Managing the Lifecycle of Large Sales
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MANAGING THE LIFECYCLE OF LARGE SALES
Joe GelataOctober 23, 2012
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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
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Agenda
• Marketing & Sales Alignment• Marketing & Sales Funnel• Sales Enablement• Nurturing• Closing the Loop• CRM• Marketing Automation
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Marketing & Sales Alignment
Running in the Same Direction
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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
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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
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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
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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
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Marketing & Sales Funnel
Mapping the Process
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Mapping the Funnel
• Before you can manage you must understand• Map your revenue process in detail
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Mapping the Funnel
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SiriusDecisions Demand Waterfall
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Sales Enablement
How Marketing Supports Sales
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Sales Enablement
• Marketing helps push deals through pipeline• Create ‘Content/Tools Matrix’• Examples– Data sheets, demo videos– Email templates– ROI Calculator– Nurture campaigns
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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
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Sales Enablement
• Salesforce.com Content– Stores searchable content for Sales– Provides email delivery tool– Items can be modified/personalized
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Sales Enablement
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Sales Enablement
• Eloqua Profiler– Provide prospect engagement data to Sales– Window into Marketing Automation
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Sales Enablement
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Nurturing
ABN – Always be Nurturing!
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Within 24 months from YOU or your competitor
Source: Sirius Decisions
Nurturing
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• Email 1Wait 5 days
• Call 1
Wait 6 days• Email
2Wait 4 days
• Call 2
Wait 5 days• Email
3Wait 10 days
Nurturing
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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
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Closing the Loop
Optimizing Performance
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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
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Closing the Loop
Plan
Execute Campaign
Response
Opportunity
Revenue
Report
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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
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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”
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Revenue Performance Management
Revenue Growth2007 to 2010
• S&P 500: 15%• Eloqua Customers: 34%• RPM Users: 58%
Source: Eloqua
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Revenue Performance Management
• Case Study: Platts– Lead to Opportunity conversion: 23% to 31%– Marketing contribution to revenue: 22% to 28%
Source: Eloqua
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CRM
Tech to Support the Sales Cycle
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CRM: Concepts
• Architecture• Lead Models• Assigning Leads• Lead Status• Lead Source
• Opportunity Stages• Data Quality• Activity Tracking• Converting Leads• Reporting
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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.
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Opportunity
Contact
Account
Campaign & Activities
Lead
CRM: Architecture
Convert
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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
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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
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CRM: Lead Status
• Picklist field that shows the status of a lead• Example:– Untouched– In Progress– Automation Qualified– Tele Qualified– Sales Accepted– Rejected
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CRM: Lead Status
• Rejection Reasons are important• Example:– Poor Fit– Poor Data Quality– Reassign– Lost to Competitor
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CRM: Lead Source
• Picklist field that shows the source of a lead• Can track ‘Original’ and ‘Most Recent’• Example:– Website– Tradeshow– Purchased List– Referral
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CRM: Opportunity Stage
• Similar to ‘Lead Status’ but at opportunity• Example:– Discovery– Alignment– Proof– Commercial– Decision– Closed Won/Lost
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CRM: Opportunity Stage
• Closed Reasons are important• Example:– No Opportunity– Not a Fit– Lost to Competitor– Duplicate Opportunity
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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
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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
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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
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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
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Marketing Automation
Tech to Support the Sales Cycle
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Marketing Automation
• Generates inbound and outbound leads• Can be integrated with CRM to automate
transfer of data (e.g. leads)• Facilitates nurture campaigns
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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
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Summary
Almost there!
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Summary
• Align Marketing & Sales• Map the Revenue Funnel• Enable Sales• Nurture• Close the Loop• CRM• Marketing Automation
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Questions
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Contact
@RevenueEngineerwww.revenue-engineer.com