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Sales Transformation: The Role of Sales Strategy & Operations, Dow Jones & Company

This document discusses the role of sales strategy and operations in transforming the sales process at Dow Jones & Company. It describes how the company was facing declining revenue and needed to improve sales productivity. A sales benchmarking analysis found the sales organization lagged world-class performance in key metrics like cost of demand generation and sales productivity per rep. A transformation agenda was created targeting improvements in structure, goals, skills, culture and processes. The role of the sales strategy and operations team is to lead initiatives to drive this change through activities like sales benchmarking, process improvements and aligning sales with product/marketing.

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Sales Transformation: The Role of Sales Strategy & Operations Imtiaz Patel VP, Global Strategy & Operations Dow Jones & Company
1 60 110 160 210 260 310 '01 '02 '03 '04 '05 '06 '07 '08 '09 Index(100=1998level) Revenue Operating Income 60 110 160 210 260 310 '01 '02 '03 '04 '05 '06 '07 '08 '09 Index(100=1998level) Revenue Operating Income The Turnaround 60 65 70 75 80 85 90 95 100 105 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 Index(100=1998level) Revenue Operating Income Print Online 60 65 70 75 80 85 90 95 100 105 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 Index(100=1998level) Revenue Operating Income ? 60 65 70 75 80 85 90 95 100 105 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 Index(100=1998level) Revenue Operating Income ? • Consistent with the news industry, circulation revenue and profitability were on a long term declining trend • 2005 was the beginning of a trend towards record revenue and profitability – revenue and profits continue to increase
2 Global Strategy & Operations: Mission • Drive sales productivity through strategy, process improvement, sales enablement, performance management and sales analyics Imtiaz Patel VP, GS&O Sales Operations Program Management Sales Strategy Sales Support Sales Excellence • Sales Forecasts • Budgets • Performance Management • Goal Setting • Incentives • Sales Analytics • SFDC • Process Changes • Program Roll-out • Sales Plans • Ad-hoc Analytics • Market Facing Analytics • Special Projects • Sales Support • Training • Competency Models • Capability Development
3 The Situation •B2B business has been hit hard by the global recession •Business was primarily focused on financial Global 500 accounts •Business shrunk as mergers, bankruptcies and general cost cutting directly impacted client businesses •Aggressive competitors used price to gain market share •Major re-organization in early 2010, with new leadership appointed
4 Key Questions • What got us here? • What is the opportunity? • Is this a strategy or execution issue? • How do we capture the opportunity? • What needs to change? • How do we align to capture the opportunity? • Can we measure progress to the opportunity? Situation Assessment Opportunity Assessment Strategy Organizational Alignment Process & Capability Alignment Measurement & Reporting
5 Construction And Real Estate Telecom Metals And Mining Automotive Technology Insurance Securities And Investing Retail Banking And Credit Energy 35% 100% -5% Product Penetration AccountPenetration H L H Market Opportunity & Focus • Large market opportunity – market is close to $9Bn, upside on market share • Identified focus industries and company attributes • Data and objectivity are critical – don’t lose sight of the big picture Global Fortune 500 Account Penetration: Top 10 Industries by # of Companies Product penetration is the primary opportunity with the Global 500 Implications Increase product penetration Well penetrated Penetrate new accountsUnder penetrated
6 Revenue breakdown: Current & FY11 % Growth from FY10 FY10 FY11 FY13 Total/target revenue ($MM) Source of business1 Acquire Expand Retain Product Category2 (% of total) Corporate Financial Client type (% of total)1 A  >=$1M/year B  $100k-1M/year C  <$100k/year A B C • Defined specific multi-year targets of how the business will grow • Three growth & focus components – Source of Business – acquire, expand, retain – Product groups – Client attributes
7 Transformation Agenda • Capturing the opportunity required a transformation in 4 key areas Structure Goals / Incentives Selling Skills Culture Strategy / Planning Performance Management Sales Benchmarking Process Improvements Sales Organization Focus & Accountability Sales Productivity Customer Alignment Alignment with Product & Marketing Customer Feedback Loop
8 Sales Re-organization • 3 potentially conflicting issues – Need to right size organization – Need to improve client retention – Need to bring in new business • Using a heavy dose of sales analytics defined a new sales structure – Used history to understand impact of prior changes – Looked at ratios to understand sales productivity & efficiency – Quantified opportunity in different territories
9 Sales Re-organization: Channels • What is the data telling us? • Consider regional variances
10 Sales Benchmarking • A critical component to capturing the opportunity was objectively understanding how well our sales organization performed • Retained Sales Benchmark Index • Sales Management Maturity Model – Process documentation & adoption – Process impact – Metric levels vs. World Class – Best practices in use • Benchmarking Approach – (20) Metrics across 13 Sales Drivers – (6) Field Rep Ride-alongs – (12) Executive and Manager interviews – Customer & Rep Surveys – CRM & Lead Gen System Review – Process Documentation Review
11 Benchmark Results: Big Upside! Cost of demand generation Existing customer sales share Leads per sales rep Qualified lead to opportunity conversion Pipeline Ratio Sales activity per sales rep Revenue per rep Customers per rep Sales productivity per rep Cost of sales Sales per activity Win loss rate Dow Jones World Class 21.3% 81.1% 32.4 46.4% 2.6x 975 $2.29MM 23.2 $151K 16.2% $246 82.7% Demand Generation Lead Conversion Sales Activity Sales Results Metric
12 Execution Plan • Identified 5 key areas of improvement – Sales Process – Sales Management – Sales Reporting – Talent Management – Sales Productivity • Structured a Project to drive change to become world class – Owned & driven by Strategy & Operations – Partnered with finance & HR – Heavy involvement from sales VPs, managers and reps – Engaged with sales team – communicate a lot; advisory team
13 The Role of Sales Strategy & Operations • The role of Sales Strategy & Operations is critical to the transformation plan Structure Goals / Incentives Selling Skills Culture Strategy / Planning Performance Management Sales Benchmarking Process Improvements Sales Organization Focus & Accountability Sales Productivity Customer Alignment Alignment with Product & Marketing Customer Feedback Loop
14 The Role of Sales Strategy & Operations • The role of Sales Strategy & Operations is critical to the transformation plan Selling SkillsStrategy / Planning Performance Management Sales Strategy Sales Operations Program Management Sales Excellence Sales Benchmarking Structure Process Improvements Goals / Incentives
15 Key Takeaways • Let the data drive you, but don’t get lost in analysis paralysis • Be objective and shed any sacred cows • Get help • Engage and communicate often • Don’t strive for consensus • Have a vision and stay the course • Commit yourself!
16 Thank You Imtiaz.Patel@dowjones.com