Cracking the C-Suite: Finding and Aligning with the Relevant Executive in 2010
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Stephen J. Bistritz, Ed.D. author of the new book “Selling to the C-Suite.” Steve shares strategies on how to map an organization to determine the formal and informal power. He is joined by Dan McDade, President of PointClear, who shares recent success stories on using Multi-touch, Multi-media, Multi-cycle campaigns that Multiply Results and gain access to high level executives.
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Cracking the C-Suite: Finding and Aligning with the Relevant Executive in 2010
- 1. Cracking the C-Suite: Finding and Aligning with the Relevant Executive in 2010
- 2. Moderator Andrew Gaffney Publisher DemandGen Report Presenters Dan McDade President PointClear Panelists Stephen J. Bistritz, Ed.D. President & Founder SellXL.com
- 3. Welcome Webinar Attendees Your GoToWebinar Attendee Viewer is made of 2 parts: 1. Viewer Window 2. Control Panel Type your question here
- 4. One of today’s webinar attendees will receive a copy of “Selling To The C-Suite” by Stephen J. Bistritz.
- 6. Executive Involvement in the Buying Cycle Executive Involvement Steps in the Buying Cycle 1 - Early 2 - Middle 3 - Late 4 – Nearly Equal in All Three Sections A When do you think they said they get involved in the buying process? Q Measure Results Plan Implemen-tation Examine Alternatives Set Vendor Criteria Explore Options Set Strategy Establish Objectives Understand Current Issues
- 7. Executive Involvement in the Buying Cycle Executive Involvement Steps in the Buying Cycle Measure Results Plan Implemen-tation Examine Alternatives Set Vendor Criteria Explore Options Set Strategy Establish Objectives Understand Current Issues
- 13. Four Approaches to Gaining Access Implement an overt approach via the telephone or using a phone call, preceded by a letter Overt Use a credible sponsor within the client’s organization to help secure access Sponsor Treat the gatekeeper (AA, secretary or the like) as a resource and use them to help secure access Gatekeeper Use a referral (someone outside the client’s organization), such as a consultant, business associate or friend Referral
- 15. Perception of Value 6% 6% Integrated Information Systems Commitment of Dedicated Personnel Deeper Insight into Product Plans Gain Competitive Advantage Sharing Price/Cost Risks Reduce Lead Time for Product Development Responses Loyalty Gap Expected Benefit 63% 47% 37% 33% 32% 28% Value Received 23% 28% 11% 11% A When you have formed “partnerships” with strategic suppliers, what benefits did you expect and what did you actually receive? Q
- 16. The Leads Are Weak!
- 18. Why There is a Problem Despite the time spent worrying, lead management is a business process that is broken in most companies: Pinpoint Target Market Craft Resonating Messages Engage Qualified Companies Turn Over Developed Opportunities Right Generate Large Quantity Of Leads Lower Cost- Per-Lead Turn Over Raw, Undifferentiated Leads Miss “ Camouflaged” Opportunities Real
- 19. Lack of Alignment What Sales Thinks Marketing Calls Leads What Marketing Thinks Sales Calls Leads
- 24. Moderator Andrew Gaffney Publisher DemandGen Report [email_address] Presenters Dan McDade President PointClear [email_address] Panelists – Contact Information Stephen J. Bistritz, Ed.D. President & Founder SellXL.com [email_address]
- 25. Thank you for attending today’s webinar.
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- I am sure many of you can relate to Jack Lemmon defending his sales performance to Alec Baldwin by saying: “The leads are weak”. What was funny in the movie, however, is not so funny in real life. Real dollars are being spent, and mostly lost, on lead generation programs that don’t work – and it is possible to turn wasted marketing investment into revenue. CSO Insights reported in 2008 that senior sales executives rate just 35% of leads as good or excellent while 65% are rated as average or poor. And, not surprisingly, only 26% of sales executives were satisfied with the quantity of leads they received.
- About 79% of leads are not followed up by sales. Most leads are viewed by sales as too low-level and they state that most of the leads they get are “not going to help tem make quota”. About 21% of “leads” attract sales’ attention. However, 70% of those are abandoned by sales for what Sirius Decisions ( a regarded analyst firm) calls non-intuitive reasons such as [quote] “I called them three times and they did not call back so they must not be interested… It can take 30 touches to find a prospect who is what is sometimes referred to as “marketing qualified”. It can take up to twelve attempts by sales to advance a lead to the next step in the process. Most sales reps won’t make twelve follow-up attempts and the result is that 80% of all technology buyers (as an example) state that when they have looked for a technology solution, they found the vendor, the vendor did not find them. There are three reasons why 90% of leads are wasted and why better lead follow-up and lead nurturing represents a tremendous opportunity: There is no agreement between marketing and sales about lead definition. There is no filter to focus sales on qualified opportunities There are no nurturing processes in place and qualified opportunities that are too far out to forecast are effectively ignored. According to Sirius Decisions, more than 90% of marketing budgets are spent on what they call “original demand” (hand raisers/leads) and virtually no money is spent managing longer sales cycles and the materials and process that are required for those longer cycles. The optimal spilt should be 70/30 or even 65/35. Aberdeen claims that the percent of leads not followed up by sales has dropped to 28% - don’t believe it.
- Most companies are misaligned when it comes to marketing and sales. I once had a boss who said: “if you have a business and you are the business then you don’t have a business”. He also said that there was always a right and a real solution to any problem. The real solution in many companies is [slide] 3. The right solution is accurate targeting, resonating messages, effective engagement of prospects and turning over real sales opportunities to sales AND allowing sales to return leads for reheating without penalty. .
- There is, in most companies, a gap between marketing and sales. Sales perceives that the leads they get are no better than a fishbowl full of business cards. Marketing complains that the only thing sales calls a lead is a signed contract (FedEx two copies and a pen so that I can go by on the way to the golf course and pick the signed deal up). Our recommendation is to fix the leaky bucket before trying to add more water. Companies that have joint planning between marketing and sales, close the loop on opportunities, measure ROI and analyze win-loss are 2 – 3 times more effective than those that don’t.
- If the gap is not fixed, marketing will focus on lead quantity. Sales will focus on revenue generation. Many department managers will tell you that targeting, lead definition, messaging, nurturing and tracking and measurement are all worked out, but rarely do both marketing and sales agree that everything is working. It will be difficult to make change work unilaterally if it is sponsored by marketing or sales without senior management support. If you have purview over the marketing and sales function you will need to drive changes in behavior that won’t happen without your direction and oversight. In fact, it will necessary for senior management to be involved to fix everything in the gap on this slide. B2B Magazine reported that close to 90% of companies do not get feedback from sales to measure ROI. That situation also creates lost opportunity when prospects that could be nurtured are lost in a sales pipeline that is not moving. To simplify what we have talked about so far, remember that as many as 90% of all opportunities generated are wasted for some reason. Think about the opportunity that creates – most of this waste can be recovered by good lead processes including nurturing.
- You close the gap by: Mutual agreement between marketing and sales about what a leads is. Segmentation of the market Multi-touch, multi-media, multi-cycle campaigns to multiply results Offers that resonate with the market and that are used at the right stage in the process. We will cover each of these actions briefly before turning things back over to Tim…
- What used to be called MAN or money, authority and need (mostly because it was politically incorrect) is now called BANT or budget, authority, need and timeframe. At the highest level, disqualifying on budget availability and a specific timeframe outside an arbitrary window is a mistake. Our most successful clients ignore budget and timeframe – but mostly because of the other information we gather during our discussion process with prospects. Note that we recommend going beyond targeted SIC, firmographics such as revenue and the identification of a decision maker. Additional critical qualifying criteria include environment information (technical or cultural), a compelling event, a vision of the impact of a solution and a sense for the political landscape regarding other stakeholders and their networks and the competitive landscape. Sales execs are so used to getting poor quality leads that they have given up on gettting anything other than the right person to talk to in many cases. However, only about 5% of these individuals are going to be in the market to take action immediately so much more work is required to make the investment of assigning a sales executive to an opportunity.