Upload
revegy-inc
View
219
Download
3
Tags:
Embed Size (px)
Citation preview
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
The ROI of Great Sales CoachingPresented by: Jim Dickie, Managing Partner, CSO InsightsTim Braman, VP of Corporate Strategy, Revegy
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
Housekeeping• Control panel on the right side
of your screen displays your audio information.
• Use the “Questions” pane to send us your questions throughout the session.
• Minimize or maximize the viewing pane during the presentation by clicking the double arrows icon.
• Need help? Call 888.259.8414
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
Welcome
Revinar /rev-uh-nahr/ 1. a webinar series dedicated to sales planning and execution practices which drive revenue
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
CSO Insights
Sales Performance Benchmarking Firm,
- A Division of MHI Global
2015 Sales Performance & Sales Management Optimization Studies◦ - 1,500+ Firms Worldwide
Identify Challenges, Collect and Share Best Practices for How to Address Those Issues
For a Complimentary Subscription to Our
Sales Management 2.0 eBook Series email: [email protected]
© 2013 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
The Role of Sales Management
Marketplace Distribution Curve“The goal of sales leaders is to
create more leaders, not followers!”
Jay Vanderbree, Senior Vice President,
LG Electronics
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Sales Management Score Card
Overall Plan
Reps on Quota
81.9%
2014
58.1%
89.2%
2012
63.0%
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
2015 Revenue Targets
94.5%
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Getting the Ball Over the Goal Line
Red Zone Effectiveness
2014 – Dallas Cowboys
92.2%
2014 – Sales Teams
45.9%
Seriously?
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Tenets of Effective Coaching
• Timely• Accurate• Relevant• Consistent• Individualized
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Sales Coaching Today
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Impact of Coaching on Sales Performance
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Four Levels of Sales Process
Level 1:
Level 2:
Level 3:
Level 4:
RandomInformal
FormalDynamic
46.5%46.6%
59.8%
72.2%
Ok…So I’m a Believer…
• 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?
What next?
3 Must Haves for Effective Coaching
1. Right Target & Capabilities 2. Right Timing/Cadence 3. Right Method/Conversation
Who to Coach
Bottom 10-15% Middle70-80% Top 10-15%
Sales Performance
Num
ber
of
Reps
MinimalValue in
Coaching
How Much Time Should You Invest in Coaching?
Coaching Time/Rep/Week
% Reps Making Quota Win Rate
< 30 Minutes 56% 43%
30 – 60 Minutes
59% 50%
1 – 2 Hours 63% 54%
> 2 Hours 72% 56%
40%
45%
50%
55%
60%
65%
70%
75%
% Reps Making Quota
Win Rate
So why do we only coach when bad things happen?
Source: CSO Insights, 2014 Sales Management Optimization Study
Tactical – What activities/skills are the most important?
Product/Market/Company Knowledge
Story Telling/Case Studies
Discovery & Solution Alignment
Solution Value Prop/Competitive Differentiation
Pre-Call Planning
Customer Value & Handling Objections
0 1 2 3 4 5 6 7
Source: Harvard Business Review, December 1, 2010, UK Cranfield School of Management“Do you really know who your Best Salespeople Are?”
IT decision-makers Business decision-makers
Forrester Research: Base: 418 Global IT and business decision makersSource: Executive expectations of sales interactions online survey, Q4, 2012
25%26%Global Average
10%US
14%UK
How often do you accept follow-on meetings?
27%
Activities OutcomesObjectives
Grow RevenuePath 1 Improve Win
Rate 10%
- Coach Value Messages- Create Call Plan- Ride Along Assessment
Improve WinRate 10%
- Coach Pipeline toIdeal CustomerProfile
Path 2
The path to good coaching - Activities
Activities OutcomesObjectives
Grow Revenue
Win Rate of 75%on “Must Win Deals”
1. Review Deal Strategy2. Align Sales Calls with
Strategy
The path to good coaching - Deals
26
Why Coach Deals
• Why Coach Deals
Poor Coaching Average Coaching Good Coaching0%
10%
20%
30%
40%
50%
60%
43%47%
52%
Win RateLoss RateNo Decision
Source: CSO Insights, 2014 Sales Management Optimization study
Stage(SFDC-%)
Identify(Lead – 0%)
Qualify(D – 25%)
Develop(C – 50%)
Proof(B – 75%)
Close(A – 90%)
Purpose Identify the Opportunity
Qualify the Opportunity Build the Solution Prove the Value Close the Deal
Critical Success Factors
• Validate customer’s current business challenges and key initiatives
• Understand customer’s technology landscape and our potential partners
• Determine key stakeholders, evaluation criteria and decision-making process
• Develop latent pain/provocation message
• Conduct initial executive meeting
• Confirm executive commitment and critical success factors
• Identify competitive landscape
• Determine potential solution fit
• Develop initial sales strategy with account team & management
• Conduct detailed discovery
• Develop our unique value propositions
• Confirm solution fit with key stakeholders
• Create solution presentations and demonstrations
• Test / Refine the solution presentation with our Coach
• Present OUR solution to decision makers / sponsor
• Integrate implementation, training and support teams
• Provide references or conduct POC
• Submit value-centric proposal
• Confirm final decision process and timing
• Gain customer commitment and finalize legal agreements / timelines
• Obtain internal approvals
• Process Purchase Order
• Conduct transition meeting with Professional Services and support teams
Identify Key Areas of YOUR Sales Process to Coach
When to coach - Deals
Needs Exploration
Needs Identified
Solution Development
Solution Accepted
Final Terms & Conditions
Contract Received
Sales Process
Highly Effective Coaches
Average Coaches
Source: Corporate Executive Board, Defining Coaching Excellence, 2010
3 Must Haves for Effective Coaching
1. Right Target & Capabilities 2. Right Timing/Cadence3. Right Method/Conversation
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
How much time should you invest in coaching?
Coaching Time/Rep/Week
% Reps Making Quota
Win Rate
< 30 Minutes 56% 43%
30 – 60 Minutes
59% 50%
1 – 2 hours 63% 54%
> 2 hours 72% 56%
40%
45%
50%
55%
60%
65%
70%
75%
% Reps Making Quota
Win Rate
Building the Coaching Plan
Skills
SkillsDeals
Deals
1. Hard allocate time (2-3 hrs/rep)
2. Build a weekly cadence
Building a Coaching Plan
1. Hard allocate time (2-3 hrs/rep)
2. Build a weekly cadence with quarterly progress checks
3 Must Haves for Effective Coaching
1. Right Target & Capabilities2. Right Timing/Cadence 3. Right Method/Conversation
Building a Coaching Plan
Coaching NOT Managing
Create a Developmental Environment
Establish Rapport
Get Reps Perceptions first
Focus on plan
Get buy-in
Execution, not Training
NOT A FORECAST CALLCoaching
Performance ImprovementEffective Decision Making
Fair Allocation of OpportunitiiesProvide directionGather ResourcesSales Experience
Product/Solution KnowledgeRewarding Performance
Customer/Market Knowledge
0 0.5 1
Sales Manager Skills
Why have a formal coaching model?
Source: CSO Insights, 2014 Sales Management Optimization study
Sales Performance Related to Coaching Model/ApproachInformal or NO Coaching Model
Formal Coaching Model
Percentage of Reps Meeting or Exceeding Quota
49.9% 62.3%24.8%
Improvement!
What happens if the customer fails to execute on any given strategy?
Have you reviewed this with the customer coach? If not, how will it be received? What are the risks?
What insights did you gather as a result of creating this map? Where are the risks given the information on this map? What gaps in information or insight do you feel need
addressing? Who gathered this information? From what source(s)? What areas of concern does this map present to you? Would the customer recognize this as their strategy or is it your
analysis? Is it in their words?
Coaching Conversation
Leverage your coaching insight into your operational activities.
• Leverage Your Coaching Insight into Your Operational Activities
Failure comes as a complete surprise…
…rather than being preceded by a long period of anxiety!
The best thing about not coaching?
© 2015 CSO InsightsNo portion of these materials may be reproduced or distributed in
any form without the prior written permission of the authors
Tenets of Effective Coaching
• Timely• Accurate• Relevant• Consistent• Individualized
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
CSO Insights Case Study Video
SAS Institute Case Study:Optimizing Strategic Accounts with
CoachingEmail Michelle
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
Join Us for Our Next Revinar
Using Playbooks that Align with the Buyer’s JourneyJune 9 1:00pm – 2:00pm (ET)
Register Today!www.revegy.com/revinars
COPYRIGHT © REVEGY, INC. // PROPRIETARY AND CONFIDENTIAL
A Brief Introduction to Revegy
Revegy’s technology makes sales planning and execution happen.Intelligent Playbooks and Collaboration Tools for: • Strategic Account Planning• Opportunity Planning• Territory Business Planning • Channel Planning