Download - Start-up Sales 11.17.14
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Start-up SalesLaunching New Ventures
17 November 2014Jeremy M. Seltzer
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CYA Slide
• These are my stories, thoughts, and perspectives
• Focus on everything except pitch itself
• Ethics: Every salesperson draws their own line:o Selling products that aren’t yet completed
o “Say yes, but do it on a phone call”
o Do you add people you don’t know on LinkedIn?
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The Plan• Who I am, What I do, Why I do it
• Movable Ink: Quick Pitch
• Some things I think are true or thought-provoking
• My favorite sales tools
• The “Sales Cycle”o Getting the Meeting
o The Meeting
o After the Meeting
o Getting to Signature
• Final Thoughts and Q&A
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Who I am / What I do
• Education:
• Learning that I’m not going to be a Chemical Engineer forever:
• My happy life in start-up land:
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My Job
• How do you find the people using square wheels?
• How do you get them to chat with you?
• How do you show them that you’re holding a round wheel?
• How do you make them look like a genius for bringing you in?
• How do you create scalable processes to run 100+ opps simultaneously?5
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Wrapp (very early stage)
• Funded by Atomico (Niklas Zennstrom) & Greylock(Reid Hoffman) Over $25M raised.
• Founders: Hjalmar Winbladh (Rebtel) & Andreas Ehn
(Spotify)
• Inventing a new space called “SOCIAL GIFTING”
• Initial success in Sweden lead to global expansion
and US launch in January 2012
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Wrapp (very early stage)• Part of core US launch team
• Getting our first clients (pure hunter role)
• Target buyer: Social, Digital, Gift Card, CRM Marketing CMO buy-in
• How do we measure success?o Sales
o Quantity of partners, Quality of offers
o Data sharing / Product feedback Help find product market fit
o Exposure through partner channels
o How do you create a commission structure? YOU DON’T, YET.
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Movable Ink (Series B)
• Funding led by Intel Capital - $14M to date in seed,
Series A & Series B
• Invented a technology that allows the content of
an email to change / update at the moment the
email is opened.
• Creating the market for “contextual email
marketing”
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Movable Ink (Series B)
• 40th hire (now 60)
• Getting from 8-figure ARR to 9-figure
• Target buyer – Director of Email Communication or
VP Marketing
• My role: Strategic Account Executive
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Movable Ink (Series B)• My role: Hunting within Farming
• My role according to my boss: “But, Jeremy, we
hired you to get people to say yes, now.” – MI CRO
• My role according to my commission agreement: “Obtain a written, signed, valid and unconditional contract for a
subscription to MI’s services with a customer for a minimum ARR of
$30,000 and minimum commitment of 12 months…annual sales
target of $3M.”
“Of course you want more revenue, but what good is
it if it isn’t predictable?” - Aaron Ross, Predictable Revenue
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Movable Ink: Quick Pitch
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BillboardBoutique
Roles & Responsibilities, Hours
EMAIL PERSONALIZATION AT SCALE
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Movable Ink (Series B)
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CHANGING EMAIL CONTENT AT THE “MOMENT OF OPEN”
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MARKETING THAT KNOWS YOUR LOCATION
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WEATHER-BASED TARGETING + WEB CROP
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PERSONALIZED WEB CROP – POST PURCHASE
%4.2 CONVERSION RATE
$1MM LIFTin annual incrementalrevenue
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MOVABLE INK CLIENT EXPERIENCE TEAM
WEEKS 1-2
Goals Alignment: Movable Ink will understand the key performance indicators for your email campaigns to ensure we are delivering ROI on your investment dollars.
Education & Support: Movable Ink’s team will train your team on how to use our dashboard based on your goals and ensure your questions are answered with every campaign build.
Strategy & Ideation: Plan regular calls and requirements sessions to ensure on time delivery, while consulting on campaign templates to build new use cases that deliver results.
Success Review: Track ongoing campaign performance against KPIs with Movable Ink’s Advanced Analytics and custom reports
Roadmap: Plan future campaigns by understanding Movable Ink’s newest and planned capabilities
Roadmap
Goals Alignment
Success Review
Strategy & Ideation
Education & Support
DAY 90 QUARTERLY END YEAR 1
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Some things I think are true…
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What’s the key to being a great
salesperson?#1 interview answer: “Listening”
Start-up sales: getting them to talk.
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The sales process is like a Chemical
reaction
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Activation Energy > estimated ROI
Required for Signature
Deal Fails
Deal Succeeds
Your Pitch
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What is paid for, gets attention.
What gets attention, gets better.
What gets better, gets paid for.
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“SALES DRIVES PRODUCT”
“PRODUCT DRIVES SALES”
VS.
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“SALES DRIVES PRODUCT”
“PRODUCT DRIVES SALES”
Early Stage Later StageGROWTH STAGE
?
“Culture of Success & Mutual Respect Drives Collaboration”
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“It’s easier to ask for forgiveness than
permission.”
Sometimes. In early stage start-up sales, absolutely.
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My Favorite Sales Tools
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A few of my favorite tools:
• Slack – Internal communication made easy
• Boomerang – Never forget to follow up
• Rapportive – Guessing email addresses accurately
• LinkedIn Premium – Bother people with a professional touch
• Salesforce – Log your activities for smarter business insights
• Zuora – Tie subscription billing to Salesforce for SaaS companies
• Cirrus Insight & Tout - Link your Gmail to Salesforce
• Pardot – Link site activity to Salesforce
• Clearslide – Deliver smart presentations, stalk your prospects
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Slack
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Salesforce
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Salesforce
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Clearslide
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Clearslide
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The Sales Cycle
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The Sales Cycle
35Aaron Ross, Predictable Revenue
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The Sales Cycle
36Aaron Ross, Predictable Revenue
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Getting the Meeting
Creating SALs
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Getting the MeetingHow do you get meetings?
• Inbound Leadso Webinars
o Conferences
o SEO
o PR
o Marketing
• Outbound Leadso Sales Development Reps (SDRs)
o Channels Partners
• Finding your champion (why is it good for the company and why is it good for you?)
• SALs: Sales Accepted Leadso Leading indicator metric: “New Pipeline Generated per Month”
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Getting the MeetingSome tips & tricks for success:• Multiple touch-points: Email, LinkedIn, Twitter, Phone• Multiple contacts: colleagues, other salespeople, mutual contacts• Mentioning partners in their space• Moving to in-person• “I’m going to be in the area”• My VP is going to be in the area• Food• Food for you and your team
• “Lunch and Learn”: completely non-committal • Completely blind introductions• Have your users sell for you (Wrapp coordinated assault on brands)
Uncertain areas:• “Discovery calls”?• Growing the first meeting? • How aggressive to be? • Careful with key terms that ‘bucket’ your solution
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Getting the Meeting• How it can work (Derek Martin, Metlife):
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Getting the Meeting• The usual reality (Joe Alfano, Staples):
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The MeetingTurning SALs into Opportunities
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The Meeting• Pitch
o Build Trust
o Build Value
o Share Case Studies
o Set Expectations
o Timeline
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The Meeting
Last 10 minutes, key points:
• Decision-maker
• Budget source
• Next meetings (according to your pre-defined
goals)o NOTE: Prospects believe it would be irresponsible to commit after 1
meeting. They want to do ‘due diligence’, but they’re often not sure what
to ask. Guide them. Develop a 1 month sales process with 3 meeting
steps. E.g.:
• (1) Capabilities demo (multiple times if necessary don’t leave it to
internal pitches)
• (2) Custom demo
• (3) IT/Tech feasibility
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After the Meeting
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After the Meeting• Follow Up, Follow Up, Follow Up
• Use your tracking tools to monitor engagement
• Guide towards finish line
• Creating urgency:o Retailers: MLK, V-day, Easter, “Moms, Dads & Grads”, July 4, Back to
School, Black Friday, Christmas
o Discounted pricing
o Providing proposals with validity end-dates
o Understanding their fiscal year / budgeting processes
o Making it as easy as possible for them
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Getting to Signature
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Getting to Signature• Concrete Steps:
o Confirming Budget with Decision Maker
o Master Services Agreement (MSA) + Statement of Work (SOW)
o Deciding whose ‘paper’ will be used
• Food for thought: major players in your space may already have
relationships with larger Fortune500 orgs. Reduce sales cycle and
headache by setting up a pass-through.
o Legal redlines process
• Typical challenges in the legal redlines:o Insurance
o Liability
o Data security “Who owns the data”? VS negotiations
• Key Question: Do you do pilots/tests?
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Getting to Signature
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Losing Deals• #1: Try not to do this
• #2: Understand why
• #3: In competitive landscape, try to get last word
on pricing
• #4: Keep door open for future conversations
• #5: Set up internal feedback systems to product,
account teams
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Book Recommendations• Predictable Revenue, Aaron Ross
• The Challenger Sale, Matthew Dixon
• Getting to Yes, Roger Fisher
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