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- 1. Sales Management Association Webcast 29 May 2014 Presented by Five Sales Coaching Best Practices © Copyright 2014 Sales Management Association.
- 2. The Sales Management Association A global, cross-industry professional association for sales operations and sales management. Focused in providing research, case studies, training, peer networking, and professional development to our membership. Fostering a community of thought-leaders, service providers, academics, and practitioners. Learn More: www.salesmanagement.org Slide 2© 2014 The Sales Management Association. All rights reserved.
- 3. Slide 3© 2014 The Sales Management Association. All rights reserved. Today’s Presenter #SalesCoaching
- 4. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL 5 Coaching Best Practices The quest for the holy grail of sales team development!
- 5. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL 5 Must haves for Effective Coaching • History of Coaching • What and Why Coach • How to Coach • Focusing your coaching on outcomes and behaviors. • Tying coaching sales process and method. • Creating consistent coaching plans, and standardizing the information gathered for effective sales coaching. • Coaching Types: Independent, Formal, Informal, Peer and Self-Coaching. • Leveraging data and technology to enable your coaching plan and bring accuracy to your efforts.
- 6. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL What is Coaching? Coaching is a development process via which an individual is supported while achieving a specific personal or professional competence result or goal
- 7. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL What is Coaching?
- 8. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL What is coaching? – Non Optimal 8 Manager: Frank, I’m concerned about your forecast Frank : Just submitted the final proposal to XYZ, I’m confident it will close this month
- 9. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL More Non-optimal Coaching
- 10. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Why Coach My Reps?
- 11. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Why coach your way of selling? Day 1 Day 30 87% Loss Training + Coaching = 4X improvement in Retention American Society of Training & Development Study Sales Executive Council Study
- 12. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Why Coach Deals 12 43% 47% 52% 0% 10% 20% 30% 40% 50% 60% Poor Coaching Average Coaching Good Coaching Win Rate Loss Rate No Decision CSO Insights, 2014 Sales Management Optimization study
- 13. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Why have a Formal Coaching Model CSO Insights, 2014 Sales Management Optimization study Sales Performance Related to Coaching Model/Approach Informal or NO Coaching Model Formal Coaching Model Percentage of Reps Meeting or Exceeding Quota 49.9% 62.3% 24.8% improvement!
- 14. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Ok, So I’m a believer – What Next? • Do I coach Skills? • Do I coach Process? • Who do I coach? • When do I coach them? • What does ‘Good’ coaching look like? • How much is enough?
- 15. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Non-optimal Coaching Equation If 10 times Equals Then 30 times Equals
- 16. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Driven by non-Optimal Coaching Dashboard Nbr of Calls Pipeline Revenue Nbr of Demo’s • Where is Quality in this Picture? • Or Behaviors/Actions? • Or Root Cause? Close Rate
- 17. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Deciding Who to Coach? • Pro-active vs. Reactive • Performance? • Something Bad Happened? CSO Insights, 2014 Sales Management Optimization study
- 18. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL What is the path to Good Coaching? Business Outcomes SMART Objectives Seller Activities
- 19. The path to good coaching Activities OutcomesObjectives Win Rate Deal Size Quota Achievement Skills/ Deals Planning/ Process
- 20. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Tactical – What skills are most important? 0 1 2 3 4 5 6 7 Product/Market/Company Knowledge Story Telling/Case Studies Discovery & Solution Alignment Solution Value Prop/Competitive… Pre-Call Planning Customer Value & Handling Objections Harvard Business Review, “Do you really know who your Best Salespeople Are?” December 1, 2010, UK Cranfield School of Management
- 21. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
- 22. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
- 23. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL RepSkill Trust but Verify CoachMonitor Ignore When selecting Deals to coach, consider…. Priority 1 Deal Size
- 24. The path to good coaching Activities OutcomesObjectives Grow Revenue Skills/ Deals Planning/ Process
- 25. The path to good coaching - Tactical Activities OutcomesObjectives Grow RevenueSkills/ Deals Improve Win Rate 10% - Competitor/Industry Research - Create Call Strategy Improve Win Rate 10% - Better Qualify Prospects
- 26. The path to good coaching Activities OutcomesObjectives Grow Revenue Skills/ Deals Planning/ Process
- 27. The path to good coaching Activities OutcomesObjectives Grow Revenue Planning/ Process Better Penetrate Top 3 Accounts 1. Prioritize Territory Accounts 2. Create Account Plan
- 28. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Who and When do I Coach?
- 29. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Who to Coach – the 3 C’s Cut Coach Cherish Bottom 10% Middle 80% Top 10% Sales Performance NumberofReps Minimal Value in Coaching Corporate Executive Board, Defining Coaching Excellence, 2010
- 30. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL When to coach - Tactical 1. Needs Exploration 2. Needs Identified 3. Solution Development 4. Solution Accepted 5. Final Terms & Conditions 6. Contract Received Sales Process Highly Effective Coaches Average Coaches Corporate Executive Board, Defining Coaching Excellence, 2010
- 31. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
- 32. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Don’t Chase the ‘Unwinnable Deal’
- 33. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL When to coach - Strategic Is the Rep following the Sales Process?
- 34. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Who to Coach? How should I Coach?
- 35. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) Corporate Executive Board, Defining Coaching Excellence, 2010
- 36. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) 2. Build a weekly cadence Skills/Deals Skills/Deals Plans/Process Plans/Process
- 37. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) 2. Build a weekly cadence with Quarterly Progress checks
- 38. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) 2. Build a weekly cadence with Quarterly Progress checks 3. Use a Coaching Plan/Model for each interaction GROW Model - Goal - Reality - Options - Way Forward GUIDE Model - Goal Set - Uncover Gaps - Identify Root Cause - Define Correction - Evaluate Performance
- 39. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
- 40. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) 2. Build a weekly cadence with Quarterly Progress checks 3. Use a Coaching Plan/Model for each interaction 4. Build the Environment for Coaching 5. Drive it up the management chain Coaching NOT Managing Talk about Developmental Environment Establish Rapport Get Reps Perceptions first Focus on plan Get buy-in Execution, not Training NOT A FORECAST CALL
- 41. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Building the Coaching Plan 1. Hard Allocate time (3-5 hours/rep) 2. Build a weekly cadence with Quarterly Progress checks 3. Use a Coaching Plan/Model for each interaction 4. Build the Environment for Coaching 5. Get your own Coach 0 0.5 1 Coaching Performance… Effective… Fair Allocation… Provide direction Gather Resources Sales Experience Product/Solutio… Rewarding… Customer/Mark… Sales Manager Skills
- 42. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Who to Coach? Next STEPs?
- 43. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL A Last Thought – Independent Coaching Performance Coached Non-Coached Win Rate (Deals) 52.8% 37.4% Win Rate (Dollars) 61.4% 40.4% Source: Coaching Magazine Report Sample Size: 400+ Coached opportunities over 3 years
- 44. COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL Things to remember • Build relationships – good coaching needs good relationships • Coach the middle 80% for results / Coach superstars for retention • Set aside 3-5 hours/rep/month • Use questions to help reps come to their own conclusions – stop telling them • Plan for coaching – yeah, I know you’re good, but plan anyway • You can’t fake honesty - showing your dedication to improving their results. • One size does not fit all - Tailor coaching to the individual. • Focus on a few things at a time
- 45. The best thing about not coaching ? Failure comes as a complete surprise Rather than being preceded by a long period of anxiety
- 46. Questions and Discussion Slide 46© 2014 The Sales Management Association. All rights reserved. Enter your questions in the “Questions” box on the right hand side of the webinar application window. Did we run out of time before we got to your question? Presenters can follow-up with you via email. Feel free to submit more questions if you’d like an offline response. #SalesCoaching
- 47. © Copyright 2014 The Sales Management Association Thank You.