Seven Steps to Getting Started with Sales Enablement
2 likes464 views
The document discusses how effective sales enablement alignments can drive revenue growth and improve overall efficiency between sales and marketing teams. It outlines the misalignments typically observed, their costs, and provides a seven-step guide for implementing a closed-loop sales enablement process to enhance collaboration, strategy alignment, and content performance. Additionally, it highlights the benefits of adopting a suitable sales enablement platform, such as Highspot, to measure and optimize success.
Seven Steps to Getting Started with Sales Enablement
- 1. Jeff Day VP of Marketing, Highspot How to Align Sales and Marketing Through Effective Sales Enablement
- 2. Alignment Drives Growth Increased Revenue Higher Quota Attainment Higher ASPs Faster Sales Cycles Higher Quality Content Increased ability to sell Less wasted time Increased Conversion Rates More relevant content Higher lead acceptance rate Marketing contribution to pipeline “Cross-functional alignment among sales, marketing and product organizations can help companies achieve up to 19 percent faster revenue growth – and 15 percent higher profitability.” – SiriusDecisions
- 3. Agenda • Where does misalignment come from? • Cost of misalignment • Quantified benefits of alignment • 7 Steps for implementing Sales Enablement • A closed-loop Sales Enablement solution
- 4. We Used to Fight About Leads “These leads suck!” “I get all my business from my own rolodex!” “Why can’t we give away a Harley at a Seahawks game?!” “Sales isn’t following up on the leads” “The good reps are crushing it on Mrktg leads.” “You couldn’t sell beef to a dog!”
- 5. Marketing Automation Fixed That A Closed-Loop System to Measure Performance Measure/ Analyze Plan/Adjust Execute Awareness Consideration Evaluation Purchase Measureperformanceofleads Modifystrategybasedon d ata
- 6. Now We Fight About Content “The content sucks!” “We need more” “It’s outdated” “I can’t find it!” “My content is a work of art!” “All we do is publish content” “Marketing knows better than sales” “Don’t change the content”
- 7. Poor Alignment Hurts Sales “B2B companies’ inability to align sales and marketing teams around the right processes and technologies has cost them upwards of 10% or more in revenue per year, or $100 million for a billion-dollar company.” – IDC
- 8. Most Content is Wasted Used 35% Not Found 28% Not Relevant 37% Best in class companies measure and optimize content performance SiriusDecisions 2014 study, “Cost of Content” 65% of content is wasted Eliminate waste in sales content by: 1. Ensuring Sales can find content 2. Creating relevant, effective content This requires closed-loop analytics
- 9. Cost of Content <$100M <$1B >$1B Size of Company $17.5M $9.3M $8.2M $5M $10M $15M $20M $6.8M $4M $10.8M $0.9M $175k$0.7M Overall Spend on Content Creation Internal Costs Agency Costs
- 10. “So What’s the Solution?”
- 11. Key Elements of Alignment 1. Common Goals 2. Agreement on Strategy & Plan 3. Regular & Constructive Communication 4. Objective Performance Metrics
- 12. Sales Enablement Sales Needs a Closed-Loop Process for Content
- 13. Closed-Loop Sales Enablement End-to-End and Closed-Loop Optimize the Pipeline Knowledge Transfer Pipeline Performance Analytics Marketing Sales Customer
- 14. Better Alignment Drives Growth “Cross-functional alignment among sales, marketing and product organizations can help companies achieve up to 19% faster revenue growth – and 15% higher profitability.” –SiriusDecisions
- 15. Aberdeen Study on Sales Enablement Best in Class companies that have Sales Enablement practices in place and good alignment between Sales and Marketing see: • 50% greater Quota attainment • 50% more reps achieving quota • 3x annual revenue growth • 8x improvement in Average Sales Cycle Drives Sales Growth Metrics Best in Class Average Laggards 120% 100% 80% 60% 40% 20% 0% 99% 61% 46% 75% 50% 27% Overall team quota attainment Reps achieving quota Revenue growth y/y Sales cycle time 15% 10% 5% -5% -10% -15% 13.1% 4.3% -.5% -3.3% -.4% 3.8%
- 16. 7 Steps to Implementing Sales Enablement
- 17. Leadership 1 Sponsor: • Has credentials to drive change • Can work cross functionally • Has Sales success in mind Driver: • Dedicate a team to Sales Enablement Stakeholders: • VP Marketing – Often holds the purse strings • VP Sales – Always has a veto vote Put the Right Leader in Charge
- 18. Kick-off a very overt communication that “mis-alignment” is not acceptable Requires public support from Marketing and Sales leadership Be very clear what tactical steps are being taken to align, and what behavior is not ok. Back it up. Follow through. Build a Culture of Alignment 2 Culture
- 19. Define Roles and Responsibilities Write down what is expected of all parties; Marketing, Sales and Sales Enablement Identify new processes Encourage flexibility and innovation as groups figure out best practices New Roles 3
- 20. Align on Incentives Establish common ‘SMART’ Goals Set metrics for each goal Align sales and marketing with real incentives on common goals If goals or incentives are off, teams will not be motivated in the same way. Incentives 4
- 21. Regular – set up weekly or monthly meetings Open – Meetings should be meaningful, constructive, based on data, and working towards the common goals Topics • Content quality • Content coverage • Mapping to buyer’s journey and needs • Content usage by sales teams • Content impact on stage conversion, sales Take a phased approach. Be realistic. Don’t try to boil the ocean on Day 1. Institute Reviews & Communication Open Communication 5
- 22. A Closed-loop Sales Enablement platform provides the system to plan, execute, measure and optimize Requires Sales Enablement analytics Content Mgmt and Customer Engagement • Quick access to all sales collateral • Efficient and effective pitching and email • Predictive Analytics and engagement alerts Implement a Closed-Loop Platform Technology 6
- 23. Content Performance • Coverage & freshness • Usage • Impact on Sales stage conversions • Impact on Revenue Customer Engagement • Opens, downloads, shares • Content by engagement Sales Enablement • % Content Used vs Wasted • Increase in Content Performance over time • Increase Sales over time • ROI on Sales Content Establish Performance Metrics Measure 7 “You can’t manage what you can’t measure.”
- 25. Highspot Sales Enablement Platform Sales Content Management Semantic Search Intelligent Recommendations Browsing and Filtering Sales Pitches Email Pitches Live Pitches Real-Time Alerts Marketing and Sales Analytics Content Performance Business Performance Pitch Performance Platform of Machine Learning with Content Genomics Measure/ Analyze Plan/Adjust Execute
- 26. The Highspot Difference Reps love us Flexible Organization Analytics Intelligence Matters Design Matters. If sales reps don’t use the platform, nothing else matters. Highspot has >90% monthly return usage rates across all customers. Reps love Highspot. Highspot re-architected content organization to break the failures of file-folder and tagging. Highspot is both flexible and scalable for global sales teams. Not just reports, but a full suite of deep-dive analytics to help you understand what works and root- cause what doesn’t. Machine learning, predictive analytics, and data science means search is better, content recommendations are accurate, and systems scale intelligently.
- 27. More Resources About Sales Enablement “The Definitive Guide to Sales Enablement” www.highspot.com/sales-enablement Best Practices and Getting Started Best Practices resources page www.highspot.com/articles/sales-enablement-best-practices About Highspot Resource Library www.highspot.com/library Live Demo www.highspot.com/request-demo
- 28. Thank You