Teri Long, VP of Global Revenue Enablement at Mindtickle, Jeff Winters, CRO of Abstrakt Marketing Group, and Haris Halkic, Founder of SalesDaily.co, share their sales expertise. They discuss the alarming low win rates in SaaS and the impact of competition and buyer perception on sales strategies. The conversation emphasizes the need for genuine human connections amidst digital selling, along with the importance of coaching and understanding sales DNA to enhance performance. Insightful lessons from old-school sellers and poker strategies are also highlighted as keys to success.
Current win rates in the SaaS sector are distressingly low, yet industry professionals appear unconcerned due to insufficient data insights.
Effective coaching is vital for enhancing sales performance, but many organizations fail to prioritize the development of managerial coaching skills.
Deep dives
Core Competencies in Sales Roles
Establishing an ideal representative profile involves identifying key competencies relevant to each sales role. About 75% of these competencies tend to remain consistent across various positions, highlighting fundamental skills necessary for success. The intriguing aspect lies in the remaining 25%, which differentiates sales representatives within the same organization, such as their unique strengths and motivators. Understanding these nuances allows leaders to harness individual strengths and tailor coaching approaches that foster development and enhance performance.
Concerns About Low Win Rates
Current win rates in the SaaS and B2B sectors are alarmingly low, often hovering around 14% to 20%. Despite the statistical evidence being a cause for concern, many industry professionals do not seem particularly alarmed. This indifference may stem from a lack of comprehensive data and insights on sales activities, making it difficult for leadership to identify actionable changes. The inability to access solid data to drive decision-making highlights a significant challenge in improving these critical win rates.
The Importance of Coaching in Sales
Effective coaching is recognized as a crucial element in enhancing sales performance and boosting win rates. However, many organizations still struggle to prioritize consistent and skilled coaching practices among frontline managers. A lack of focus on developing the coaching capabilities of managers can lead to missed opportunities in addressing the specific needs of sales representatives. Implementing a culture of mandatory coaching, supported by leadership, could significantly impact the overall effectiveness of sales teams.
Navigating the Evolving Sales Landscape
The sales landscape has dramatically evolved, particularly in the wake of the COVID-19 pandemic, necessitating a shift in how sales enablement is approached. New sellers must adapt to digital engagement methods that differ from traditional, face-to-face interactions, often lacking the experiential knowledge that seasoned professionals possess. Managers need to support their teams in developing crucial skills for navigating this increasingly complex virtual environment. Building situational awareness and encouraging intellectual curiosity among sellers are essential for successful interactions with buyers in a crowded market.
Today Andy is joined by a panel of sales veterans, including Teri Long, VP Global Revenue Enablement at Mindtickle, Jeff Winters, CRO of Abstrakt Marketing Group, and Haris Halkic, Founder of SalesDaily.co. Andy leads off wondering why people in SaaS sales aren't more freaked out about win rates in the high teens. The group explores the crowded nature of the sales market, an influx of VC money, and other external and technological changes that may contribute to this issue. They also discuss the importance of personalized instruction, how sales enablement can improve seller performance, the need for training in human skills and understanding buyer behavior by possibly taking some lessons from old-school sellers, while highlighting the vital role of sales managers in providing impactful coaching.
Host Andy Paul is the expert on modern B2B selling and author of three best-selling, award-winning sales books, including his latest Sell Without Selling Out. Visit andypaul.com to subscribe to his newsletter for even more strategies and tips to accelerate your win rate.
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