Generate More Revenue By Asking the Right Questions: Part Two

 

Posted By Qvidian | Dec 05, 2012

 

Last week we [posed a few questions](/blog/generate-more-revenue-asking-right-questions) in anticipation of a webinar, *Aligning Sales & Marketing to Generate Revenue: How “Best-in-Class” Companies Use Sales Playbooks to Increase Deal Size & Win More Business*, with Peter Ostrow, Vice President and Group Director, Aberdeen Group and Gerard Sample, Sr. Director of Sales Enablement, CA Technologies. This week we have some answers! Who’s more in touch with the other’s goals—sales or marketing? According to Peter Ostrow it depends. In ‘best-in-class companies’ participating in his research initiative, their respective sales and marketing organizations understand each other’s goals, capabilities, and performance measurements as well as their common goals. He noted that [sales playbooks](/sales-playbooks) is one of the few technologies he covers where the idea behind the technology is for sales and marketing to align themselves and work more collaboratively toward common goals. Are you ‘best-in-class’ or a ‘laggard’ for meeting your annual quotas? “Best in class” have a few common characteristics when it comes to meeting their annual quotas, according to Aberdeen’s research. If your organization is ‘best-in’- class’ it has the following:

  • Centralized repository for sales proposals or contracts
  • Mutually agreed upon sales and marketing performance analytics metrics—which are reviewed on a regular basis
  • Executive level sponsorship for initiatives aimed at shortening the sales cycle. In other words you have buy -in from the top to adopt new sales enablement technologies and to support initiatives such as the centralized repository mentioned above.
  • The ability to replicate “A” players/sellers by identifying and sharing their winning documentation and selling best-practices

Why do 28% more reps hit their numbers using Sales Playbooks? Aberdeen’s research found a dramatic increase in reps hitting their numbers when they utilized sales playbooks. Sales playbooks provide sellers with faster access to not only the most relevant sales tools and marketing content but also the content that has been used in winning deals. The ability to quickly find what you need is critical as typically 15 or more different internal & external data sources are used to close any given deal. Playbooks user, Gerard Sample, Sr. Dir. of Sales Enablement at CA Technologies’ noted that his sales team’s average deal size is 2.5x higher when using sales playbooks, and that in all closed-won deals over 6 quarter’s time, 85% leveraged a sales playbook. In contrast, those sales reps not using sales playbooks consistently, 75% of deals lost failed to comply with playbooks approach. Wow, these are some truly compelling stats from a recent deployment of sales playbooks. Does a central repository for sales proposals and contracts impact revenue? Absolutely! “Every sales situation is sort of like a journey. It is very important to take the right path when we are selling. The idea behinds sales enablement and sales playbooks is to utilize technology enablers and best practices to make sure we are using our time—the most valuable asset any sellers has—as effectively as possible,” said Peter Ostrow. Peter confirmed what we all know—there is great tribal knowledge inside organizations—and it’s this knowledge that must be leveraged throughout the selling process. What his research concluded however, is the most successful sales team ensure this knowledge is accessible to sellers throughout the sales process and that they have a process in place to continually measure its effectiveness. Being able to quickly and easily access ‘tribal knowledge’ helps to shrink the sales cycle. If you can shorten the cycle by just a few percentage points you are able to spend more time selling. The highest performing sales reps, the “A” players referenced above have a 9% shorter sales cycle (3.6 vs. 3.9 months) according to Aberdeen’s research. In summary, the power of last week’s webinar was that it combined great research and insights from a leading research firm, Aberdeen Group, with real-world results from a “Best-in-Class” sales organization at CA Technologies. If you didn’t have a chance to listen in to the webinar (or want to listen again), you can do so here: ‘Aligning Sales & Marketing to Generate Revenue: How “Best-in-Class” Companies Use Sales Playbooks to Increase Deal Size & Win More Business.’ Generate More Revenue By Asking the Right Questions

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