5 strategies to accelerate sales

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Page 1: 5 Strategies to Accelerate Sales

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Page 2: 5 Strategies to Accelerate Sales

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Mick Hollison

› CMO @ InsideSales.com

› 23 year industry veteran

› Sales, marketing & product leadership roles

› Lotus, IBM, Microsoft, Citrix

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About InsideSales.com

›History• Founded in 2004

• HQ in Silicon Slopes, Utah

• $40m+ in venture investment

• 3 years of 100%+ annual revenue growth

• 325 employees and growing

› Industry leadership• #5 in software job growth in U.S. - Inc. Magazine

• Always On top 100 private companies

• #3 paid app on Salesforce AppExchange

• 6 issued patents in web comms and predictive analytics

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Lori Wizdo

› Principal Analyst @ Forrester

› B2B Marketing & Lead-to-revenue management

› 25 year industry veteran

› BMC, Xerox, NCR, Unisys

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Rethinking Inside Sales:The Strategic Weapon in Lead-to-Revenue- Management

Lori Wizdo, Principal AnalystNovember 15, 2013

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What is lead-to-revenue management?

Attract Capture Nurture Convert Expand

The managed process that turns leads to prospects and then into customers.

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The input/output machine needs a tune-upAverage conversion ratios from Forrester’s Research

MQL SQL Pipeline Won dealEnd-to-

end

All 32%(N = 211)

32%(N = 196)

28%(N = 201)

26%(N = 195)

0.75%

Top-Performers

39%(N = 65)

37%(N = 58)

34%(N = 59)

32%(N = 58)

1.54%

You can’t get there from here.

Base: Marketing decision-makers at B2B companies in the US and Western Europe with 100 or more employees; Source: Q4 2012 US and Europe B2B Technology Marketing Tactics And Benchmarks Online Survey

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›300% Increase in Leads?

›No Problem.

›We’re automated.

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Kicking Lead Gen Up a Notch…• Launch 22% more

campaigns

• Get some Inbound working

• Increase leads dramatically

• Nurture each lead,-- 4-touches

• Score Leads

• Promote Leads to Sales

Sales Accepts Leads Then….

a. Puts lead on ‘back burner’ to close this Q’s deals

b. Closes lead as ‘dead’ when they don’t want a PoC

c. Creates 20% Opportunity & Task to call in 3 months

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…. And Gets the Same Old Result

• Marketing Team is working like demons

• Dramatic Increase in Traffic, Leads, MQL, SQL

• Minimal increase in marketing contribution to pipeline

• Limited contribution to revenue

• Relationship with Sales still not all that good

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It’s time for a new strategy

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…moving masses of “leads” through a sequential process of attrition until tens or hundreds of deals emerge.

It’s NOT about….

Attract Capture Nurture Convert Expand

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Our goal NOW is to…

…take a single lead through an optimized process.

...and then repeat that process hundreds or thousands of times.

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It’s not about your process anymore.

Attract Capture Nurture Convert Expand

Your managed process . . .

Discover Explore Evaluate Buy Engage

. . . the buyer’s journey.

. . . must be calibrated to . . .

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What’s Going Wrong?

You learn a lot

from 300

Conversations

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Here’s how it goes horribly wrong …

Attract Capture Nurture Convert Expand

What’s working for lead generation?“I am sending out mailings to segments in our database and targeted names we pull from Jigsaw and RainKing. We’re using our inside sales team to follow-up. But, our new lead gen rates are too low.”

Irrelevant!

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Attract Capture Nurture Convert Expand

Do appointment setting campaigns work?“It’s taking a while for our lead gen efforts to ramp up. I am thinking about running an appointment setting campaign with our inside sales team.”

Obsolete!

Here’s how it goes horribly wrong …

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How Deals Used to Start

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How Deals Start Today!

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Awareness Consideration Purchase

Buyer activities

Seeking info to raise performance

Seeking solutions to known problems.

Search for options.

The Fine Art

of

Being Found

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The Fine Art of Being Found› Drive people to site with highly

relevant campaigns and offers

› Target different types of visitors

› Gather insight into the visitor experience

› Identify patterns, and tune your site to deliver the right information at the right time to drive conversions.

› Be Agile; respond immediately to trends

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You did it! A targeted prospect has found you. Don’t push them away.

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Attract Capture Nurture Convert Expand

How can I improve conversions?“How can I improve the conversions on my web forms? I want to ask for less information, but my VP of sales say it’s not a lead if they won’t tell us their title, phone number, and size of their sales team at a minimum.”

Presumptive!

Here’s how it goes horribly wrong …

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Inside sales as “concierge”

› Serves as the primary point of engagement and discovery

› Acts as a metaphorical “sherpa” to the buyer throughout their sales journey

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Awareness Consideration Purchase

The Fine Art

of

Engagement

Buyer activities

Scope the problem

Research solutions.

Architect the solution.

Build a business case.

Establish budgets.

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The Fine Art of Engagement

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When and where are you engaging?

RFPRFI

Respond to request

Create and deliver on a vision

“How often do you choose a vendor who has worked with you to turn a vision into a clear path to value?”`

74% 26%

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Buyers reward early engagement

Executive Buyers

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Why the 1st Generation of Lead Nurturing didn’t work.

Seller Buyer

Eventual Sale

Serial Touches

1st Generation Lead Generation was, all too often:

About US, not the customer’s journey

Drip Marketing On Steroids

Systematic Sales Harassment

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Attract Capture Nurture Convert Expand

“So, I see you just downloaded a whitepaper from our website. Does that mean that you’re ready to sign upfor the free try-and-buy I told you about last week?”

Presumptive!

Here’s how it goes horribly wrong …

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What is lead nurturing today?

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“…B2B customers completed nearly 60% of a typical purchasing decision…before even having a conversation with a supplier.”

Source: Corporate Executive Board

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The Power of Inside

Sales

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Why inside sales for B2B?

› Lower cost of sales - between 40% and 90%

› Increased buyer preference for collaborating & purchasing remotely

› Improved collaboration technologies – online meetings , video conferencing, etc…

› Faster customer response times

› Increased revenues from targeted accounts

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Sales Acceleration

communication gamification prediction

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Best Practices for Inside Sales Communication

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Time of Day

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Day of Week

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Immediate Response

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Call Attempts

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Likelihood of Executives Responding at Work

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Social Media Comparison At Work

LinkedIn

Facebook

Twitter

28%8%10%

How do you recommend people

contact you?

LinkedInFacebook

Twitter

40%18

%17%

How likely are you to respond?

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Awareness Consideration Purchase

The Fine Art

Of

Aligning with Sales

One Million Dollars!Buyer activities

Evaluate vendors.

Shortlist vendors.

Proofs and pilots

Negotiate.

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Here’s how it goes horribly wrong …

Attract Capture Nurture Convert Expand

Is anyone getting lead scoring to work?“ We’ve been having trouble with lead scoring. When we set the bar low, sales complains about unqualified leads. But, we’re afraid to tighten the criteria because we might overlook late stage buyers who don’t have a long history with us.

Confusion!

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Lead Scoring Best Practices Not Enough• Define qualified lead with sales, but do

hold the standard high.Synch with sales

• From the moment of first capture• Linked with anonymous behaviors

Start Early

• Late-funnel content consumption• Collegial activity levels

Accentuate the Positives

• Downgrade with passage of time or discover of new negative data

Embrace the Negatives

• Trigger new offers/workflows/alerts based on score changes.

Automate

• Revisit attributes, actions and scores on a regular basis

Measure & Adjust

15090

185

55

100% of top performersuse lead scoring as a basis for matriculating leads to sales.

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Best Practices for Inside Sales Lead Scoring & Prediction

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Excellent Likelihood

AverageLikelihood

PoorLikelihood

Neuralytics®

score| sort| notify

• Neural Score

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Typical ListNeuralytics®

score| sort| notify

• Neural Score

• Neural Sort

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Typical List = High ContactabilityNeuralytics®

score| sort| notify

• Neural Score

• Neural Sort

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Neural Sort = High ContactabilityNeuralytics®

score| sort| notify

• Neural Score

• Neural Sort

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Rethinking Inside Sales The New Model is ENGAGEMENT

Inside Sales Can Discover

Inside Sales Can Nurture

Inside Sales Can Be the Bridge between Marketing and Field Sales

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But, there are still some challenges.

Attract Capture Nurture Convert Expand

How can I get Inside Sales to Follow-up on Leads?“”It’s really difficult for us to get inside sales to pay attention to early stage leads because they are paid on meetings and deals. Any ideas?”

Unmotivated!

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Best Practices for Inside Sales Gamification

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HBR Job Satisfaction Study

› Intrinsic motivators

›Extreme job satisfaction

›Achievement

›Recognition

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Initial gamification results

30% increase in sales productivity after 60 days

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Summary

› Hyper-educated buyers are changing the dynamics of marketing and sales

› Simply generating more leads to move through the same process won’t change the results

› Aligning the selling process to the buyer’s journey through inside sales as a “concierge service” is essential

› Inside sales needs predictive technology, new forms of motivation and multiple communications tools in order to succeed

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Thank youLori Wizdo

+1 617.613.8805

[email protected]

Twitter: @loriwizdo

Engage beyond this event

Community — http://forr.com/CommunityTM

Blog — http://forr.com/BlogTM

Twitter — http://forr.com/ForrTwitter

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Mick Hollison

[email protected]

Twitter @mhollison

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