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PRM: The Missing Link
Mindmatrix offers a comprehensive channel enablement software that addresses sales, marketing, and operational productivity for partners. The document discusses the evolving challenges faced by salespeople, emphasizing the importance of effective sales enablement and the need for guided processes to enhance partner performance. Key recommendations include utilizing playbooks and asset management to improve engagement and close rates throughout the sales cycle.
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PRM: The Missing Link
- 2. Who is Mindmatrix? Channelsales enablement Channel marketing automation Channel operations & management The most comprehensive channel enablement software in the marketplace that offers sales, marketing & operational enablement of partners on one platform Why Are We Here Today? Enablement is important to you, this is the 2nd of our 3-Part Series on Channel Enablement
- 3. Three questions toanswer • What is sales enablement’s role in driving effectiveness with partners? • What key alignments and tactics should channel leaders employ to drive productivity? • What solutions can help deliver the right content at the right time to meet the buyer requirements?
- 4. Partner sales cyclechallenges Most salespeople believe that the biggest change in their sales cycle is the difficulty they face in getting the buyer’s attention. 1. Buyers are more informed • Access to Content • Peer Network • Access to Data 2. Buyers need more (and earlier) ROI • Reason to Change • Peer Examples • Executive Support 3. Buyers are less likely to engage earlier • Self Service • Network Introduction • Events Not Working How Has Your Sales Cycle Changed in the Last Three Years?
- 5. Partner reps manage1 or 2 key relationships and up to six minor partnerships – each vying for greater mindshare What Accounts for the Lack of Partner Sales Performance? Increasing the productivity of salespeople results in more high-quality customer interactions. Inability to Communicate Value Message 27% Knowledge Gap (Industry/Solution) 25% Too Many Products to Know 22% Poor Sales Skills 17% Insufficient Leads 9%
- 6. Optimizing Partner SalesProductivity What is the quality and customer relevance of… • Suspect touches • Prospect interactions • Client relationships Process Skills Tools How much time and effort does it take to… • Create a solution • Craft a proposal • Find a prospect Efficiency(time&energy) Effectiveness (quality & results) Source: SiriusDecisions Increased Productivity More Opportunities Shorter Sales Cycles Larger Deal Size Higher Win Rates PRODUCTIVITY
- 7. Buyers are nowin control, favoring easy to access digital content over in-person interactions, yet b-to-b tactics lag far behind Today, Channel Prospects Are More Knowledgeable 25% 23% 24% 22% 22% 21% 20% 22% 21% 12% 11% 10% 22% 21% 24% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% CXO VP Director Ask my team or colleagues for options Access a social media community Call an industry analyst Call an industry peer Search on the Internet
- 8. Applying the Buyer’sJourney to Drive Partner Effectiveness Exploring Possible Solutions Committing to a Solution 3. 4. Justifying the Decision Making the Selection 5. 6. Loosening of the Status Quo Committing to Change 1. 2. SolutionEducation Vendor Selection
- 9. Ask Partners WhereSelling Begins? The vast majority of partner sales reps indicate that the start of their sales process does not include the top half of the buying process. X “I now primarily engage when buyers are committing to a solution category or type.” Winners engage here, but not with sales
- 10. Partner Content Alignedwith the Buyer’s Journey Accelerate customer speed through the buyer’s journey, by supplying channel partners the content they need to meet buyer requirements at each step. Social media Newsletters White papers Blogs Events Webinars Case studies Testimonials Website SEO Self-guided demos Product collateral Generate New Business Process Thought Leadership Program Solution Launch Content Customer reference programs Tactics Presentations In-person demos References Competitive tools SME access Trials Proofs of concept ROI tools Exec briefings Proposals Sales Enablement Pipeline acceleration programs Nurturing programs Sales enablement programs Retention Peer Interaction Newsletters Customer events/awards Analyst Reports Case Studies Account-based marketing Value reviews Loyalty programs
- 11. How Do SuppliersTraditionally Attempt to Drive Partner Enablement?
- 12. What does achannel marketing platform typically offer? MQL Lead generation and management Email marketing Social media automation Marketing based report generation
- 13. Where’s the gap? Allmarketing happens at corporate level Engagement levels drop as the lead is passed to channel partners Messaging is compromised as partners try to engage in local sales campaigns
- 14. What channel partnersreally want? A guided, well-defined sales process that really helps them close leads
- 15. What are yourchannel partners looking for? Help walking the last mile to confidently close their leads A guided sales process for repeatable sales success Knowledge of what to say, when to say and how to say it
- 16. What if youcould clone your proven sales process?
- 17. Here’s taking alook at how you can set up a guided, repeatable sales process
- 18. The sales playbook Asystematic organization of all marketing and sales assets Each asset is mapped to the buyer’s position in the sales cycle A GPS for your channel partners
- 19. Spells out whatto say, when to say it and how to say it
- 20. How playbook canhelp you design a guided sales process? Spells out every precise detail/step in the sales process Contains all the assets your channel partners need for each step in the sales process Is scalable, repeatable and dynamic
- 21. What kind ofassets make it into the playbook? Emails • Introductory emails • Follow-up emails • One-off emails • Nurturing emails • Post discovery emails • SQL emails • Final follow-ups Scripts • Cold call scripts • Warm call scripts • Discovery call questions Presentations • Pre-demo sales presentation • Demo presentation • Post-demo presentation Other assets • Whitepapers • E-guides • Case studies • Testimonials • Infographics • Relevant articles • Press mentions • Press releases • Videos • Brochures The last mile • Pricing sheets • Proposals • Client agreemen ts/contrac ts
- 23. Why you needplaybooks? 25% of an employee’s workday is consumed by information search 70% of customer- facing team members report lacking the information they need to adequately perform their jobs Companies with mechanisms in place to share internal sales knowledge have win rates that exceed 50% Just 20% of the knowledge in an average enterprise is explicitly recorded and shared
- 24. Define your salesprocess Define your target audience Define your contact touch-points What buying stages does your prospect pass through, typically? Define the triggers you use to demarcate prospect journey from one stage to another Define the timeframe of your sales process What happens after the sale? What is your overall closure rate? STEP ONE Define your sales process How do you keep prospects engaged at each stage? Define the sales tools/best practices currently being used Companies with a well-defined sales process are 33% more likely to outperform the competition Identify the linear and non-linear sub- processes
- 25. Know your buyersand educate your salespeople about them Who are your ideal buyers? What business vertical do they belong to? Study vertical background in detail What are your buyer's core challenges or pain points? FAQs by prospects/buyers Perform a competitive analysis Who is your Competition? What are the Common Objections of your buyers? Investment in tools that provide prospect insight help businesses enjoy more accurate sales forecasts, faster and better closure rates Aberdeen Group STEP TWO Persona Analysis You need: Tools that offer you a 360-degree prospect view What are they buying? How much and when they are buying
- 26. Prepare a contentinventory and plug the gaps Document all the assets you have Decide what assets you need Put the marketing team in-charge of creating new assets Consider content restructuring and re- use at this stage Consult with the salespersons on their asset requirements Did you know that over 50% of marketers reuse content two to five times? STEP THREE Prepare Asset Inventory You need: An asset repository where all your assets can be stored and a mechanism to track asset effectiveness
- 27. Monitor, measure, coach,change •Coach salespeople who are not using the right assets •Train new salespeople to use the right assets • Gather feedback from sales team • Update playbook dynamically •What are the open, download, click rates for assets in the playbook • Is everyone using the playbook? • Who is not using it? • Reason behind not using Monitor Measure CoachChange STEP FIVE You need: Tools offer visibility into playbook usage and asset performance You need: Tools that allow you to update assets consistently, across the board
- 28. Thank you Mindmatrix 2403 SidneyStreet, Suite 150, Pittsburgh, PA 15203 Phone: 412.381.0230, Fax: 412.774.1992