The Science – Knowing Your Data
Whether you are the leader of your Sales Organization or a Sales Representative, you must know your numbers. Your data will enable you to make more informed decisions on where you need to focus your time to accelerate revenue growth. Have you harnessed your data to help you drive growth? If the answer is “no” or “not yet”, you can take the steps below to become more data-driven.
Focus on Customer Metrics
Setting thresholds and targets for your Sales Team is important, so you can measure and manage success. Once your targets are set, how can you add value to your team to help them hit and exceed their goals?
A good place to start is the story your data tells you about your customers. Start by understanding your current customers, differentiating between the successful ones and those who are not. Which customers are your most profitable and least profitable, fastest growing versus slow to adopt, and new logos and lost logos? Focus on the successful ones asking, what makes them successful? Look for trends and identify which behaviors or actions make them successful, so you have a set standard for your entire organization.
Now that you have identified the characteristics of your successful clients, you should search for the commonalities that they share, starting with firmographics, defined as attributes of an organization. Some typical pieces of firmographic information are: Industry, Company Size, Revenue, Funding, Location, and Type of Company (e.g., B2B, B2C, B2B2C, etc.). By analyzing these data points, you will identify which factors characterize your most successful clients.
Focus on Deal Metrics
With the firmographic data analyzed, review the deal data next. Focusing on metrics that are truly critical for your business will help you and your team concentrate on the right activities for continued growth. Some important metrics for your business may be: Prospect’s Email Velocity, Sales by Lead Source, Average Customer Lifetime Value (LTV), Revenue by Region, Revenue by Industry Market, or Gross Margins by Product, among others.
THEN: Most of our Client’s existing Sales Team was underperforming and new hires took too long to ramp up and gain traction. In addition, the average Cost of Sale was too high due to a low average transaction amount.
NOW: Our Client’s Sales forecast has grown by 2x.
Once you identify and refine your target market, you and your leadership team need to prioritize the specifics of the target market to find the fish you want to catch. You do this by digging deeper in your research of this target audience to better understand their needs, roles, and gather insights to help your team create effective Sales and Marketing content and copy.
Focus on Team Performance
While you want to understand and know your metrics on your customers and prospects, you, as the Sales Leader, must focus on the performance of your reps. Track the activity of your reps, see what your most successful ones are doing, and discuss with them how to make it repeatable across your organization.
Share Best Practices
Have your top-performing reps lead Lunch and Learn sessions for your team (and record them) so they can share their unique tactics with the entire team and will be included in the education of new reps in the future. Developing effective Lunch and Learn sessions for the other team members, in conjunction with your sales enablement team, reinforces growth opportunities for your reps.
It is important to share best practices across your team, equipping them with the best tactics and tools to help them close deals faster. Turning this data into an actionable plan may be a bit challenging, but it is worthwhile to help your team and organization focus and grow consistently.
The Art – Building Your Sales and Marketing Alignment Processes
Each company’s Go-To-Market (GTM) strategy needs to be unique to their offering(s) and audience. These are components that make a GTM plan a success or failure – our Sales and Marketing Empowerment Practice frequently sees these common problems:
Beaware of these Red Flags within Sales
On the Sales side, there needs to be a compelling story, persuading your prospect to spend time with you, the Sales Rep, to better understand the pain you solve for them and how you do that. While very important, you should also be customer-centric with your outreach. You must understand their current state, ideal future state, and know that your offering(s) is/are able to get them there painlessly and quickly.
Building Sales outreach cadences for reps is an art and science too. You utilize data and how you, as a seller, successfully engage with prospects authentically across various channels. A Call-to-Action (CTA) is an often-overlooked piece of outreach activities; having a simple, clear one that matches the content is necessary. It must be valuable for the prospect, so they decide to move forward with it.
Beaware of these Red Flags within Marketing
Marketing must be responsible for a portion of annual revenue growth. Therefore, Sales and Marketing alignment is critical. Without this responsibility, marketing can be focused on items which drive activity but not revenue. Now that Marketing owns a portion of revenue, Sales and Marketing must collaborate on what strategies will be rolled out to generate top-of-funnel leads, move prospects towards close and across the line, and provide compelling content, case studies, and customer marketing initiatives to retain and expand accounts.
Marketing content must support the ability of the Sales Team to close deals, with educational, value-add content. Ensuring that there is constant, regular communication between Sales and Marketing is critical for your organization to succeed and see the desired results.
When Sales and Marketing are intertwined, it creates a consistent, exceptional Customer Experience (CX). Through this CX, you will engage with people buying your offering(s) across various channels and Post-Sale, turning them from a customer to an advocate of your brand. Customer stories from different buyers and members of the buying committee will lead to continued success, as future prospects will be able to engage with these pieces of content (e.g., written reviews, video success stories, etc.) – social proof.
Going to Market is an art and science. It combines the use of data with your organization’s ability to build a strong, repeatable process with the right people in communication to drive the business forward. This creates the best experience possible for your buyers with minimal pain throughout the entire journey and sets them up for success. Success does not happen without some assistance, so be committed to empowering your customers to be the champions they are.