How to turn your sales playbook into a revenue machine that adds $Xm in new ARR per quarter
Dec 21, 2023
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Discussion on strategy gaps and growth of VFairs in the virtual event platform industry. Importance of data analysis and clear messaging in a sales playbook. Tactics and strategies for building trust and de-risking plans. Strategies for understanding customer reality, leveraging growth levers, and increasing ACV and close rates.
Analyzing data and identifying gaps in the sales playbook helps build trust with prospects and focus on objectives rather than pain points.
Aligning deal stages with the sales cycle, diving into close loss reasons, and implementing a sales methodology optimize the selling process and adjust messaging to resonate with prospects.
Deep dives
Analyzing Data and Identifying Gaps in the Playbook
The first step in re-imagining a sales playbook is to analyze data and identify gaps. This involves examining conversion rates at each stage of the funnel and understanding where breaks or aberrations in the conversion rates occur. Additionally, it is important to assess whether the company has product-market fit and if the messaging is aligned with the target audience's needs. The focus should be on identifying objectives rather than pain points and creating a business case based on those objectives. This helps build trust and credibility with prospects.
Optimizing the Selling Process and Implementing a Sales Methodology
To optimize the selling process, it is crucial to align deal stages with the reality of the field and ensure they accurately represent the sales cycle. By diving into close loss reasons, it becomes possible to gain qualitative data on why opportunities are lost. This information helps identify strategy gaps and adjust the messaging to better resonate with prospects. Implementing a sales methodology, even a simple one like BANT, provides a common framework and language for discussing deal risk with the sales team. Validating deals and stress-testing them against the sales methodology is also essential.
Driving Rep Performance and Repeatability
In order to drive rep performance, a full conversion analysis for each rep should be conducted. This includes measuring conversion rates for different activities like emails and calls. By providing reps with a roadmap and clear targets, they have a plan to follow even during challenging times. Rolling out a sales methodology, such as the Co-Impact framework, can engage critical thinking skills and help align conversations around objectives rather than pain points. Finally, establishing repeatability through onboarding processes and comprehensive internal documents ensures that the tactics and strategies developed can be scaled effectively.