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We know from our practice that too many companies end up with inaccurate sales forecasts which is frustrating for managers and executives alike. So, how can you get reliable forecasting information? In this session, we will show you a three things you must do: 1) How to select better prospects. To do that, you need a very specific Ideal Customer Profile so your people are investing time with only the best prospects and not wasting time on prospects that can’t or won’t buy from you. We will show how to do that. 2) Slow down your proposals. Yes, we said, slow down. We will show you how working with the prospect on trial balloons, works in progress, assignments, etc. will keep them involved in the sales process and how they will help you actually design the proposal. Slowing down the proposal almost always speeds up the sales process. 3)Help salespeople ask themselves the right questions. Are they addressing an urgent need inside the prospect’s business? Is there funding available for the project? Who are the decision makers involved? What is our relationship like with this prospect? Who is our competition for this order? Are there any internal issues within the prospect’s organization that could delay your proposed project? Too often salespeople are oblivious to some of the key issues that affect their success and they end up submitting projections that are too optimistic.
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#INBOUND14
Who to target & How to improve sales
forecasting
Ma- Sunshine @ma-sunshine [email protected]
Execu&ve Vice President, The Center for Sales Strategy and LeadG2
Who to Target & How to improve Sales Forecasting
Matt Sunshine @Mattsunshine [email protected]
Goal for the 45 min: Less Theory & More Reality
Who to target &
How to improve sales forecasting
Great Sales Process = Great Sales
Success
Who to Target & How to improve Sales Forecasting
1. Select better prospects.
2. Slow down your proposals.
3. Ask the right questions.
Who to Target & How to improve Sales Forecasting
Select better prospects. q Ideal customer profile
q Account list management system Key account strategy
q Define your verticals
Ideal Customer Profile
Ideal Customer Profile
Account List Management System
What category do you want to own?
¨ B2B ¨ Retail ¨ Furniture ¨ Home and Garden ¨ Manufacturing ¨ Medical ¨ Home healthcare
Slow down your proposals q Interactive selling
q Contracting and Partnering
q Homework assignments
q Use a pre proposal
Who to Target & How to improve Sales Forecasting
Selling InteracKvely
ContracKng and partnering
Like this. Not like this.
Homework Assignments
¤ Complete quesKonnaire
¤ Give examples of what they currently do
¤ Choose between a couple of ideas
Improve Sales ForecasKng TacKcs
No Surprise Proposal
Pre-Proposal
No-‐Surprise Proposal
Who to Target & How to improve Sales Forecasting
Ask the right questions. q Be consistent – ask the same questions every time about your pending opportunities
q Study the analytics. The curse of “I have a good feeling about this one”
q Pipeline Accelerator = Sales algorithm
3 QuesKons to Ask
1. Has the prospect already seen and agreed to everything that is in the proposal?
2. Can you make a list of why this is good for the prospect to do?
3. What reasons might the prospect have to say no or want to think its over?
Study the analyKcs
Know what to measure.
ü Intro calls per month ü Questionnaires completed ü Demos ü Pre-proposals ü Proposals ü Closes
Pipeline Accelerator
� Increase Win Rates
� Increase the number of AE’s making quota
� Reduce number of deals slipping past their close Date
� Reduce the number of ‘No-‐Decision’ deals
� Increase ForecasKng Accuracy
� Gain greater Predictability in Revenue ProjecKons
� Inspire Confidence & Trust in Sales Forecasts
Sales Exper+se & Sales Intelligence Combined
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– Provides the sales science to a sales organizaKon enabling it to accurately assess the quality of deals in the pipeline
– Informs sales organizaKons what to do to win more business
– Provides objecKve probabiliKes for winning and Kming
– Provides the sales exper+se to a sales organizaKon enabling it to accurately forecast revenue based on the assessments
– Develops the strategy on how to win more business uKlizing the principles of How Selling and the informaKon from the Pipeline Accelerator predicKve analyKcs so^ware
The Intelligence by Occulus The Expertise by The Center for Sales Strategy
Sales Exper+se & Sales Intelligence Combined
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The Account ExecuKve (AE) answers a series of mulKple choice quesKons that cover the key areas of a deal:
� Quality and definiKon of the Opportunity � Quality of the SoluKon � Understanding of the prospect’s Buying Process � Depth & Breadth of the RelaKonship � Understanding of the CompeKKon � Understanding of the Timing
STEP 1: Sales Exper+se & Sales Intelligence Combined
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The AE’s answers are analyzed, providing an objecKve assessment of the deal, enabling the Sales Manager to understand: • The degree to which the AE has qualified the deal. • The degree to which the AE understands what the prospect is trying to do and why. • If the AE’s soluKon matches the prospect’s requirements. • How well the AE understands the prospect’s buying process. • The strength & depth of the AE’s relaKonships with key individuals. • How well AE’s soluKon stacks up against the compeKKon. • The probability that the AE will win the business. • The probability that the deal will close when the AE says it will.
STEP 2: Sales Exper+se & Sales Intelligence Combined
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PIPELINE Accelerator determines what needs to be done to win the deal; the AE and the Sales Manager determine how to do it:
• The SWOT Analysis idenKfies the strengths & weaknesses of the AE’s selling strategy and provides the basis for developing strategies to build on the strengths and miKgate the weaknesses.
• Provides a list of “s&ll missing” informaKon the AE needs to obtain
• Determines what “specific ac&ons” the AE needs to do to improve their chances of winning
• Development of a strategy on how to win the business
STEP 3: Sales Exper+se & Sales Intelligence Combined
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� Increased Win Rates
� More AE’s making quota
� ReducKon in Deal Slippage
� ReducKon in ‘No-‐Decision’ deals
� Increased ForecasKng Accuracy
� Greater Predictability in Revenue ProjecKons
� Great Confidence & Trust in Sales Forecasts
BENEFITS: Sales Exper+se & Sales Intelligence Combined
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Download this Presentation and the sales tools that were mentioned: http://tinyurl.com/inbound2014