Factors to Consider
1. The Millennials and the Change in Buying Process
By 2020, millennials will make up nearly 50% of the work force and this will definitely change, if it didn’t yet, the buying process.
- The % of stakeholders in the buying decision process has increased to 5.4 compared to 3.6 persons in 2000.
- 57% of the information has been through the buying decision process before the customer initiates contact with salespeople.
- It has increased to 8 attempts for a cold call success compared to 3.7 in 2007.
2. The Importance of Sales Process
Tiffani Bova from Gartner says, “The most disruptive thing in the market today is not the technology, it is actually the customer.” The customers do their own research. They talk to providers directly. They reach out independently to a trusted network. They are further down the buying process when they engage, and are often overwhelmed with information, thus sales teams must do something different to win more deals.
- Build a customer driven sales organizational culture. Thus you get rid of any formal sales process that caters only to optimize the internal communication and reporting. Any process should be dynamic and client centric.
- Redefine your sales funnel to know where the leads are getting lost or accelerating
- Enabling salespeople comes from shifting their mindset to be client driven “dynamic” rather than product and features oriented.
3. Sales Analytics
The truths, myths and realities and the impact of sales analytics on business growth. CRM has started 20 years back and until few years ago it started to pick-up exponentially, and this is the case with sales analytics. Although, data availability and cleanliness is a very challenging matter, still Mike Moorman from ZS Associates addressed the importance of setting the discipline, time and resources in applying analysis and science into selling. He even supported his presentation with real cases on how companies have shifted to world-class sales organizations by relying heavily on sales analytics to drive revenue growth and gain competitive advantages.
4. Adaptive Learning and Sales Enablement
Keith Eades challenged the conventional best practices thinking to introduce a new paradigm for continued sales enablement. “Maybe a longer sales cycle is better nowadays.” He addressed using a heat map, how taking longer time to build a more solid relationship with the buyer in today’s era have a better impact in the conversion and the winning of an opportunity as well as on the overall sales growth. Thus, encouraging to apply adaptive learning rather than a spray and pray approach.
5. Technology and Sales Operations Effectiveness
Years ago, there was a buzz where technology has diminished the salesperson’s role. In fact all initiatives in this area ended up with failure. Yes technology has indirectly changed the way we shall sell, but has proved again the importance of human interaction. Based on SAP analytics, 54% prefer to meet with people to finalize their deal, 90% of decision are made only after establishing trust.