Five Secrets to Closing Seven Figure Deals

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Dave Elkington, AA-ISP April 2016

Five Secrets to Closing Seven Figure Deals

Gabe LarsenDirector Sales Acceleration Services

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Business Growth Index Sample Results

5m+ records analyzed500+ leaders surveyed

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CROCEOCMOCTO

76% of Business Leaders Predict Either Steady or Accelerated Growth - Business Growth Index - CFO

CROCEOCMOCTO

Who is the most difficult executive to deal with when you miss your number?CFO

CROCEOCMOCTO

Who is the most difficult executive to deal with when you miss your number?CFO58.8%--

Companies Are Going Whale HuntingMetric2015 (vs. 2014)Sales Cycle6.4% LongerClose Rate2.1% LowerDeal Size5.5% Larger

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Secret Number OnePractice Account-Based Sales

Engagio9

Secret Number TwoSolidify Your Tech Stack

How Do You Stack Up?Account ExecutiveClient SuccessSales MgmtSales OperationsSales Development

How Do You Stack Up?Account ExecutiveClient SuccessSales MgmtSales OperationsPresentationsPipeline ManagementQuote & ProposalContracting & E-SignatureForecasting

List ServicesData MgmtRoutingTerritory & Quota MgmtData Visualization

Onboarding & TrainingCompensation & IncentivesHiring & Recruiting

Campaign MgmtPrioritizationIntelligenceCommunicationRisk MgmtEducationAdvocacy

PrioritizationIntelligenceCommunicationMotivation Qualification

Sales Development

Sales Acceleration Technology Usage

Closing Deals: Top Tools

CROCEOCMOCTO

18.8% of Leaders Reported Predictive Technology Gave Them a Boost in Driving Larger DealsCFO

Secret Number ThreeManage Your Pipeline

ProbabilityProposalFinalistSelected

0%20%40%60%80%100%UpsideCommitWonPipelineCategoriesStagesClosedIdentifiedPlanningEstablishing a Foundation

Stage: the appropriate stage indicates where your opportunity is in the sales cycle by defining the outcomes and milestones for each stage.Probability: Indicates the likelihood an opportunity will close based on completed activity. Probability is automatically assigned based on stage.Categories: Indicates how an opportunity will be reflected in the pipeline. A default category will be assigned based on the stage, but can be overridden by the rep.

Understand your model transactional vs relationalDefine stages, milestones, and outcomesEnsure stages cover the entire funnelStages should be distinctMeasure drop-off in conversation rates

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Measure the Health of Your Pipeline

QualityBalanceVelocityQuantity

Use the following checklist to measure the health of your pipeline:Quantity Is the total quantity of your pipeline reasonable versus your quota? Does it meet the expected pipeline/quota ratio?Quality What percentage of your pipeline has a scheduled next event (SNE)? Are we working opportunities that will closeVelocity Are opportunities moving through the pipeline stages at a reasonable rate? What are your ratios?Balance Is there an even distribution of prospects in each stage?

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Secret Number ThreeEstablish a Management Cadence

TIMINGVPManagerRepAnnualBusiness/Territory PlanningSemi-AnnualPerformance Assessments (January & August)Competency AssessmentsQuarterlyBusiness Plan Review Focus Account ReviewsSales Rep Business Plan Review (include Target Account review)MonthlyMonthly Sales MeetingWeekly orBi-WeeklyIndividual and Team Coaching, Pipeline/Forecast, Opportunity & Account Strategies

Sales Management Cadence

Sales results review & recognitionWin Loss ReviewsDatto & partner updatesSpecific training (messaging, skills, product)Summarize key messages & actions

Pipeline DiscussionQuantity/Quality/Balance/VelocityForecastCommitted/ExpectedOpportunity progressTop opportunities Top account action plan progress

During the final week of the month, the weekly cadence converts to daily. Weekly*(Thurs - AM)Sales RolesWeekly*(Thurs - PM)Sales ManagersWeekly*(Fridays - AM)VP Weekly*(Fridays - PM)CEO

Manage Opportunities and Apply Forecast StandardsUpside and Commit PipelineReview Upside and Commit PipelineUpdate SFDCDevelop Action PlanRevise ForecastConduct Sales Manager Forecast MeetingConduct CEOForecast MeetingApply JudgmentRevised ForecastApply JudgmentRevised Forecast

Be aware of the top three challenges that typically impact accurate forecasts, and ensure that you coach your teams to overcome and avoid them.

Unqualified/Stalled OpportunitiesPipeline stuffingShifting quarter to quarter

Process DisciplineOffline spreadsheetsAdhering to forecast definitions

Cultural InhibitorsUnderforecasting SandbaggingOverforecasting Saving Face

Forecast Challenges

3123Forecast Cadence

Secret Number ThreeProvide Coaching

Training and Coaching

What do These Superstars Have in Common?

WeekTopicsWeek OneMetrics Day (analytical)Week TwoCase Study (practical)Week ThreeData and Research (theoretical) Week FourRole Play (developmental)Week FiveManager Huddle

7Monthly Skill Program

Steve FrameFacts 5-7 key performance indicators from last monthMeaning KPIs from the prior month Feelings 3:1 celebration of what I did well over what I want to improveAction: Range goals for the 5-7 KPIs for the coming monthUtilize account reviews that have been submitted and voted on by reps based on urgency and educational value. Use open-ended questions to dissect and diagnose how to improve 1-2 accounts.Follow systematic rotation of topics and natural laws that impact human interaction. Use this day to explain the science and how it supports your daily sales activities.Utilize your one-on-one coaching to get a pulse to get and understanding of what skills need the most work in your team. Break into groups of three and role play in 3-5 increments. Roles are: Rep, prospect, and judge.Manager collaboration around whats working best during their one on ones. Share success stories.

SummaryPractice Account-Based SalesSolidify your Sales StackManage Your PipelineEstablish a Management CadenceProvide Coaching

QUESTIONS?