Having moved from the Telecom Industry to Software, CRM was an epiphany of what Sales and Reporting could be like in the promised land! How can anyone work, thrive or be successful without CRM!
I came across some stats on CRM adoption by the Sales Lead Management Association (www.salesleadmgmtassn.com) and was surprised and not surprised by the results:
Their 2nd annual Sales Lead Management Study, conducted with 144 businesses in Southern California, revealed the following results:
68.8% don’t qualify leads before sending them to their sales teams
52.4% have no formal process for compiling sales forecast reports
82.8% don’t track ROI for lead generation investments
55% rated low satisfaction with their SFA/CRM system, at 5 or less on a 10-point scale
52.1% use no SFA/CRM system to track the lead process
Prior to joining NetSuite, I had the pleasure of working for mid size companies and most recently a start up. We used Outlook for Sales Force Automation, and with the consistent turn over in our Direct Sales Force, leads would be lost with every rep turn over. We must have misplaced thousands of leads and lost millions of dollars in unrealized revenue.
When the start up I worked for was going through the due diligence of being aquired, there was no doubt in my mind that not having a CRM cost them millions as well. Without CRM, they had excel spread sheets of corrupted prospecting data that took the reps and the Managers hours (more like days) to compile.
My old company not only lost leads every day but also in the lost multiples they would have received when the business was sold.
CRM is not only a day to day must have but also an exit plan! No matter what your exit plan is: go public, buy out, merger....
I have to put a plug in here for NetSuite. I bet if you surveyed every current and past employee, all of them would tell you what an unbelievable product NetSuite is. The reason is because we all use it all day, every day and I am Wowed consistently.
Whether you choose NetSuite or another CRM solution, do your company a favour, buy it, use it, spend the money and have it implemented properly and force your employees to adopt it. Without a corporate culture of CRM adoption, your results will be less than stellar.
Honestly, how can any company survive without CRM?
Susan Corcoran
Sunday, April 20, 2008
Thursday, March 13, 2008
Interviewing: Tips on how to Seperate the "Sayres" from the "Doers"
Interviewing and hiring Sales people is a difficult role. How do you separate the people who tell you they have sold many successful deals from the people who actually do?
I have taken a few seminars on Interviewing and what strikes me as amazing is the infinite amount of articles on interviewees tips however there is very little information on how Managers can overcome the fictional lives of sales people to get into the facts.
The answer: Deep continuous probing into the details......
What do I mean? The trick is to isolate a few key sales successes and dig!
What were the 3 most successful sales opportunities that they closed?
Let them pick what in their mind was a reflection of their skills and by asking for 3 stories, allows us as Mangers to pick the one we want to focus on or allows us to change direction and dig into another example.
How did they enter the opportunity?
We want to understand how the lead came to them? Did they cold call? Internet lead? Referral? Existing Customer? and then we can ascertain if they are truly a hunter or a farmer.Will their skills match what you are looking for?
Who participated in the Sales Cycle?
We want to know if they are part of a team selling process, if they controlled the process or were along for the ride, and if they negotiated the end deal. Can they manage the sales cycle through every step or did someone else assist?
What types of activities in the sales process are the tipping point for a lead to become a sale?
The reality of sales is that there is no substitute for activity. Is it demo's? Meetings? Executive Sponsorship? what is activity that moves the probability up to a close? By understanding what this is and how often it has to happen then we can forward or reverse engineer how much activity they are actually doing.
What was their favourite part about working for their last employer? What would they change at their last employer?
Used to determine cultural fit and attitude.
Do they keep in touch with any of their old Managers?
This is to understand if they left on good terms, if they had issues with managers and their ability to respond to guidance. Really, it is a CLM (Career Limiting Move) to not keep in touch with your old employers.
Lastly, watch for the obvious closing questions but more importantly, you as the buyer (or Hiring Authority) - did they qualify your buying criteria? How do they know what you are looking for? Here say? Speculation? If they do not ask you what your buying criteria is, will they ask a prospect or leave it to chance.
To summarize, it is important to continue the questioning to uncover the truth.
Wishing you good luck and successful hiring!
I have taken a few seminars on Interviewing and what strikes me as amazing is the infinite amount of articles on interviewees tips however there is very little information on how Managers can overcome the fictional lives of sales people to get into the facts.
The answer: Deep continuous probing into the details......
What do I mean? The trick is to isolate a few key sales successes and dig!
What were the 3 most successful sales opportunities that they closed?
Let them pick what in their mind was a reflection of their skills and by asking for 3 stories, allows us as Mangers to pick the one we want to focus on or allows us to change direction and dig into another example.
How did they enter the opportunity?
We want to understand how the lead came to them? Did they cold call? Internet lead? Referral? Existing Customer? and then we can ascertain if they are truly a hunter or a farmer.Will their skills match what you are looking for?
Who participated in the Sales Cycle?
We want to know if they are part of a team selling process, if they controlled the process or were along for the ride, and if they negotiated the end deal. Can they manage the sales cycle through every step or did someone else assist?
What types of activities in the sales process are the tipping point for a lead to become a sale?
The reality of sales is that there is no substitute for activity. Is it demo's? Meetings? Executive Sponsorship? what is activity that moves the probability up to a close? By understanding what this is and how often it has to happen then we can forward or reverse engineer how much activity they are actually doing.
What was their favourite part about working for their last employer? What would they change at their last employer?
Used to determine cultural fit and attitude.
Do they keep in touch with any of their old Managers?
This is to understand if they left on good terms, if they had issues with managers and their ability to respond to guidance. Really, it is a CLM (Career Limiting Move) to not keep in touch with your old employers.
Lastly, watch for the obvious closing questions but more importantly, you as the buyer (or Hiring Authority) - did they qualify your buying criteria? How do they know what you are looking for? Here say? Speculation? If they do not ask you what your buying criteria is, will they ask a prospect or leave it to chance.
To summarize, it is important to continue the questioning to uncover the truth.
Wishing you good luck and successful hiring!
Thursday, February 28, 2008
NetSuite at the National Collegiate Sales Competition
I am thrilled to be an ambassador for NetSuite at the National Collegiate Sales Competition at Kennesaw University in Georgia!
This is a unique opportunity for College/University students to demonstrate their sales skills to some of the most dynamic and exciting employers in North America!
Here is the skinny:
The 10th annual NCSC will take place March 14 and 15, 2008 at Kennesaw State University near Atlanta, Georgia.
The goal of the NCSC is to be a positive and educational experience for all participants. Corporate sponsors have the opportunity to observe, interact with and recruit the top undergraduate sales students in the country and the NCSC provides student participants a venue to compete with their peers from other schools as well as to demonstrate their sales skills to our corporate partners. In addition, the top sales professors from across the U.S., Canada and Mexico have an opportunity to exchange ideas with their peers and the business community.
The 2008 Competition will be a valuable experience to more than 30 of the most elite university sales programs from across North America.
The National Collegiate Sale Competition web site is www.ncsc-ksu.org
For those who are participating in the program, please pop by and introduce yourself to me at any of the National Collegiate Sales Competition events and I look forward to meeting you!
Susan Corcoran
This is a unique opportunity for College/University students to demonstrate their sales skills to some of the most dynamic and exciting employers in North America!
Here is the skinny:
The 10th annual NCSC will take place March 14 and 15, 2008 at Kennesaw State University near Atlanta, Georgia.
The goal of the NCSC is to be a positive and educational experience for all participants. Corporate sponsors have the opportunity to observe, interact with and recruit the top undergraduate sales students in the country and the NCSC provides student participants a venue to compete with their peers from other schools as well as to demonstrate their sales skills to our corporate partners. In addition, the top sales professors from across the U.S., Canada and Mexico have an opportunity to exchange ideas with their peers and the business community.
The 2008 Competition will be a valuable experience to more than 30 of the most elite university sales programs from across North America.
The National Collegiate Sale Competition web site is www.ncsc-ksu.org
For those who are participating in the program, please pop by and introduce yourself to me at any of the National Collegiate Sales Competition events and I look forward to meeting you!
Susan Corcoran
Saturday, January 5, 2008
SELLING - A New Year and Back to Basics
If anything, the new year is a time to get back to basics: eating better, exercising and for sales professionals, getting back to the core foundation of sales:
Demand Planning
(Verticals, Territories, revitalizing old leads, etc)
Reverse engineer how much money you want to make (or what your quota is) and then determine how many deals you need at what revenue value. What is your lead to customer conversation rate? How many leads to you need to get to your end goal?
Demand Generation
(Cold Calling, Partners, Drip Marketing)
This is all about filling your pipeline. Where are your leads coming from? What is your strategy to stimulate interest about your product or service. How much is reactive and how much time do you need to spend proactively prospecting?
Qualifying
(Points of Pain, Fit of the product/service )
What is the compelling event driving the buying process? If there is one or more points of pain, who owns them? Is there a good match between your product/service and the requirement the prospect has?
Discovery
(Buying Criteria, Buying Influencers)
What is the procurement process? Who are the decision makers/Buying Influencers? Legal Process? Potential for Delays? Who has Veto power? the Biggest question is WHAT IS THEIR BUYING CRITERIA?
Proof of Concept
(Presenting the Solution, Building Value)
It is important to match business pains with solutions, plant FUD (Fear/Doubt/Uncertainty) about the competition. Be the trusted advisor and assist the prospect in making an educated decision. This may be a good time to bring in other resources from your side (Sales Engineer, Manager, Support Manager, Technology Specialist) to shore up your credibility
Negotiations
If you built value through the previous steps, negotiations should be smooth. No objections (hopefully)! Remember, by this stage both you and the prospect want this deal to go through. There are so many negotiating techniques but in my mind, the most valuable negotiation for a sales professional is always asking for something in return. If a prospect asks you for a discount, ask them for a referral. If they want something for free, ask them to sign for longer, there is no such thing as something for nothing!
In the hectic world of sales, it is important to celebrate your successes! When you close a deal, savour the moment, remember how it feels and use that to fuel future success.
All of us that are in sales love the thrill of the game and the "high" of the close. It's all about the juice!
Happy 2008 and wishing you successful selling!
Susan Corcoran
Demand Planning
(Verticals, Territories, revitalizing old leads, etc)
Reverse engineer how much money you want to make (or what your quota is) and then determine how many deals you need at what revenue value. What is your lead to customer conversation rate? How many leads to you need to get to your end goal?
Demand Generation
(Cold Calling, Partners, Drip Marketing)
This is all about filling your pipeline. Where are your leads coming from? What is your strategy to stimulate interest about your product or service. How much is reactive and how much time do you need to spend proactively prospecting?
Qualifying
(Points of Pain, Fit of the product/service )
What is the compelling event driving the buying process? If there is one or more points of pain, who owns them? Is there a good match between your product/service and the requirement the prospect has?
Discovery
(Buying Criteria, Buying Influencers)
What is the procurement process? Who are the decision makers/Buying Influencers? Legal Process? Potential for Delays? Who has Veto power? the Biggest question is WHAT IS THEIR BUYING CRITERIA?
Proof of Concept
(Presenting the Solution, Building Value)
It is important to match business pains with solutions, plant FUD (Fear/Doubt/Uncertainty) about the competition. Be the trusted advisor and assist the prospect in making an educated decision. This may be a good time to bring in other resources from your side (Sales Engineer, Manager, Support Manager, Technology Specialist) to shore up your credibility
Negotiations
If you built value through the previous steps, negotiations should be smooth. No objections (hopefully)! Remember, by this stage both you and the prospect want this deal to go through. There are so many negotiating techniques but in my mind, the most valuable negotiation for a sales professional is always asking for something in return. If a prospect asks you for a discount, ask them for a referral. If they want something for free, ask them to sign for longer, there is no such thing as something for nothing!
In the hectic world of sales, it is important to celebrate your successes! When you close a deal, savour the moment, remember how it feels and use that to fuel future success.
All of us that are in sales love the thrill of the game and the "high" of the close. It's all about the juice!
Happy 2008 and wishing you successful selling!
Susan Corcoran
Wednesday, November 7, 2007
Buying Influencers
Buying Influencers
The premise is that there are no “Decision Makers” but 4 types of Buying Influencers
1. Economic Buying Influencer
• The Economic Buying Influencer is the person who has authority to release the funds
• This person has “Veto” power with the final approval to buy
• They are often hidden and may not be included in discussions. They may not even know about vendors that are being evaluated
Do you know who this person is? Make sure they know you!
2. User Buying Influencers
• This person or people, make judgements about the impact of your solution on their job performance
• This is a personal decision since as a user, they will live daily with your solution as well as any perceived pain or upside
• They may represent a department or specific group such as Finance, Call Centre, Sales, Marketing etc
• Depending on the organization, they may have Veto power
Do you know who all the User Buying Influencers are? What are their objections?
3. Technical Buying Influence
• These are the Gate Keepers
• They have the ability to say “No” based on specs and/or Technicalities
• They can Veto the buying process based on interoperability, work load, or other factors.
It is important to include the IT folks. Excluding them may cause a significant risk to closing the deal. Match their specifications to their area of expertise. Find the personal upside for them
4. Coach(es)
• To act as a guide through the sales process
• They may be internal or external to the Prospect and/or opportunity
• They provide and interpret data
Develop at least one coach in every opportunity
The premise is that there are no “Decision Makers” but 4 types of Buying Influencers
1. Economic Buying Influencer
• The Economic Buying Influencer is the person who has authority to release the funds
• This person has “Veto” power with the final approval to buy
• They are often hidden and may not be included in discussions. They may not even know about vendors that are being evaluated
Do you know who this person is? Make sure they know you!
2. User Buying Influencers
• This person or people, make judgements about the impact of your solution on their job performance
• This is a personal decision since as a user, they will live daily with your solution as well as any perceived pain or upside
• They may represent a department or specific group such as Finance, Call Centre, Sales, Marketing etc
• Depending on the organization, they may have Veto power
Do you know who all the User Buying Influencers are? What are their objections?
3. Technical Buying Influence
• These are the Gate Keepers
• They have the ability to say “No” based on specs and/or Technicalities
• They can Veto the buying process based on interoperability, work load, or other factors.
It is important to include the IT folks. Excluding them may cause a significant risk to closing the deal. Match their specifications to their area of expertise. Find the personal upside for them
4. Coach(es)
• To act as a guide through the sales process
• They may be internal or external to the Prospect and/or opportunity
• They provide and interpret data
Develop at least one coach in every opportunity
Thursday, September 27, 2007
Motivation
"People often say that motivation doesn't last. Well,neither does bathing - that's why we recommend it daily."- Zig Ziglar (www.ziglar.com)
AMEN!
AMEN!
Wednesday, September 12, 2007
RunningMap.com
This has nothing to do with business but as someone who loves running, I found this site to be OUTSTANDING!
www.runningmap.com uses Yahoo maps to calculate running distances. If you run outdoors, this site will be invaluable!
Happy Running!
Susan Corcoran
www.runningmap.com uses Yahoo maps to calculate running distances. If you run outdoors, this site will be invaluable!
Happy Running!
Susan Corcoran
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