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Bowery Sales Summit 12/6/2018 Approved Slides

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Bowery Sales Summit 12/6/2018 Approved Slides

  1. 1. B/Bowery Capital Sales Summit December 6th, 2018, New York
  2. 2. #BCSUMMIT @bowerycapital Welcome. A Bit On Bowery/
  3. 3. BOWERY CAPITAL@bowerycapital #BCSUMMIT Thanks To Our Sponsors/ 4
  4. 4. #BCSUMMIT @bowerycapital WendiSturgis Chief Client Officer Yext The Best Demand Gen Strategies from 20181:30PM. Tactical Chat /
  5. 5. The Best Demand Gen Strategies from 2018 Wendi Sturgis, Chief Client Officer
  6. 6. Our Topic for Today ● Yext’s Approach to Pipeline Building ● Lessons Learned ● Q & A
  7. 7. THE COMPONENTS OF A SALES PIPELINE
  8. 8. Pipeline Fundamentals •Pipeline Focus was not a foundational element of Yext in the early years •AE and Events focused, demand generation was an overflow of our SMB demand gen efforts •We now look at pipe in five areas: ● AE Outbound ● Upsell’s ● Partner / Alliances ● Marketing / Demand Generation ● BDR / SDR activity
  9. 9. FY19 Pipeline Goals
  10. 10. Demand Generation
  11. 11. Scan Trifurcation Goal: Separate multi-location and agency leads from 1-location leads
  12. 12. Website Capture more ‘hand raiser’ leads 0.8% 2.5% conversion
  13. 13. Nurture: Pre-MQL Build a relationship with leads even if they aren’t ready to buy by sharing relevant content and info.
  14. 14. PARTNERSHIP / ALLIANCES
  15. 15. Up to 25% faster deals Why partners matter to you Close deals faster Get qualified leads Partners influence your clients & their budgets
  16. 16. BDR’S / SDR’S
  17. 17. BDR Mapping, Alignment, and Teamwork
  18. 18. AE OUTBOUND
  19. 19. AE OUTBOUND Research, Tier, Pick up the PHONE
  20. 20. Demand Generation Marketing: 5 Things We Learned in 2018
  21. 21. DG Marketing - 5 Key Lessons 1. Marketing demand generation is most scalable, predictable and measurable downmarket. Sales channel: SMB Mid-market & Enterprise Effective demand gen channels & tactics: ● Paid search ● Free offers (Listings Scan) leading to over-the-phone sales ● Automation (self-service checkout) ● Gated thought leadership assets (webinars, whitepapers, etc.) ● Events and conferences ● LinkedIn ● Ads in trade publications ● Direct-mail gifts Sales reliance on inbound marketing leads (vs. outbound prospecting): Highest Lowest
  22. 22. DG Marketing - 5 Key Lessons 2. ...But hard-to-scale marketing activities directed upmarket can still have the greatest overall impact on pipeline and revenue. Examples: We sent Amazon Alexa devices to key Enterprise prospects ONWARD18, our 3-day thought leadership conference for marketing leaders
  23. 23. DG Marketing - 5 Key Lessons 3. Across the board, “hand-raiser” leads* are consistently the best. *= Prospects who “raised their hand” to speak with sales (e.g. by filling out a Demo form)
  24. 24. DG Marketing -5 Key Lessons 4. So optimizations to your website will really pay off! ● We improved our website-visitor-to-sales-lead conversion rate from 1.12% in January to >3.35% now. ● Traffic stayed about the same, but leads are up 3X! Tip: Reducing the number of fields on our form (from 9 to 6) led to 200% increase in leads
  25. 25. DG Marketing - 5 Key Lessons 5. Even if prospects aren’t ready to speak to sales, warm them up with insightful content.
  26. 26. NOW...
  27. 27. #BCSUMMIT @bowerycapital MarkJosephson CEO Bitly 3 Lessons Learned from Scaling Enterprise Saas Teams: Build Talent, Focus on your Plan, Understand the Math 2:00PM. Tactical Chat /
  28. 28. 3 Lessons Learned from Scaling Enterprise SaaS Teams December 6, 2018 @Bitly | @MarkJosephson
  29. 29. >(!=)
  30. 30. We believe trusted, meaningful connections fuel communication and understanding.
  31. 31. We empower businesses to create trusted, powerful, recognizable links that maximize the impact of every digital initiative.
  32. 32. SDR CSAE Sales team headcount Total 40 30 20 10 0 2012 2013 2014 2015 2016 2017 2018 50
  33. 33. 3 Lessons Learned The Bitly Sales Journey
  34. 34. Get the Right Talent Focus on Your Plan Understand the Math 01 02 03
  35. 35. 01 Right Talent ● Understand the stage ● Enterprise != SaaS ● Hire people that can do the job
  36. 36. 02 Focus on Your Plan ● Pick a product, price, and go ● Pick a customer and a pitch ● Empower sales ops
  37. 37. 03 Understand the Math ● Simple equation how many salespeople x deals x ACV ● Raise your price ● Quotas don’t matter
  38. 38. Let’s Wrap it up!
  39. 39. Everybody is in sales Recruit your allies Nobody wins unless everybody wins
  40. 40. Thank You. @Bitly | @MarkJosephson
  41. 41. #BCSUMMIT @bowerycapital JamesAllgrove Head of Growth, US East Coast Stripe Strategies for Expanding Into New Geographies2:30PM. Tactical Chat /
  42. 42. J A M E S A L L G R O V E — H E A D O F G R O W T H , S T R I P E Scaling Sales Internationally
  43. 43. S T R I P E ’ S M I S S I O N To grow the GDP of the internet
  44. 44. S T R I P E ’ S V I S I O N Building blocks for the internet economy Core Payments Frictionless, unified, global payments. Applications Move faster and enable growth.
  45. 45. Going international is hard
  46. 46. G O I N G I N T E R N AT I O N A L I S H A R D Lots of factors to consider and many unknowns Regulation & Politics Competition Language & Culture Organization Investment cost Timezones
  47. 47. G O I N G I N T E R N AT I O N A L I S H A R D Some companies execute well while others fail spectacularly
  48. 48. Our international journey
  49. 49. ...andmore! 2010 2011 2012 2013 2014 2015 2016 2017 2018 O U R I N T E R N AT I O N A L J O U R N E Y It took time to launch international markets
  50. 50. O U R I N T E R N AT I O N A L J O U R N E Y But the formula has led to a repeatable model
  51. 51. What we learned
  52. 52. Finding product market fit in new markets Deciding which markets to expand to Hiring and building the right team Scaling and making it repeatable
  53. 53. Finding product market fit in new markets Deciding which markets to expand to Hiring and building the right team Scaling and making it repeatable
  54. 54. Don’t necessarily go for the obvious choices
  55. 55. Look at the right signals
  56. 56. Finding product market fit in new markets Deciding which markets to expand to Hiring and building the right team Scaling and making it repeatable
  57. 57. Don’t focus on sales traction, focus on customers
  58. 58. Ringfence resources for your international markets
  59. 59. Finding product market fit in new markets Deciding which markets to expand to Hiring and building the right team Scaling and making it repeatable
  60. 60. Start general and specialize gradually
  61. 61. Don’t lower your bar
  62. 62. Finding product market fit in new markets Deciding which markets to expand to Hiring and building the right team Scaling and making it repeatable
  63. 63. Empower local teams
  64. 64. Ensure it’s truly unimportant. Then, go for it. High confidence required. Pursue strong organizational commitment. YOLO Be thoughtful and careful. Less confidence may be needed, but don’t make the decision alone. T R A P D O O R T U N A B L E I M P O R TA N T (High impact) U N I M P O R TA N T (low impact) D E C I S I O N - M A K I N G F R A M E W O R K
  65. 65. Preserve optionality
  66. 66. Deciding which markets to expand to Don’t necessarily go for the obvious choices Look at the right signals Finding product market fit Focus on customers, not sales Ringfence resources for international Hiring and building the right team Start general and gradually specialize Don’t lower your bar Scaling and making it repeatable Empower local teams Preserve optionality
  67. 67. Questions
  68. 68. #BCSUMMIT @bowerycapital Evolving from Founder Driven Sales to Hiring Your First Sales Team Moderator: AlexAdamson Director of Talent Bowery Capital Jennifer Etherton JordanWan RachelKaplowitz Head of Sales Klara CEO and Founder CloserIQ CEO Honey 3:15PM. Panel /
  69. 69. #BCSUMMIT @bowerycapital JulieMaresca Head of Enterprise Sales, East Slack Building an Enterprise Sales Playbook Within a Freemium SaaS Company 3:45PM. Tactical Chat /
  70. 70. #BCSUMMIT @bowerycapital JeremeyDonovan SVP of Sales Strategy SalesLoft 10 Data-Driven Ways to Increase Pipeline4:15PM. Tactical Chat /
  71. 71. 10 Data-Driven Ways to Increase Pipeline Jeremey Donovan - SVP Sales Strategy
  72. 72. © 2018. SalesLoft. All Rights Reserved. Tip #1: Engage rapidly & personally with inbound leads There is a trade-off between response: • Speed • Personalization “For high-value prospects, SDRs must budget extra follow-up time – up to an hour – to research the account and the persona and to create a message relevant to the prospect’s last action (e.g. content download).” - TOPO Source: TOPO
  73. 73. © 2018. SalesLoft. All Rights Reserved. Only about ½ of companies are currently adhering to best practice As obvious as this is, only 58% of Cloud 100 companies responded to Demo Request or Contact Us in 1 hour
  74. 74. © 2018. SalesLoft. All Rights Reserved. Our Inbound Response Cadence Sending an automated initial email from a human ensures rapid, personal engagement Day Email Phone Other 1 1a 1b ,2c 1 2 3b ,4c 2 3 2 5b ,6c 3 4 5 5d a Automated c PM b AM d Nurture cadence
  75. 75. © 2018. SalesLoft. All Rights Reserved. Tip #2: Be pleasantly persistent with multiple touches over multiple channels We looked at 200 million interactions and found single-channel cadence response rates are: • 77% lower for email-only • 91% lower for call-only Source: TOPO
  76. 76. © 2018. SalesLoft. All Rights Reserved. Tip #3: Call then email on Day 1 • 80% of the top 100 cadences we looked at (out of a sample of 3.4 million) started with a call followed by an email • Almost all of these double-taps occurred on Day 1
  77. 77. © 2018. SalesLoft. All Rights Reserved. Tip #4: Allow “breathing room” between touches • Execute a high number of touches in the first 10 business days... • … increasing the wait time between each touch gradually … • … then keep nurturing 1x or 2x per month (Note: This is an average of best performing cadences. A/B test to find if more/less aggressive cadences are best for you.)
  78. 78. © 2018. SalesLoft. All Rights Reserved. Tip #5: Personalize up to 20% of your emails to 2x your reply rate • There are rapid gains to personalization up to 20%. • There is a lose-lose zone over 80% → more time + less impact! • We see many clients using a “10-80-10 rule” - personalizing the first & last 10%
  79. 79. © 2018. SalesLoft. All Rights Reserved. Tip #6: Get a quick and easy win by testing and tuning your subject lines Intuitive • Referrals (+) • Congrats (+) • Direct ask (+) • Short (+) Counter-intuitive • You/your (-) • Questions (-) • Gains (-) • Content (-) Reply rate relative to sample average
  80. 80. © 2018. SalesLoft. All Rights Reserved. Create 1 and 3 word subject lines • Empty subject lines are better than average but not a golden ticket • At 6+ words, bad things starts to happen
  81. 81. © 2018. SalesLoft. All Rights Reserved. You/your is played out
  82. 82. © 2018. SalesLoft. All Rights Reserved. Tip #7: Test and tune your salutations • Two word salutations have 20% higher reply rates than one-word • “Hello,” “Hi,” and “Hey” all perform the same • Ending with a colon (:) is 35% better than ending with a comma (,)Hi Jane:
  83. 83. © 2018. SalesLoft. All Rights Reserved. Tip #8: Video increases reply rates by 25% aBased on an analysis of 134 million emails of which 4.5 million (3.3%) contained video
  84. 84. © 2018. SalesLoft. All Rights Reserved. Prime the prospect before sending video • Send video between Day 2 and Day 20. • The best day in our sample was Day 5. • Also, by waiting until after email #1, you know you are at least sending to a good email address
  85. 85. © 2018. SalesLoft. All Rights Reserved. Introduce video with ~5 sentences Include 200 to 600 (400 optimal) characters before your embedded video. This amounts to about 5 sentences.
  86. 86. © 2018. SalesLoft. All Rights Reserved. Tip #9: Tell don’t ask “Let me know if 2pm on Wed works for you.” vs “Does Wed 2pm work for you?”
  87. 87. © 2018. SalesLoft. All Rights Reserved. Tip #10: Bullets are bad Emails with bullets have a 19% lower reply rate
  88. 88. © 2018. SalesLoft. All Rights Reserved. Tip #11: Minimize the use of links Hypothesis: Links make emails look generic and marketing-like
  89. 89. © 2018. SalesLoft. All Rights Reserved. Tip #12: By personalizing, you get to remove the opt-out Obviously make sure leaving off the opt-out is legal.
  90. 90. © 2018. SalesLoft. All Rights Reserved. Tip #13: There is no 13 because I’m superstitious But if you want a tip, look both ways before you cross the road
  91. 91. © 2018. SalesLoft. All Rights Reserved. Tip #14: Though reply rates from female senders are statistically higher, the absolute difference is near 0 - Interestingly, women are 13% more likely to reply - N=20 million; z-stat=7.5
  92. 92. © 2018. SalesLoft. All Rights Reserved. The bottom line... Be PLEASANTLY PERSONALLY PERSISTENT
  93. 93. Thanks! Questions? jeremey.donovan@salesloft.com
  94. 94. #BCSUMMIT @bowerycapital Building a Culture Around Sales Velocity Moderator: AndrewOddo Director of Growth Bowery Capital MattRoy Head of Business Development & Strategic Partnerships InsightSquared 4:45PM. Fireside Chat /
  95. 95. #BCSUMMIT @bowerycapital Thank You/

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