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Predictable Revenue
The document outlines strategies for achieving predictable revenue through effective sales practices, emphasizing the importance of a dedicated prospecting team that specializes in generating qualified sales opportunities. It highlights key elements such as personalized outreach, the role of technology and data in prospecting, and the necessity of separating inbound and outbound sales functions for improved productivity. Additionally, it stresses the need for consistent measurement of success metrics and fostering a results-oriented sales culture.
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Predictable Revenue
- 1. Predictable Revenue and SalesInsights
- 2. Introduction Biggest misconceptions inmodern sales: “Adding salespeople grows revenue” Revenue should be predictable, in other words creating a revenue pipeline helps a company to have a consistent growth. 3 keys to predictable revenue: • Predictable lead generation • Sales development team to bridge the gap between Sales & Marketing • Consistent sales systems Biggest impact on predictable revenue: An outbound sales team should ONLY prospect (No closing deals & No I/B leads) Set-up a sales prospecting team that only generated qualified sales opportunities
- 3. Prospecting Biggest bottleneckis finding the right person in time – influencer/decision maker Too many people with similar designations Big companies will have multiple decision makers Insights from experiments: Personalized emails than bulk mailing (response rate is 10%) Mass mailing C-level fortune 5000 executives (7-9% response rate) Everything is process driven – By emphasizing repeatability & consistency, pipeline & revenue ramps generated by the outbound sales team become very predictable All salespeople prospect -Attitude – “Always be closing” Manipulative sales techniques -Low integrity Long letters & emails -Sales system hurts productivity Dedicated prospecting team +Is there a mutual fit? Measure results (qualified leads) +Research, referral calls Short & sweet emails +Sales system helps productivity
- 4. Prospecting contd… When& Where we should prospect: A short targeted “Top 10” or “Top 20” strategic accounts Their current customer base Developing referral or channel partners Focus your highest value people on low-volume but high-value activities Building key relationships Prospecting into untargeted cold accounts
- 5. Cold calling 2.0or Prospecting Resources required : 1 dedicated person for prospecting, A good CRM, Proven product or a service that has generated revenue Step 1- Sales development reps to focus on generating new qualified opportunities (ONLY doing prospecting) Step 2- Market response reps qualify the I/B leads coming through website/phone & route qualified opportunities to sales persons to close Separate both teams to be more focused & productive Challenging for a rep to switch between I/B & O/B, two mind-sets Salesforce productivity dropped by 30% by mixing of responsibilities
- 6. Prospecting process Ideal customer profile BuildList Run Email campaigns/LinkedIn reach-out Connect their need to our solution Pass the baton for sales closure
- 7. Prospecting process contd.. Idealcustomer profile: Industries, Size of the company, Financial status, No in-house person, Some kind of current system in place Building list of targets: Zoominfo – Higher quality of data, lower bounce rate, higher response rate from prospects Elance/Freelancer to find vendors Run the email campaign: Filter the list – Verticals, Revenue, Geography, Contact title, Company size Connect needs to solution: How serious are they about solving their challenges? People with power or influence? Qs to ask while prospecting: What are your challenges now? How are your teams organized? Have you tried & failed with other solutions? Have you been looking at alternatives yet? When to pass the opportunity over: Does the company fit our ideal client profile? Are we speaking with someone with power & influence? Is there clear interest in the next step?
- 8. Prospecting & Salesbest practices Prospecting mistakes reps make Expecting instant results (some accounts take 3-4+ weeks to develop into an opportunity) Writing long emails Going wide not deep (100 account once instead of 10 accounts 10 times each) Giving up too quickly on ideal targets Activity metrics to measure progress Prospecting tricks Attitude – Non-threatening researcher, not a pushy salesman If the prospect is not interested, ask why? Never give up with ideal prospects Always set-up a next step
- 9. Lead generation Typeof leads Seeds – Word of mouth, PR Nets – Marketing programs Spears – Outbound sales, Targeted sales Inbound marketing – Best methods to generate leads Referrals Free trials SEO Blogs Webinars Social media
- 10. Sales machine fundamentals Sales 1.0 – Promotion Push Selling Marketing Positioning Control Sales 2.0 – Attraction Pull Word of mouth Self-managing
- 11. Principles of buildinga sales machine Be patient (4-12 months) Experiment Don’t take on one off projects CRM – run reports within sales systems Sketch out process flow Focus on results than activity Track fewer, more important metrics New leads per month No. of qualified opportunities % conversion rate Total bookings Win% Pass the baton carefully
- 12. Separate the 4core sales functions Inbound lead qualification Outbound prospecting Account executives or sales – to close deals Account management – Client success Outbound reps Market response reps/Inbound Inbound leads Qualified opportunities Account executive /Closers Account managers New customers Qualifier Closer Farmers
- 13. Hiring & Cultivatingtalent “Combine one part veteran and three parts young, smart & adaptable, and mix in the system that keeps challenging people to learn new things. The best salespeople are the ones that have grown up in the company & know the company’s products, customers inside and out.“ Market response reps – For qualifying inbound leads & responding to queries Outbound sales reps – Building a targeted DB & create new sales opportunities Account executives – Solve client problems, account management Internal training helps productivity of salesforce: A program with ongoing, regular format Includes exercise/role playing & useful feedback Is designed effectively Follow through on everything; maintain the schedule, check progress, keep it fresh & not let things slip up
- 14. Leadership & Management A no-nonsense management model Choose people carefully Self expectation & vision – Results oriented approach Remove obstacles Inspiring people – Involve the team in planning of new programs Developing talent Improve the above 5 steps
- 15. Key insights Prospectingstrategies for targeted accounts Experiment with new techniques & measure results Measure fewer but important metrics More research than sales – Getting down to the ideal customer profile Never give up on an ideal prospect! Going wide not deep (100 account once instead of 10 accounts 10 times each) Zoominfo database – High quality DB lists Use all possible channels for lead generation Pass the baton carefully – handover of leads/prospects to next stage Focus on results than activities Involve the entire team in big decisions to inspire workforce
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