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Data Strategy for Digital Sales : Case Study & Best Practice

The document presents a case study on IBM's digital sales strategy, emphasizing the importance of differentiating inbound and outbound sales while systemizing outbound processes. Key lessons include the need for a data-driven approach that balances technology and behavioral aspects, along with critical success factors for optimizing sales conversions. Additionally, it discusses the integration of agile methodologies, structured feedback loops, and effective targeting strategies to enhance lead generation and conversion rates.

Data & Analytics◦
Related topics:
Business Intelligence• Business Model.• Innovation Management• digital-strategy• product-management•
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Data Strategy for Digital Sales 1. Case Study – IBM Digital Sales 2. Lessons Learnt for Best Practice 3. Discussion on Indeed Questions Why and What? How? 1 Case Study Best Practice Barry Magee – WW Data Strategy Leader, IBM Digital Sales
Executive Summary 2 1. Case Study – IBM Digital Sales ◦ Distinguishing INBOUND from OUTBOUND ◦ Challenges with Outbound ◦ How to systemise Outbound ◦ Agile Sales Sprints and Performance Impact ◦ KPIs – Lead Conversion and Market Feedback 2. Lessons Learnt for Best Practice ◦ 20% Technology 80% Behaviour! ◦ What are the 5 Questions for Sales? ◦ What are the Jobs To Be Done Epics? ◦ What are the 5 CSFs for Data-led Transformation? 3. Indeed Q&A Session
Case Study 3
What if? 4 We tried to ‘inject’ data into the sales process to improve outcomes? * = ?
Inbound vs Outbound 5 Data Driven approach to Outbound 5 marketplace driven inbound “insight” driven outbound You’ve got to work the Queue! You select who you serve! Can you ‘learn’ from outbound experiences to improve Inbound?
Issues with DemandGen 6 A RAIN of lists Average of 100 unique “lists” per Europe mission No DIRECTION Only 5% of lists have prioritization and lists at odds with each other Quality => TIME Each doubling of lead conversion rate halves time taken to get pipeline No FEEDBACK Without ability to capture feedback we lose customer insight on 98% of calls Business As Usual Ad-hoc list driven execution from multiple and hidden stakeholders suppresses lead conversion and time to pipeline target. 100 different lists without prioritization 52 days to complete each list 1-2% lead conversion 1 integrated outbound funnel 1 client conversation covering all Reasons of Call 8-10% lead conversion SMART DemandGen one integrated process in sales connect with management system and market feedback allows sales sprints increasing speed to pipe Months to build pipeline Weeks to build pipeline A $1m sales target of $100k transactions and 20% Win Rate will take 50 weeks of outbound activity to achieve with a 1% lead conversion rate. A $1m sales target of $100k transactions and 20% Win Rate will take 9 weeks of outbound activity to achieve with a 5.5% lead conversion rate. 1 2 3 4
Brand not addressing full available Market of Clients Only 3% of addressable Market is targeted Almost half of Prospects are duplicated Sales Plays are re-targeting the same clients How does this manifest? 7 YTD Sales Play Analysis 1 2 3 4
Inside Out : Where we think clients are…. Outside In : Where clients actually are… How to Deliver – an agile end-to-end process 8 integrate & simplify observe & adjust aggregate & analyse marketplace targeting engage & codify 1 3 4 5 6 All things considered, who is best customer to engage next and why? What is the data trail captured by each client engagement? What are the best lead indicators of client need? Where are the clusters of best opportunity found What is the data-driven reason of call to aid seller insight? Who and where is our target market for inbound market spend? identify & prioritise 2 new ‘intent’ data structured Un-structured internal external The 99% market product
How to Deliver – improved targeting 9 observe & adjust observe & adjust observe & adjust “inside-out” model “outside-in” model 2% 10% Time Lead Conversion Lead Conversion 1 1% 2% 6% 1 Year 6 Mths 2 Mths lead conversion rate time to achieve target Speed to Pipeline 2
Sizing the Addressable Market Opportunity How Big Is the Market? 1 What’s the Sales Strategy? 2 Are there more scalable plays we can run cross-GEO for volume space? Prospecting Funnel A single, centralized prospecting funnel across all Markets and GEOs to optimize client engagement and maximise yield from across multiple lists and sales plays
Sizing the Addressable Market Opportunity What’s the Sales Play strategy and How does it Fit Market Needs? What does the resulting set of Prospects look like? What does the resulting set of Prospects look like? 5 4 3 How do we increase reach and volume of client engagement? How do we decrease amount of seller time on non growth activities to increase call capacity?
Deep Dive 12 Did we execute? 1 What Outcomes? 2 27% Lead conversion 102 Leads 31 Opps What Pipeline? 3 $2.9m Est. Future Pipe What Patterns? 4 Why? - % of Positive Outcomes by Reason of Call What? - % Positive Outcomes by Matched Offering < SS4 Future Pipe % of Outcomes by Customers by CQ Renewal % of Outcomes by Customers by Contract Type % of Outcomes by Customers by Channel September Sprint Tasks by Status Completed September Sprint Tasks by Outcome September Sprint Tasks by Industry As likely to get a lead or Oppty OFF-cycle as IN- cycle. Most upsell on FTCs but 13% Leads/Oppties on AR/EG. Larger proportion of positive outcomes came from Indirect prospects What were the shared ‘traits’ of customers with Positive outcomes? Not interested in what IBM has to offer Roadblocks preventing further nurturing of Lead An interested response from client 8% Oppty conversion $881k Pipe $28k Avg Opp SS4 Current Pipe Note – only Tasks with identifiable Outcomes included – 29 ambiguous Outcomes Where were we most successful? 5 % Completed Client Engagements to SS4 Oppties % Completed Client Engagements to ‘Nurturing’ stage
Results on KPIs 13 BAU = 1-2% 1 Market Feedback 4 OppConv @ 10% 2 Lead Conv Pipe 3
Best Practice 14
Be Ready for What You Find ;-) 15 What is/was expected.... The data ‘tool’ would make us rich.... What actually happens..... Increased transparency highlights structural impediments to progress
20% Technology – 80% Behaviour & Process! 16 Behavioural DIMENSIONS Decision Bias Cultural Bias Business Transformation ASPECTS Strategic Coherence Operational Consistency Agile/Feedback Loops Technical Solution ARTEFACTS Visualizations Models BI Reports
What are the 5 Questions for Sales? ◦ Show me the quickest way to achieve my sales target with optimized territory management! ◦ Give me sufficient insight to allow me prioritize, prepare and engage my client set effectively! 17 Am I talking to the right PERSON at the right ORGANISATION? Who do I call next? What do we KNOW about client and what’s the right TOPIC to lead with? What do I talk about? Where do I get TIME TO CALL and when is best to ENGAGE? When do I call? How do I provide my customer with RIGHT INFO the RIGHT WAY How should I engage? Which is BEST SALES RESOURCE to use for client set? Which resource do I use? 1 2 3 4 5 focus area focus area focus area long term strategic objective focus area
What are the Jobs To Be Done Epics? 18 SMART is a data-driven workflow process that provides transparency and management system to optimise sales effort. It gives managers and sellers the ability to see where market potential exists and helps them compliment renewals and account management with business development activity to optimise pipeline build and target achievement. It helps aligns sales effort towards market opportunity and avoid unproductive workload in non revenue generating activity. show where the market and client needs a.re for any given territory/region and where product 'fits' for any territory prioritize clients for me across entire territory and all reasons of call/product fits allow me to create sales connect 'tasks' to build a prospecting 'funnel' show me an execution view so I can prioritize engagement activity show me a pipeline view so I can see what opportunity is generated or left behind show me market feedback so I can see what is working and what is not show me a revised view of market to identify next best prospects Identify persona/client 'clusters' to feed into marketing org Market Need & Product Fit Next Best Customer Prospecting Funnel Are we Executing? pipeline created pipe left behind Market Feedback Are we Converting? Revise Next Best Customer Marketing Personae 7 1 3 5 6 8 2 4
Critical Success Factors 1. You need End-To-End Business process Transformation It’s about workflow not just analytics deliverables 2. Split Execution from Outcome Analysis You can only determine what’s working if you know where you engaged 3. Create a Structured Feedback Loop for all Engagement Obsess about capturing structured outcomes and commentary from clients 4. Switch Off Before You Switch On! You MUST have your upline stakeholders bought in or sellers will continue to follow old ways 5. Implement Agile Sprints in Sales It’s the key to addressing both productivity issues AND improving targetting 19
1. Is sales rep prospecting within a CRM database more or less valuable than an algorithm prospecting the same leads? 2. What are the indicators that IBM uses to differentiate between a Hot and a Cold lead? Based on your existing knowledge of Indeed, how could this be applied to the company? 3. We leverage several channels to acquire SMB leads but it can be challenging to identify & reach all companies who have jobs - what other acquisition channels would you consider for SMB lead acquisition? 4. If we wanted to think about how to predict when companies will post a job, how would you approach this type of predictive modeling? 5. How do you approach customer segmentation and identifying seasonality of spending patterns? 6. What would be, according to you, the 3 most important things Indeed should be doing to generate leads 7. What would be the most effective way to get all companies in a market as leads and identify quality? 8. What similar challenges that you have solved in the past, might also apply to Indeed? And how did you solve them? 20 Indeed Q&A
BackUp 21
What do we know? 22 Alliance Data End of Support Multi- Vendor Install Base Call Data Leasing @ IGF Channel Data Contact Info Pipeline Account Profile Email Data Account Penetration Persona Data Spend Info Sales Enablement Account Activity Competitive Profile Applications Data Propensity Profiles A aggregate & analyse SC Task Outcomes Market Feedback Lead Indicator Weighting Industry Weighting Cross- Sell Matrices MSP /CSP New vs. Old Prospect Reach