Optimizing Your Sales Tech Stack for High Performance
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This document provides an overview of the sales technology stack and considerations for implementing a sales tech stack. It begins with defining the scope as focusing on improving sales performance, not customer retention or marketing. It then discusses how the sales tech stack has grown significantly in recent years. The document outlines a 6-step process for implementing a sales tech stack and provides a framework organized around the sales process. It gives examples of business problems that can be solved at each stage of the sales process and what technologies could address them. It concludes by encouraging focusing on the business problems rather than specific vendors or categories.
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Optimizing Your Sales Tech Stack for High Performance
- 1. Demystifying the Sales Tech Stack Brian Fravel VP of Marketing, Veelo @veeloinc @fravelb
- 2. 2 Agenda • Scope/Considerations • Framework • Business challenge questions to ask yourself
- 3. 3 Scope • Focus is on the act of selling and improving sales performance • Out of scope: • Customer retention, customer service • Martech stack • CRM & marketing automation • Framework/blueprint—not an exhaustive list of logos
- 4. 4 Are You Ready? Martech Stack grew from 150 companies in 2011 to ~4000 in 2016! The Sales Tech Stack Isn’t Far Behind High-performing sales teams are 3.5 times more likely to use sales analytics. – Salesforce, State of Sales Report, 2015 On average, high-growth sales development teams have 5 applications in their technology stack. - Topo “The Sales Development Technology Report” High-performing sales teams use nearly 3x more sales tech than underperforming teams. - Salesforce, State of Sales Report, 2015
- 5. 5 6 Simple Steps to Implementing Your Sales Stack Define • What’s the business pain? Align • Who are key stakeholders? Prioritize • What are must haves? Evaluate • Evaluate technologies Deploy • Have a plan, kick it off in style Promote • Ongoing promotions weeks after launch
- 6. 6 Sales Tech Stack Framework The Sales Process Administrative SupportPeople Development Business Intelligence & Analytics • Forecasting • Quota management • Comp/Incentives • Territory Gather Information • Contact information • Lead augmentation / enrichment data What you do to sell • Presentation tools • Sharing tools • What should you say and share? • Content management What you do to close • CPQ • Contract & signing Decide who to contact • Lead prioritization / predictive lead scoring – (who to call &when) • Account based selling • Pipeline management • Account planning • Email automation • Phone/dialer automation • Social selling • Scheduling tools • Online meeting tools How you contact • Onboarding & training • Coaching
- 7. 7 Solving Business Problems by Stage Do I have enough prospects? Do I know who to contact? Do I have contact information? Is my data up to date? What is my prospective customer profile? What’s the buyer’s “family tree” at my prospect?
- 8. 8 Solving Business Problems by Stage How do I increase lead to opportunity conversion? Who do I contact? When is the best time? Which lead is priority? How do I manage the entire buyer’s family? I do I get more efficient in my communication?
- 9. 9 Solving Business Problems by Stage What content should I share? Where is it? How is my prospect engaging with my content? Do I have the latest content? What do I say?
- 10. 10 Solving Business Problems by Stage How do I quickly get from quote to cash? How do I make sure proposals and quotes are being done correctly? How does my salesforce quote with my extremely complex product portfolio? How do I get the contract signed quickly … by the end of the quarter … etc?
- 11. 11 Solving Business Problems by Stage How do I increase lead to opportunity conversion? Who do I contact? When is the best time? Which lead is priority? How do I manage the entire buyer’s family? I do I get more efficient in my communication?
- 12. 12 Solving Business Problems by Stage How do I onboard quickly and effectively so reps are hitting quota as soon as possible? How do I keep my reps maintaining high performance in a dynamic, competitive landscape? How do I educate on new product launches and get reps selling the latest vs legacy products? How do I provide regular, individualized coaching?
- 13. 13 Solving Business Problems by Stage How do we get more accurate forecasts? How do I set and manage quota? What the right territory split and which territories have the most promise? How do I provide my sales force with the compensation and incentives?
- 14. 14 Solving Business Problems by Stage How do I draw actionable insights from all of my sales related data? How efficient is my entire sales process? Where are my inefficiencies? One GM wants this view of the data, the other GM wants that view of the data … How do I make sense of the multiple databases I have?
- 16. 16 Parting Thought • Solve a business problem: limiting yourself to industry categories might give you more or less than what you really need … • Vendors cross category boundaries • Vendors solve the save problems in a variety of different ways • For instance, you don’t need an LMS or ECM, you need a better way to: • Onboard … • Train … • Manage content … • Find content … • Plan!