The Nine Drivers of Successful Telesales

The Nine Drivers of Successful Telesales

By Jeffrey FeuerPresident, Customer Solutions Group

March 7, 2013

2Confidential and Proprietary

About Customer Solutions Group

• Telephone Sales Outsourcing and Consulting Firm • Since 1993; 150 Employees• 350+ Clients• 20 year Consulting Practice– Startup firms & startup initiatives of Fortune 1,000 firms

• InsideSalesLab – 50 seat sales incubator in Denver, CO– Build, test, measure, improve sales processes

• Web Lead Harvesting– 100 Idaho-based agents


About Jeff Feuer

• UCLA BA Economics, 1983• Harvard MBA, 1987• Consultant for The Boston Consulting Group• 27 years designing & managing sales teams– 2 years strategy consulting for Fortune 500 firms– 5 years inside sales line manager – 20 years sales consulting & outsourcing

• Created specialized sales management software


Nine Elements of Inside Sales

1. List2. Offer

3. Call Guide4. Management

5. Software6. Phone7. People

8. Fulfillment

9. Reports Sales

Strategic Executional Analytic


Nine Elements of Inside Sales

• Every Inside Sales Function Uses All Nine• Maximized Results When Elements:– Are synchronized with one another– Match the product’s• Complexity• Customization• Margins…and other factors

• The Nine Elements Combined = a “Sales Vector”


Sales Vectors

E E E E E E E E E E E E E E E E E E E E E EE E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E E


Presentation Overview• Nine Elements of Inside Sales (completed)• Two Most Common Vector Types • Review Each Element, (time permitting)

1. List2. Offer3. Call guide4. Management5. Software6. Phone7. People8. Fulfillment9. Reports

• Questions & Answers


SVT1: Single Evolving

• Founder and CEO Develops a Visionary Product – Rigorous product R&D

• Early Sales to– Personal contacts– Early adopters

• Hire Sales Manager– 9 Elements– 1 Evolving sales vector

R & D Methodology

Product Development

Internal and field Testing

Analyze Data


Single Evolving Vectors

Vector #1a

Vector #1b

Vector #1c

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales



• Single Evolving Vector– Talent driven

• Hire best talent you can afford• Comfortable because they represent product in its best light

– Customized • Talent inventing their way into success one lead at a time• Scaling = hire more talent

– Evolves due to• Drift• Opportunity• Failure

• Best for Complex, Customized, or High Margin Products



• Nine Element Overview:Element Comments

1. List Smaller

2. Offer Negotiated

3. Call Guide None or very loose

4. Management Motivators, curators

5. Software SalesForce.com; ACT!; GoldMine; Others…

6. Phones PBX, POTs, Cell Phones

7. People - High end / educated / experienced- Knowledge based training

8. Fulfillment Customized

9. Reports Results Oriented – filed by sales persons


SVT2: Multiple Planned

• Multiple Planned Vector– Management driven

• Process created, enforced by management• Largely talent independent

– Repetitive• Rapidly scalable

– Evolves due to• Management decisions

• Best for Simpler, Semi-Custom, Moderate Margin Products


Multiple Planned Vectors

Failed

Failed

Vector #1

Vector #2

Vector #3

Vector #4

Vector #2b

Vector #4b

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales

1. List2. Offer



8. Fulfillment

9. Reports Sales



• Sales Vector Development similar to Product Dev

Product Development

Internal and field Testing

Analyze Data

Sales Vector Development

Field Testing (make calls)

Analyze Data



• Nine Element Overview:Element Single Evolving Multiple Planned

1. List Smaller Larger

2. Offer Negotiated Standard

3. Call Guide None or very loose Tight flow; some wording

4. Management Motivators, curators Coaches

5. Software SalesForce.com; ACT!... Insidesales.com; Aspect…

6. Phones PBX, POTs, Cell Phones Dialers, Recordings

7. People - High end- Knowledge based training

- Mid or low level- Train by doing

8. Fulfillment Customized Standardized

9. Reports Results Oriented Effort and results oriented


SEV or MPV?

• Sometimes Product Dictates• Often a CEO Decision

Single Evolving Vector Multiple Planned Vector

Top of the line sales people Good people / top of the line process

Vectors micro adjust & evolveOne at a time Little testing

Vectors rigidMany at a timeTesting many variables

Best anecdotal feedback Best data


SEV or MPV?

• SEV and MPV Can be Combined – Serially• Lead qualification MPV• Closing SEV

– Through product differentiation• Expensive, customized version• Moderate priced, standardized version

• Whether SEV or MPV Must Have Consistent Elements


Nine Elements - A Deeper Dive

• Each Element is Different for SEV and MPV

Element

1. List

2. Offer

3. Call Guide

4. Management

5. Software

6. Phones

7. People

8. Fulfillment

9. Reports


Prospect List• Selling = Converting Prospect List Customer List

– Have a prospect list– Eliminate less likely purchasers– Find early markers of future success

• Prioritize– Work the best leads each time– Don’t leave any leads behind

• Record outcomes accurately– Data from early failures can drive future success

• Track and test results from a large variety of lists– Compiled, subscriber, trade show, aggregator web leads, organic web

leads, sales person rolodexes


Offer

• Slight Variations in Terms and Conditions Can Yield Large Differences in Sales– Startup costs• Free to paid

– Credit terms– Cancellation flexibility– Refund policy– Price


Call Guide

• Central to Multiple Planned Vectors– Often missing or incomplete– When present, often not followed– Critical to testing MPV’s

• Forces Preparation• Software Set Up Document• Foundation of Training & Coaching– Sets expectations– Central to performance evaluation


Call Guide

• Objectively Evaluate Your Value Proposition– Most founders overestimate ability to communicate a

product’s appeal– Compact message (30 seconds)• Simplify the product

– Proper positioning • Relative to something prospects already know


Call Guide • Ensures Language Buyers need to Hear

– Credibility builders– Risk relievers– Cost / benefit analysis– Emotion: <insert joke here>– Explain features but emphasize benefits

Feature BenefitBecause we provide 1,000 hits…

… more prospects see your ad and purchase.

Our widgets come in 12 colors…

… so everyone gets one they like.

We have been in business for 63 years...

… because we provide excellent value not because we have the lowest initial price.


Call Guide• A Section for Each Selling Step

• Voicemail – When, how often, what to say

• Gatekeeper – How to get through– 85% of dials spent reaching decision makers– Only half of all decision maker reaches result in presentations

• Decision maker– What to present, in what order– Goals for each call– When to present pricing

• Close– When, how

• Objection / Rebuttal– No sale made without objections and rebuttals


Management

• Hire According to Style– SEV: Motivator– MPV: Coach


Sales Software

• What Can Sales Software Do?– Address book– Calendar– Note keeper– List proritizer– Language guide– Data gatherer

• Every dial• Order & payment

– Reports engine• Keeps track of everything


Sales Software

• Match Software to Your Sales Method– SEV generally fewer features, less expensive– Records each step (sales phase)– Records each vector (campaign)

• Invest Appropriately– System purchase only first step

• Gets the most scrutiny

– Set up and maintenance• More expensive and important than purchase

– Reports


Sales Software

• Enforce “Data Discipline” – Sales personality resistant to recording outcomes• Not administratively inclined• Protect their worth to the firm

– Use sales software to gauge, boost productivity• 40 vs. 120 dials per day• Guides desired presentation flow• Order taking accuracy


Phone

• Single Evolving– Simpler phone needs• PBX• POTS• Cell Phones

• Multiple Planned– Complex phone needs• Dialers• Call recording system


People

• SEV: Hire “Sales Process Inventors”– Fast on their feet– Provide knowledge– Set free, watch and measure

• MPT: Hire “Sales Process Followers”– Coachable– Preparation through practice

• Role play written call guide aloud• Role play while using sales software

– Record adherence to process


Fulfillment

• Fulfillment is a Sales Function– Usually SEV; not large enough for MPV

• After Sale is “Made:” – Lots of opportunity to lose it– Lots of opportunity to cross sell, upsell

• Ongoing Account Management a Sales Function– Often MPV– Lots of opportunity to cross sell, upsell


Reports

• How Management Optimizes Sales Vectors– How are leads being used?– Who isn’t working hard enough?– Where do we get stuck?– Is follow up timely?– What price works best?


Reports

• Productivity Report– Outcome of every dial

• Funnel Report– Conversion rate through each step in sales process

• Lead Snapshot Report– How many leads at every stage; do we have enough

• Fulfillment / Outcome Report– What sold– Why the rest didn’t close


Questions?

Jeffrey [email protected]

President, Customer Solutions Group

The Nine Drivers of Successful Telesales

Business

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