Managing the Lifecycle of Large Sales

MANAGING THE LIFECYCLE OF LARGE SALES

Joe GelataOctober 23, 2012

Introduction

• Who am I?– Sales, Marketing, and Operations– Start-ups to Enterprise and Agency– Technology, Finance, Legal, Retail, Government…– Local to Global– Focus on process management and technology to

drive revenue• CRM, Marketing Automation, BI

Agenda

• Marketing & Sales Alignment• Marketing & Sales Funnel• Sales Enablement• Nurturing• Closing the Loop• CRM• Marketing Automation

Marketing & Sales Alignment

Running in the Same Direction

Marketing & Sales Alignment

• Marketing & Sales must be aligned to properly manage the revenue cycle

• Create a ‘Revenue Process Document’– Ensures use of standards across the organization– Reduces confusion and aids in conflict resolution– Get signoff from ALL stakeholders

Marketing & Sales Alignment

• Service Level Agreements– How many leads should Marketing pass?– How should they be qualified?– How quickly should Sales follow-up?– What kind of follow-up is required?

• Responsibility of everyone involved

Marketing & Sales Alignment

• Lead Handoff– What is a Marketing Qualified Lead (MQL)?• BANT (Budget, Authority, Need, Timing)

– How does handoff occur?• How are leads sent and accepted/rejected

– Track rejection reasons• Ensures leads aren’t missed

Marketing & Sales Alignment

• Communication Alignment– Map who communicates with a lead and when– ‘Marketing Blackout’ period

• Definitions (e.g. what is a ‘lead’)• Workflows with supporting descriptions

Marketing & Sales Funnel

Mapping the Process

Mapping the Funnel

• Before you can manage you must understand• Map your revenue process in detail

Mapping the Funnel

SiriusDecisions Demand Waterfall

Sales Enablement

How Marketing Supports Sales

Sales Enablement

• Marketing helps push deals through pipeline• Create ‘Content/Tools Matrix’• Examples– Data sheets, demo videos– Email templates– ROI Calculator– Nurture campaigns

Sales Enablement

Sample Content MatrixProduct Alignment Proof Commercial

Product A Content Required ROI Calculator Technical Videos

Product B Data sheet ROI Calculator Email template

Product C Data sheet Content Required Technical Videos, email template

Sales Enablement

• Salesforce.com Content– Stores searchable content for Sales– Provides email delivery tool– Items can be modified/personalized

Sales Enablement

Sales Enablement

• Eloqua Profiler– Provide prospect engagement data to Sales– Window into Marketing Automation

Sales Enablement

Nurturing

ABN – Always be Nurturing!

Within 24 months from YOU or your competitor

Source: Sirius Decisions

Nurturing

• Email 1Wait 5 days

• Call 1

Wait 6 days• Email

2Wait 4 days

• Call 2

Wait 5 days• Email

3Wait 10 days

Nurturing

Email Nurturing

• Nurture at all points of the revenue cycle

Interest• Welcome

Program

Learn• Education

Campaign

Evaluate• Competitive

Campaign

Justify• ROI Campaign

Purchase• Onboarding

Campaign• Customer

Loyalty Program

Closing the Loop

Optimizing Performance

Closing the Loop

• Report on each step of the revenue process• Track results and where they came from• Tie results back to source– Show what worked and what didn’t – Plan accordingly

• CRM is key to tracking and reporting– Automates data collection– Customize Reports & Dashboards

Closing the Loop

Plan

Execute Campaign

Response

Opportunity

Revenue

Report

Closing the Loop

• Focus on KPIs– Campaign Attribution

(ROI)– Time in Stage (Velocity)– Funnel Leakage– Size of Funnel (Reach)– Rejection Reasons– Weighted Pipeline (Value)– Total Revenue Conversion

Revenue Performance Management

• A discipline that optimizes the revenue engine• Complex process but basic concept is valid

anywhere• Eloqua: “A systematic approach to identifying

the drivers and impediments to revenue, rigorously measuring them, and then pulling the economic levers that will optimize top line growth”

Revenue Performance Management

Revenue Growth2007 to 2010

• S&P 500: 15%• Eloqua Customers: 34%• RPM Users: 58%

Source: Eloqua

Revenue Performance Management

• Case Study: Platts– Lead to Opportunity conversion: 23% to 31%– Marketing contribution to revenue: 22% to 28%

Source: Eloqua

CRM

Tech to Support the Sales Cycle

CRM: Concepts

• Architecture• Lead Models• Assigning Leads• Lead Status• Lead Source

• Opportunity Stages• Data Quality• Activity Tracking• Converting Leads• Reporting

CRM: ArchitectureLead•A lead is a prospect or potential Opportunity - a person you met at a conference who expressed interest, or someone who filled out a form on your company’s website.

Account•Accounts are your organization's customers, competitors, and partners. Each account stores information such as name, address, and phone numbers. For each account, you can store related information such as opportunities, activities, cases, partners, contracts, and notes.

Contact•Contacts are all of the individuals associated with your business accounts that you need to track in Salesforce. You can store various information for a contact, such as phone numbers, addresses, titles, and roles in a deal.

Opportunity•Opportunities are the sales and pending deals that you want to track. By adding opportunities, you are also building your “pipeline,” which will contribute to your forecast. You can also link opportunities to campaigns to help measure the ROI of your marketing programs.

Campaign•A campaign is an outbound marketing project that you want to plan, manage, and track within Salesforce. It can be a direct mail program, seminar, print advertisement, email, or other type of marketing initiative.

Opportunity

Contact

Account

Campaign & Activities

Lead

CRM: Architecture

Convert

CRM: Lead Models

• Point of Contact– 1 lead record for each prospect– Usually identified by email address– No duplication of leads

• Point of Interest– A lead represents an interest– Could be a company, department, person– Leads are duplicated for each interest

CRM: Assigning Leads

Queue Based

Queue can be Product, Geo, Size, Vertical

Cherry Picking Next in Line

Rules Based

Geo, Product, Vertical, Size

Lead assigned to Lead Owner

Round Robin

Assign one move on… repeat

Fill the empties

Assign to Lead Owner with lowest number of Leads

CRM: Lead Status

• Picklist field that shows the status of a lead• Example:– Untouched– In Progress– Automation Qualified– Tele Qualified– Sales Accepted– Rejected

CRM: Lead Status

• Rejection Reasons are important• Example:– Poor Fit– Poor Data Quality– Reassign– Lost to Competitor

CRM: Lead Source

• Picklist field that shows the source of a lead• Can track ‘Original’ and ‘Most Recent’• Example:– Website– Tradeshow– Purchased List– Referral

CRM: Opportunity Stage

• Similar to ‘Lead Status’ but at opportunity• Example:– Discovery– Alignment– Proof– Commercial– Decision– Closed Won/Lost

CRM: Opportunity Stage

• Closed Reasons are important• Example:– No Opportunity– Not a Fit– Lost to Competitor– Duplicate Opportunity

CRM: Data Quality

• Develop a Data Quality Strategy• Monitor field completeness• Use mandatory fields• 3rd party sources available to validate/fill data– Databases: Data.com, Jigsaw, D&B, InsideView– Tele-agencies: Virtual Causeway

CRM: Activity Tracking

• Activity records linked to major CRM objects• Track all past and future interactions with the

prospect• Reports can show if Sale is following-up

CRM: Converting Leads

• Convert when lead reaches an opportunity– Lead record converts to a Contact, Account, and

Opportunity• One theory believes you should convert all

leads once they have been qualified out– Contact remains single data store going forward– Reduces risk of duplicate leads

CRM: Reporting

• Reports can be saved for easy access• Calculations are automated in real-time• Dashboards are available• Reports/Dashboards can be scheduled and

emailed

Marketing Automation

Tech to Support the Sales Cycle

Marketing Automation

• Generates inbound and outbound leads• Can be integrated with CRM to automate

transfer of data (e.g. leads)• Facilitates nurture campaigns

Marketing Automation

• Features– Contact Database– Contact Segmentation– Email Engine– Forms & Landing Pages– Personalization– Lead Nurturing– Lead Scoring– A/B Testing

– Event Automation– Automated Data Cleanse– Dynamic Content– Progressive Profiling– Contact Level Activity

Tracking– Marketing Dashboard– Integration with CRM– Integration with 3rd

Party Apps

Summary

Almost there!

Summary

• Align Marketing & Sales• Map the Revenue Funnel• Enable Sales• Nurture• Close the Loop• CRM• Marketing Automation

Questions

Contact

Joe Gelatajoe@revenue-engineer.com

@RevenueEngineerwww.revenue-engineer.com