45% 50% 55% 60% 65% 70% 75% % Reps Making Quota Win Rate
  32. 32. Building the Coaching Plan Skills Skills Deals Deals 1. Hard allocate time (2-3 hrs/rep) 2. Build a weekly cadence
  33. 33. Building a Coaching Plan 1. Hard allocate time (2-3 hrs/rep) 2. Build a weekly cadence with quarterly progress checks
  34. 34. 3 Must Haves for Effective Coaching 1. Right Target & Capabilities 2. Right Timing/Cadence 3. Right Method/Conversation
  35. 35. More Non-Optimal Coaching Judgment In Your Face Platitudes
  36. 36. Building a Coaching Plan Coaching NOT Managing Create a Developmental Environment Establish Rapport Get Reps Perceptions first Focus on plan Get buy-in Execution, not Training NOT A FORECAST CALL 0 0.5 1 Coaching Performance… Effective Decision… Fair Allocation of… Provide direction Gather Resources Sales Experience Product/Solution… Rewarding… Customer/Market… Sales Manager Skills
  37. 37. Why have a formal coaching model? Source: CSO Insights, 2014 Sales Management Optimization study Sales Performance Related to Coaching Model/Approac Informal or NO Coaching Model Formal Coaching Model Percentage of Reps Meeting or Exceeding Quota 49.9% 62.3% 24.8% Improvement!
  38. 38.  What happens if the customer fails to execute on any given strategy?  Have you reviewed this with the customer coach?  If not, how will it be received?  What are the risks?  What insights did you gather as a result of creating this map?  Where are the risks given the information on this map?  What gaps in information or insight do you feel need addressing?  Who gathered this information? From what source(s)?  What areas of concern does this map present to you?  Would the customer recognize this as their strategy or is it your analysis? Is it in their words? Coaching Conversation
  39. 39. Provide a standardized Plan For your managers to leverage in coaching.
  40. 40. Document improvement areas after each coaching session.
  41. 41. Leverage your coaching insight into your operational activities. • Leverage Your Coaching Insight into Your Operational Activities
  42. 42. Failure comes as a complete surprise… …rather than being preceded by a long period of anxiety! The best thing about not coaching?
  43. 43. © 2015 CSO Insights No portion of these materials may be reproduced or distributed in any form without the prior written permission of the authors Tenets of Effective Coaching • Timely • Accurate • Relevant • Consistent • Individualized
  44. 44. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL CSO Insights Case Study Video SAS Institute Case Study: Optimizing Strategic Accounts with Coaching Email Michelle mvaldez@revegy.com
  45. 45. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Thank you for joining us!
  46. 46. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Join Us for Our Next Revinar Using Playbooks that Align with the Buyer’s Journey June 9 1:00pm – 2:00pm (ET) Register Today! www.revegy.com/revinars
  47. 47. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL A Brief Introduction to Revegy Revegy’s technology makes sales planning and execution happen. Intelligent Playbooks and Collaboration Tools for: • Strategic Account Planning • Opportunity Planning • Territory Business Planning • Channel Planning
  48. 48. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL We Serve B2B Sales Teams

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