“HOW YOUR TRADITIONS ARE KEEPING YOU FROM CLOSING DEALS” Traditions vs. Transactions.
Five Secrets to Closing Seven Figure Deals
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Transcript of Five Secrets to Closing Seven Figure Deals
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Five Secrets to Closing Seven Figure Deals
Gabe LarsenDirector Sales Acceleration Services
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Business Growth Index – Sample
Results5m+ records analyzed
500+ leaders surveyed
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CRO CEO CMO CTO
“76% of Business Leaders Predict Either Steady or Accelerated Growth”
- Business Growth Index -
CFO
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CRO CEO CMO CTO
Who is the most difficult executive to deal with when you miss your number?
CFO
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CRO CEO CMO CTO
Who is the most difficult executive to deal with when you miss your number?
CFO58.8% - -
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Companies Are Going Whale Hunting
Metric 2015 (vs. 2014)Sales Cycle 6.4% LongerClose Rate 2.1% LowerDeal Size 5.5% Larger
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Secret Number One
Practice Account-Based Sales
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Account-Based Sales
Account- Based
Prospecting
Account-Based Closing
Account- Based
Marketing
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Secret Number Two
Solidify Your Tech Stack
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How Do You Stack Up?
Account Executive
Client Success
Sales Mgmt
Sales Operations
Sales Development
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How Do You Stack Up?
Account Executive
Client Success
Sales Mgmt
Sales Operations
PresentationsPipeline
ManagementQuote & Proposal
Contracting & E-SignatureForecasting
List ServicesData Mgmt
RoutingTerritory &
Quota MgmtData
Visualization
Onboarding & Training
Compensation & Incentives
Hiring & Recruiting
Campaign Mgmt
PrioritizationIntelligence
Communication
Risk MgmtEducationAdvocacy
PrioritizationIntelligence
CommunicationMotivation
Qualification
Sales Development
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Sales Acceleration Technology Usage
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Closing Deals: Top Tools
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CRO CEO CMO CTO
“18.8% of Leaders Reported Predictive Technology Gave Them a Boost in
Driving Larger Deals”
CFO
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Secret Number Three
Manage Your Pipeline
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Probability
Proposal Finalist Selected
0%20%
40%
60%
80%
100%
Upside Commit WonPipelineCategories
Stages ClosedIdentifiedPlanning
Establishing a Foundation
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Measure the Health of Your Pipeline
Quality
Balance
Velocity
Qua
ntit
y
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Secret Number Three
Establish a Management Cadence
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TIMING VP Manager Rep
Annual Business/Territory Planning
Semi-Annual Performance Assessments (January & August)Competency Assessments
Quarterly
Business Plan Review Focus Account Reviews
Sales Rep Business Plan Review (include Target Account review)
Monthly Monthly Sales Meeting
Weekly orBi-Weekly
Individual and Team Coaching, Pipeline/Forecast, Opportunity & Account Strategies
Sales Management Cadence
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During the final week of the month, the weekly cadence converts to daily. Weekly*(Thurs -
AM)Sales Roles
Weekly*(Thurs -
PM)Sales
Managers
Weekly*(Fridays -
AM)VP
Weekly*(Fridays -
PM)CEO
Manage Opportunities and Apply
Forecast Standards
Upside and Commit Pipeline
Review Upside and
Commit Pipeline
Update SFDC
Develop Action Plan
Revise Forecast
Conduct Sales
Manager Forecast Meeting
Conduct CEO
Forecast Meeting
Apply JudgmentRevised Forecast
Apply JudgmentRevised Forecast
Be aware of the top three challenges that typically impact accurate forecasts, and ensure that you coach your teams to overcome and avoid them.
Unqualified/Stalled Opportunities
❑ Pipeline stuffing❑ Shifting quarter to quarter
Process Discipline❑ Offline spreadsheets❑ Adhering to forecast
definitions
Cultural Inhibitors❑ Underforecasting
“Sandbagging”❑ Overforecasting “Saving
Face”
Forecast Challenges
3
1
2
3
Forecast Cadence
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Secret Number Three
Provide Coaching
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Training and Coaching
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What do These Superstars Have in Common?
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Week Topics
Week One Metrics Day (analytical)
Week Two Case Study (practical)
Week Three Data and Research (theoretical)
Week Four Role Play (developmental)
Week Five Manager Huddle
7
Monthly Skill Program
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Summary1. Practice Account-Based Sales2. Solidify your Sales Stack3. Manage Your Pipeline4. Establish a Management Cadence5. Provide Coaching
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QUESTIONS?