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Tag: account research

analytics, business intelligence, public relations, Strategy

2019: The #SummerofData

Ah, Summer.  A time of great joy and great dread.  Lounging in this beach chair, thoughts inevitably drift back to that upcoming client presentation, and I begin to think about ways to make data more interesting.  Here is but one imaginary scenario.  Hey, it’s not perfect, but I’m on vacation. Let your own imagination transport you now, and join me in a stuffy, crowded boardroom, where I lead the discussion…

~ ~ ~

“Ahem.  In the interest of brevity, I decided to dispense with our usual monthly updated graphs and charts, and proceed right to the Q&A, which we have found far more engaging and interesting for immediately applying our findings. Let us begin.

As you can see, the title of this session is: “Summer, a time of great joy and great dread”.  Any questions so far?”

Q: Why great Joy?

A: Because we eat more ice cream cones at the beach in summer.

Q: Why great dread?

A: Because of the increased frequency of shark attacks which, interestingly, also happen at the beach in the summer.

Q: Are you suggesting it is more dangerous to wade into shark-infested waters while holding an ice cream cone?

A: No; as your resident data geek, I should quickly point out that this coincidence in no way suggests that the sharks and ice cream vendors have engaged in any sort of collusion. Next question, please.

Q: This makes me wonder…where did that shark data come from? Did we rent it? Are sharks covered by data privacy laws?

A: As a matter of policy, we at Fan Foundry are recommending to all our clients that you cover sharks under your data privacy policies.  If, like me, you like to swim in the ocean, you don’t want to even accidentally piss off any sharks.  Ignorance is not an excuse.

Thank you for your time and attention. Let’s adjourn. Surf’s up.

~ ~ ~

Sorry: unlike most of our really useful posts, there are no resource links at the end of this post.  That’s because we did no research.  Remember, we’re on vacation. If you have a goofy data analytics vignette to share, kindly use Twitter hashtag #summerofdata2018.  Or, comment below; we’ll gladly share it out. Happy summer!

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July 10, 2018June 25, 2019account research, Big data, Chief Martec, marketing automationLeave a comment
10 Most Popular Posts, sales forecasting, sales training

Sales Pipeline Best Practice (reference chart)

Having led goal-beating sales and marketing teams (details: see my LinkedIn profile), I have found that cross-functional synergy to be an essential ingredient in business success.  ~Ed

To help keep sales teams focused on essential steps and processes, try using this simple, downloadable Sales Pipeline Best Practice reference chart.    Assess any single prospect using this plain-English chart, and you will instantly understand their deal value relative to their place in the pipeline, and pinpoint the next steps you can take to increase that value – or devalue it as appropriate.

Sales Pipeline best practice chart fanfoundry

Topics include:

  • Sales Stage Summary – helps you assess whether your prospect is Qualified, Scoped, Evaluated, post-mortem evaluated, etc.
  • Key activities – chores and self-test questions for validating and moving prospects up or down the Pipeline;
  • Milestones – Decision points and signposts for verifying your assessments;
  • Control documents and tools – essential elements for effective assessment and communication;
  • CRM tasks – recordkeeping duties which help your CRM system update the forecast and schedule/prompt you on next steps;
  • Probability – relative value of each prospect at each stage of the Pipeline;
  • Partner Forecast – analogous information for assessing your resellers and partners

Hope is Not a Strategy.  Groom better sales pros using the Best Practice chart

What makes the top 15% of sales pros into stars, another 50% solid contributors, and the remainder only occasionally brilliant?    I believe that you can have more top sales pros on your team if they could make this single page Sales Pipeline Best Practice chart into a habit.

No matter how great a relationship builder your top sales pros may be, they don’t stay at the top without attending to a customer’s pain.  It requires methodical, relentless focus that can seem intuitive but can definitely be learned.  Such learned, relentless focus keeps the client so comfortable that they can’t even imagine alternatives, relying on your top sales pro (“TSP”) for all their resource needs.  Your TSP knows how to make him/herself an indispensable, irreplaceable,  joined-at-the-hip resource for life, turning the client into a raving fan.

Of course, even TSPs don’t always win, for a variety of other reasons, some of which are covered in previous articles, like:

“Buyer Bias:  How Deep is Your Dive?”

“Your Three Constant Competitors and How to Beat Them”

“Accurate Sales Forecasting:  The ‘Aim High’ approach” 

Over to You

Can you groom more top sales pros?  Yes, if they are willing.  Are you a good enough coach?   It requires a few essentials, like instilling in your team the ability to accurately forecast.  I have seen accurate forecasting offset even the limpest personal skills.  Customers respect the diligence and focus of an accurate forecaster who gets to the heart of the matter and focuses on the critical path to their satisfaction.  A limp but accurate forecaster may receive fewer golf invitations, but they keep the customer and your organization effectively engaged.

Making it Work for You

The Sales Pipeline Best Practice reference chart has been jokingly referred to by colleagues as the “eye chart”.   If you can read this chart, you know how to accurately forecast, and you always know what to do next.  You can avoid overblown optimism and unrealistic assumptions.  You can detect bottlenecks, derailment and other disruptive patterns.  You can reduce financial miscalculation.  The result is improved situation awareness and a more consistently productive sales and marketing team.   Every aspect of this Pipeline Best Practice chart is also rooted in, and links back to, fanfoundry best practice.  Diligently applied, it will help your Sales and Marketing team sing from the same piece of sheet music.  You will share a common language, a shared mission, and a common set of criteria that maps to CRM, performance management and other processes.

If you are student of your profession, you will likely recognize that some terminology on this reference chart has been borrowed from widely popular sales training programs.  This is done deliberately to mesh with your sales organization’s frame of reference, to facilitate understanding and immediate application.  I have many colleagues to thank for helping to shape and tweak this chart over time. Your input is welcome.

Enjoy, and if you have a question, call or write.

Related articles
  • Selling is Not about Relationships (Harvard Business Review survey)
  • The Vanity of an Enlarged Pipeline (customerthink.com)
  • The Difference Between a Sales Funnel and a Sales Pipeline (paceaustralia.wordpress.com)
  • Where is Your Sales Funnel Leaking? (customerthink.com)
  • Are Top Salespeople Born or Made?  (Harvard Business Review)
  • Your Three Constant Competitors, and How to Beat Them (fanfoundry article)
  • When Sales and Marketing Align, Good Things Happen in Threes (fanfoundry article)
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May 12, 2011November 4, 2016account research, Best practice, business development, Customer relationship management, demand management, Forecasting, inside sales, lead generation, lead nurturing, Marketing, sales 2.0, Sales processLeave a comment
10 Most Popular Posts, inbound marketing, lead generation, marketing automation etc., web analytics

Ready for Sales CRM or Marketing Automation?

Technology solutions tend to exaggerate things.  If you have a good process, implementing a technology solution will improve it.  If you have a bad process, likewise that effect will be magnified.  

In the course of helping our clients with selecting and implementing sales and marketing automation solutions, our initial discovery talks often lead us to  jointly conclude that it’s not yet time, and we instead agree to implement a readiness plan.  Over time, our project load has become about evenly split between readiness projects and implementation projects.  By first assessing readiness, we tend to find you’ll make better decisions and enjoy improved outcomes.

Assess your readiness:  3 questions

Got a minute?  take a readiness  quiz.  Alternatively, here are three questions you  can ask yourself to determine your readiness:

  1. Are basic processes currently in place?
  2. If yes, are the processes working?
  3. Do we have the resources to close any process “gaps”?

If the answer to any of these is no, then you may be a candidate for a readiness project.  You certainly wouldn’t want to automate a bad process, and automation is definitely not a cure for a “vacuum” – a lack of process.   Above all, don’t buy from anyone who tries to convince you that you’ll figure out the process once you’ve implemented their marketing automation solution.   We have seen that course of action result in disenchantment, poor outcomes and underused, expensive tooling.   The moral: Implement when ready – not before.

Undecided? Try these two tools

Here are just 2 tools we use to help assess readiness:  a Sales & Marketing CRM Maturity Scale, and a “3C” (Content, Conversation, Conversion) process flow map.

Click the on-screen images to enlarge, download etc.

Sales & Marketing CRM Capability Maturity Model

Here we have adapted Carnegie Mellon University‘s venerable Capability Maturity Model for Software Engineering organizations, modifying it to suit Sales and Marketing organizations.

Fan Foundry Sales & Marketing Capability Maturity Model

This tool is helpful in stimulating discussion about your organization’s current and desired state of capability, so you can establish goals and  plan for success.  When interpreting results, you should consider that:

  1. self-raters tend to over-rate;
  2. Most raters gravitate toward the middle of a range – in this case, “Level III – Defined”.  Upshot: most organizations readily admit there is room for improvement.

Download your free copy of this 1-page guide at our Resources page. Enjoy!

3C Conversion Model

Content, Community, Commerce

This chart is useful for helping stakeholders examine how they influence the Content, Community and Commerce aspects of customer acquisition.  It focuses on phased data gathering to support the buyer’s journey.   For any part of the organization, the questions are similar:

  1. How should we be involved?
  2. Do our processes and our content create a strong CTA (Call to Action)  that engages and satisfies strong prospects so they will return,  value our resources and assess the fit for our solutions?
  3. Do we elicit and gather data of a sufficient depth and breadth to help us fulfill visitor expectations, fulfill their needs, and inform our strategy?

 Help yourself to these  tools, and let us know if you find them useful or need advice.  You can either “Leave a Reply”  below, or ask privately using the “Got a question” button, or take the quick Readiness Quiz.

Additional Resources
  • 10 Marketing Automation Tips for First-Time Users (customerthink.com)
  • Blogsite page: Marketing Automation
  • B2B Marketing Automation Growth Slowed In First Half of 2011 (customerthink.com)
  • When Sales and Marketing Align, Good Things Happen in Threes (fanfoundry article)
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March 30, 2011March 13, 2019account research, business development, Capability Maturity Model, Customer relationship management, demand management, inside sales, lead generation, lead nurturing, sales 2.0, social mediaLeave a comment
inbound marketing, lead generation, sales forecasting, sales training

Your 3 constant competitors, and how to beat them

There will always be competitors upstream, downstream and alongside your solution offering.  Neutralizing three other constant competitors first, however, often spells the difference between receiving an invitation to an RFP bake-off  (becoming part of the noise) or aligning as a lasting, trusted inside advisor, effectively closing the door on that competitive noise.

Even if you were the only game in town, you still have three competitors: Yourself, your Prospect and Apathy.  What steps are you taking to neutralize them?

Yourself

This is the most obvious of the three.  Here are a few self-test questions.  Are you a student of your own profession i.e. do you invest in your own training and education?  Do you fully understand your own offering, the competitive landscape, and your ideal prospect’s  latent pain?  Are you able to articulate your value proposition in memorable, compelling terms?  Are you able to accurately assess and reflect your prospect’s pain, budget and timing?  Is your elevator pitch really that good?  Are you able to politically align with your prospect’s decision makers and influencers so that they become your champions?

Your Prospect

Your prospect may be thinking they can solve their pain on their own, or some other way.  This is also often called the “build vs. buy” phenomenon.  They have already invested in people, process and technology assets; they might be able to re-deploy and cobble a solution from those assets, but they may not have weighed the opportunity cost of solving it on their own.  Can you present a compelling proposal showing  how your solution will be more cost effective and thereby free your prospect to re-focus their assets more effectively on other priorities to attain greater value?  If you understand this, then you are also prepared to defend your reasonable pricing and position it well.  Bear in mind, though, that corporate will can be strong; if internal momentum is carrying your prospect toward a “build, not buy” result, you might still cultivate the opportunity as a long term advisory relationship, ultimately helping your prospect succeed.  Just remember, you are in sales.  Don’t dwell too long on advisory roles if they diminish your long term prospects.

Apathy

Your prospect may indeed express pain but may think solving it is not a priority.  Can you present a business case proving that their potential loss in not adopting your solution now is unacceptable, and thereby compel them to buy?  You may have to be patient about their own self-discovery process here; you could conceivably work with them to build the ROI case and groom advocates….or, you could help them find a way to redeploy current budget dollars and assets based on the potential savings (short term ROI) of adopting your solution.  Have you asked the right questions to gain that level of insight, present that case, and accelerate the sale?

What are you doing to neutralize your three constant competitors?

~

Dear reader:

Help me in my attempt to boil years of experience into the shortest sales training treatise ever.  Have I omitted anything?   Could I express it differently?  Are there more layers?  Of course… but my question is: does this one page article adequately stimulate all that subsequent thinking?  You decide, and help me shape it.  I welcome your comments.

Related articles
  • It’s 2011. Do You Know Who Your Competitors Are? (outspokenmedia.com)
  • What’s In Your Sales Backpack? (customerthink.com)
  • Competition Got You Down? (customerthink.com)

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January 8, 2010August 19, 2014account research, business development, demand management, inside sales, sales 2.0, sales leadership, sales trainingLeave a comment
demand management, lead generation, sales forecasting, sales training

Buyer Bias: How Deep is Your Dive?

We all know that qualifying prospects involves confirming BANT (Budget, Authority, Need, Timeframe), but what about the more complex fit issue of “Bias”?  Most sales people know that Bias is where the sale is won or lost, and most readily admit that bias is often the hardest to discover.  It is just as important to know why you lost a sale as it is to know why you won it, and without accurate insight, your strategy and execution suffer.  Confirming BANT just tells you the prospect is shopping.  Understanding their bias helps you know what options they favor, and why.

Although some bias factors, such as technology fit, may be easily solved in the “lead scoring” process,  which any inside sales rep or landing page/lead nurturing automation program can do, there are often deeper undercurrents – biases – such as relationships and capital flow that strongly influence buying decisions.  That information, too, can be discovered, but how much effort can you afford to commit, and how systematic is your discovery process?  Indeed, how much effort can you afford not to commit, and can you afford not to be systematic about it?   Wouldn’t you like to improve your sales closure ratio, after working so hard nurture that prospect?

It seems some bias factors are not so obvious.  In a recent conversation with a colleague, Fred Mikkelsen, a well respected sales engineer, Fred shared a few anecdotal examples illustrating how individuals and organizations are challenged to solve the hidden bias dilemma.

Example 1: Individual Initiative

“I was having lunch the other day with a friend who sells integration software into IT.  She commented that the qualification of an account has most to do with the buying decisions companies have made in the past, such as platform choices – Microsoft, open source, etc.  “Projects come and go, but you can’t wait-out major tech decisions a prospect has already made.”

“By researching the relationships between my customers and vendors,” she continued, “I can plan my account strategy better.  A lot of this information can be found on the internet, or from my old account notes…but sometimes relationships aren’t easy to find until they’ve closed with someone else.”   (In other words, the bias isn’t discoverable until it is documented somewhere, unless you’re dating that prospect’s office gossip – a potentially exhausting proposition if you have more than one prospect.  Just kidding.)

“We went through the litany of sources: Hoovers, LinkedIn, sales CRM, FaceBook, press releases, committee memberships, posted resumes, required skills in job postings, news clippings and so on.  There are many disparate sources of information that together paint a picture of the types of buying decisions a prospect may have made in the past.”

Due diligence on the part of the salesrep can go a long way toward building a composite profile of each prospect, which greatly aids account planning and accurate forecasting.  The next logical challenge is storing, retreiving and mining this data to attain pivotal insight about trends among buyers and market forces – a “closed loop” intelligence gathering and assessment process that can be leveraged beyond the individual salesrep, across the organization.

 

Example 2: Interdepartmental Collaboration

“The salesrep conversation above clicked with a similar conversation three years ago with a salesman in a software company.  That man’s product was sold about 50/50 between direct customers and ISVs (software resellers).  His ISV’s customers were pre-disposed to be much better qualified than other leads in general because of highly compatible buying decisions.  Also, his enterprise customer’s venders were better qualified to be ISV partners than other firms in general, YET the two sides of his firm’s sales house did not have a means to coordinate this information.”

That salesrep’s firm’s powerful internal systems and channels were not configured to expose and leverage this valuable informaton.

In both these cases, professionals are repeatedly confronted with the need for a closed loop, intelligence sharing process that can be leveraged across their respective organizations.

Charting Bias for Fun and Profit – Who’ll do it?

Plotting the history, texture and landscape of corporate relationships and buying decisions can influence the effectiveness of marketing campaigns and developing sales plans.  This information can, to some degree, be worked into your SalesForce.com schema and your direct marketing efforts.   The missing link, however, is an efficient platform that can mine disparate resources, aggregate data, and provide a means to assess, expose and report on prospect and customer relationships and decision processes to better inform your organization’s strategy for sales, service and support, product development, and human resources.

It’s Like Gas in Your Tank 

In its most basic form, your organization’s internal and external sources of bias information are just data, like so much gasoline sloshing around in the tank, waiting to be consumed.  It now  needs a well tuned engine to maximize its potential.

Open questions: Is your outfit a data “gas guzzler” or a well tuned machine?  How do you and your organization mine and manage bias information to inform your product, sales, support and human resource planning?   How do you leverage systems effectively, and coordinate among multiple sources and inputs?   What are you doing to innovate your systems to capture bias related information to improve results?  Comment below using the handy Reply form.  I’ll aggregate and report.

~

Related articles
  • Better Understanding Complex Sales Situations (communiquepr.com)
  • The Role of Bias in Our Daily Lives (stoshwolfen.wordpress.com)
  • Reading right now: “The Myth of the Rational Voter: Why Democracies Choose Bad Policies.” (lawafterthebar.wordpress.com)
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January 7, 2010September 2, 2011account research, Bias, business development, data mining, demand management, inbound marketing, inside sales, lead generation, lead nurturing, sales 2.0Leave a comment

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