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Featured Article
Rule #11
Create a Playbook
By Michael Griego
So now you're ready to document your sales process "playbook." A playbook is just as it sounds - it's a notated game plan of steps, actions and tools used to facilitate the execution of the sales process. In the previous two rules (Rule 9 and Rule 10) we've mapped the selling stages to the buying stages. In Figure 12 (see Appendix A), we've now filled out the specific actions and tools that management has deemed necessary for the salesperson to successfully navigate the sales cycle.
Every selling stage can be dissected into a bullet list of action steps, tactics or strategies. Additionally, spe- cific collateral documents, templates and sales tools come into play at various points along the process.
For instance, at Stage 1-Lead Generation, salespeople are tasked with following up leads inbound from marketing campaigns or websites, or initiating targeted contacts on their own. There is typically some live preliminary lead qualification beyond common lead scoring or form fields. A well-managed sales and marketing team will coordi- nate specifically what a rep should be doing and docu-ment those actions. These are grilled into the sales rep at sales meetings or training sessions. A playbook can be developed for different types of field reps (inside teams, outside direct, etc.) as well as for different product lines (upsell items, renewals, new business sales, etc.).
Read more...
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Sales Training Truth
It's our 10th Anniversary. MXL Partners has been providing sales consulting and sales training for companies for a decade. We've worked with sales reps and managers from over 150 companies in almost 200 engagements.
Over past years we've seen sales training change in the following ways:
- It's not about packaged sales training programs.
- It's all about custom-built and focused sales training.
- Experienced sales reps need and appreciate relevant training.
- Rookies need, want and seek practical and helpful training.
- Sales Managers want a return to strong sales fundamentals.
- Value Propositions are best as custom sales messaging built for specific target buyers.
- A well-defined, well-taught selling process drives best behaviors.
- Sales Management training is an effective and repeatable sales leadership/coaching system.
This SalesNote issue will focus on the truth about Sales Training. You may be surprised.
Do you have a clear and modern perspective on today's approach to sales training?_____________________________________________________ |
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Sales Training - the Spend
How much do companies spend on sales training per rep? According to CSO Insight's 2011 Sales Performance Optimization Report, the spending annually per sales rep is unchanged over the past 2 years. The breakdown of spending (and percentage of companies surveyed) is as follows:
- $0 (6%) - $1500-$2500 (22%)
- $1-$500 (19%) - $2500-$5500 (15%)
- $500-$1500 (32%) - $5000+ (7%)
These spending ranges are consistent in our experience at MXL. The variation is dependent on the amount of sales training customization.
How much do you invest annually in sales training per sales rep? |
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Sales Training - the Return on Investment
Does spending more money on sales training yield a greater return on this investment? Great question. It appears that it does. Results from the 2011 CSO Insights report reveal the following:
| Spending Per | Forecasted Deals | | | Rep/Annually | Wins | Lost | No Decision | | A | $0-$500 | 40% | 30% | 30% | | B | $500-$2500 | 48% |
30% |
22% | | C | $5000 + |
52% |
28% |
20% |
Do the math. For example, if a sales rep has 10 Forecasted Deals per quarter and the average deal size is $50,000, then annually:
- Rep for Company A closes $800,000
- Rep for Company B closes $960,000
- Rep for Company C closes $1,040,000
That's quite a swing difference between A and C ($240,000); a pretty good return on a $5000 investment. This study shows also that 67% of the reps make quota in those firms spending greater than $5000 per rep vs 48% for those with zero investment in sales training. Consider the implications across an entire sales organization.
Are you investing wisely in sales training? (read more...)
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Sales Training - Satisfaction and Stickiness
Yes, sales training can be made to sustain effectiveness over time. How do managers institutionalize sales training best-practices? They key is to have it baked into your defined sales process.
For the 14% of companies who rated their sales training satisfaction at the level Exceeding Expectations, almost 60% of them had over 75% of their reps consistently using and marching to a disciplined sales process. Those companies rating their training satisfaction at the level Needs Improvement had just over 40% of their reps consistently using a formal or dynamic sales process.
No matter how good the sales training, the organization has to use it in order to be successful. Sales training without a coherent and proactive link to a disciplined sales process is of little lasting use.
Does your sales training have staying power? |
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Quotation about Sales Training
"The better I get, the more I realize how much better I can get." - Tennis Champion, Martina Navratilova
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