Sales process - how does benchmarking help me

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This presentation contains sales benchmark study results from a sales process assessment. The sales analysis yields important information that sales management can use to adjust their sales strategy. A presentation by Sales Benchmark Index.

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  • Contact us if you would like to understand how you can achieve your sales goals througha buyer centric sales process.Email - info@salesbenchmarkindex.comPhone - 1-888-556-7338Web: http://www.salesbenchmarkindex.com
  • Sales process - how does benchmarking help me

    1. 1. Sales Process<br />How Does Benchmarking Help Me?<br />
    2. 2. Large Media company loses $90M in subscription revenue in 2 years<br />New Strategy focuses on Hunter-Farmer structure to turn it around <br />Sales Leader unsure if new structure is all that is needed<br />Sales Benchmark Study is commissioned<br />The Situation<br />
    3. 3. Benchmark Methodology<br />Sales Management Maturity Model<br />Process Adoption<br />Process Impact<br />Metric levels vs. World Class<br />Best Practices in use<br />Level of Process Documentation<br />Benchmarking Approach<br /><ul><li>(240) Metrics across 13 Sales Drivers
    4. 4. Field Rep Ride-alongs
    5. 5. Executive and Manager interviews
    6. 6. Customer & Rep Surveys
    7. 7. CRM & Lead Gen System Review
    8. 8. Process Documentation Review</li></li></ul><li>5 functional areas are well below World Class 3.0 level<br />Benchmark Findings<br />
    9. 9. Win-Loss Ratio 61% versus 82% World Class<br />Close Rate 37% vs. 48% World Class<br />Subscription Retention Rate 86% vs. 95% World Class<br />8% of selling time spent on Key Selling Activities<br />Sales stages not based on observable buyer behavior<br />Sales process not customized by market segment<br />Lack of Sales Process training material<br />Sales Process – Best Practice Findings<br />
    10. 10. Sales Performance Management – Best Practice Findings<br />Pipeline Ratio 1X vs. World Class >2.6X<br />Few productivity and expense metrics measured over time<br />Using lagging not leading indicators of performance <br />Reps not ranked according to territory potential<br />Lack of sales dashboard with metrics tied to performance management system<br />
    11. 11. Sales Management – Best Practice Findings<br />Manager assessment yields 8% “A” Players versus 35% World Class<br />Lacking true coaching skills<br />Focus on end of the funnel at the expense of early stage activity<br />Manager competencies don’t align with new hunter-farmer structure<br />Most are farmer oriented sales managers<br />Lack territory planning skills to aid hunters<br />
    12. 12. Talent Management – Best Practice Findings<br />Turnover rate 32% versus 8% World Class<br />Lack of formal on-boarding<br />Competencies defined for old roles only<br />No defined career path planning tied to performance<br />Lack of A/B/C rankings by role<br />
    13. 13. Lead Generation – Best Practice Findings<br />Lead to Opportunity rate 23% vs. 46% World Class<br />Marketing Contribution to Pipeline is 12% compared to 38% World Class<br />Lack of lead nurturing program<br />All leads passed to sales without qualification<br />Average days to follow up on lead is 12 days vs. 1 day for World Class<br />Lead Sourcing<br />6,400,000<br />2%<br />128,051 MCLs <br />3%<br />3,842 MQLs<br />25%<br />960 SALs<br />49%<br />471 SQLs<br />25%<br />118 Deals<br />
    14. 14. Install a Buyer Centric Sales Process<br />Develop Sales Management Coaching Skills<br />Augment Sales Reporting with leading indicators to drive faster results<br />Design closed loop Lead Gen process<br />Implement Lead Gen Qualification team<br />Recommendations<br />
    15. 15. The Result<br />
    16. 16. Learn More<br />Contact us to hear the rest of the story...<br />Email - info@salesbenchmarkindex.com<br />Phone - 1-888-556-7338<br />Web: http://www.salesbenchmarkindex.com<br />

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