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🎬 That’s a Series Wrap
March 14, 2024
Welcome back to The Weekly Pitch. Let's recap our 6-part series on creating a high-performing sales team in today's Feature Story.
Our Weekly Chart reminds us of a lesson learned the hard way from a deal lost from yesteryear.
In The Closer, a new report from Pavilion drops with many interesting data points. We share a few.
Gong published The Five Best Sales Insights from 2023 back in December. This chart caught our attention and reminded us of a deal mishap earlier in our career.
A prospect pushed back on price at the finish line. Instead of discounting, we mentioned a cheaper competitor for them to contact if cost was indeed the issue.
Weeks later, we discovered we lost the deal to this competitor. The lesson learned? As the Gong data shows, the outcome could have been different if we had mentioned this alternative solution earlier in the process.
Part 6: Building a High-Performance Sales Organization: A Series Recap
We went deep into building a high-performing sales organization over the last few weeks. This recap dishes out the highlights and summarizes the critical ingredients of any high-performing sales team.
Part 1: Building the Go-to-Market Foundations
Differentiate Beyond: Decide what our brand stands for. Craft a value proposition that is genuinely different from anyone else.
Narrowly Focus on Ideal Customers: Identify our most valuable customers (think top 20%) and target similar prospects when building an ICP.
Pick the Right Sales Motion: No matter if our sale is B2B, B2C, B2B2C, or DTC, there are several motions to evaluate. Consider our customer acquisition costs and lifetime value to guide us.
Select the Right Metrics to Measure GTM Success. Top-line numbers like revenue or new customers are apparent. Secondary measures like demos completed, pipeline generated, or win rates could be a better barometer of true momentum.
Part 2: The A to Z of New Business Sales
Reinvent the Discovery: Buyers know way more than ever before talking with a rep. Combine the "disco" with the product demo (and consider reducing sales stages) to accelerate sales cycles.
Distribute Precious Leads Wisely: Give our high performers the best leads. We're costing our company when we don't.
Set Realistic Quotas: Keep team morale high and reps engaged with attainable goals based on historical team performance and real-time data.
Part 3: The Power of Renewals
Seamless Renewal Process: Make renewals frictionless and predictable for a positive customer experience.
Onboarding with Purpose: Equip new customers with the resources they need to succeed from the very beginning.
Proactive Engagement: Maintain consistent communication and address customer concerns throughout their journey.
Accelerate Time-to-Value: Help customers realize the value of our product or service quickly.
Part 4: Supercharge Your NRR with Account Growth
Prioritize Accounts: Identify our highest-value accounts and tailor your approach accordingly.
Sell to Multiple Contacts: Build relationships with various stakeholders across the customer organization.
Pay for and Reward Account Growth: Motivate sales reps to focus on expansion opportunities through incentives and commissions.
Part 5: Cultivating a Winning Sales Culture
Engage Mid-Performers: Invest in their development and empower them to take ownership.
Recognize Non-Closing Activity: Acknowledge the hard work that goes into every stage of the sales process.
Positive Reinforcement: Replace fear-based tactics with constructive feedback and coaching opportunities.
Keep Reps Busy: Provide a steady stream of qualified leads and activities.
Competitive Compensation: Attract and retain top talent by offering competitive salaries and bonuses.
Remember:
Building a high-performing sales organization is an ongoing process. By implementing the strategies outlined in this guide, we can cultivate a winning team that drives consistent growth and contributes to long-term business success.
Adapt these strategies to our specific industry and business model.
Continuously measure and refine our approach based on data and results.
Foster a culture of learning and collaboration within our sales team.
By following these steps, we can create a sales organization that consistently delivers results and propels our business forward.
A Few Closing Stats
Pavilion dropped its 2024 B2B Sales Benchmarks report, which we'll dig deeper into and explore in a future issue.
But here's what grabbed our early attention:
Win rates drop by 77% when a close date moves more than three times
24% of all deals analyzed included a discount
When reps presented those discounts before late-stage negotiation, win rates dropped by 39%
Opportunities that skip a stage are 46% less likely to close
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