Sales Process White Paper - Cappco Partners
Sales ProcessWhite PaperThe objective of this white paper is toexplain the value of implementing andmanaging consistent sales processes.The data included in the white paperhas been taken from a variety ofsources including Accenture, Gartner,Miller Heiman, IBM and publiclyavailable information and statistics.
SALES PROCESS VALUEOur research has shown that CEOs with little direct sales knowledge and experience believe in a variety of salesmyths and as a result fail to deliver consistent revenue growth and accurate forecasting for their investors.According to the BVCA, approximately 75% of UK CEOs have either a financial or product background and thesame research showed that 82% of UK based private equity investments fail to meet their organic growth targets.Therefore there is a correlation between the lack of growth and the lack of sales experience with certain CEOs.This inexperience manifests itself in their belief in the main myths about sales processes which are:Myth 1 - Companies buy from salespeople wherethey have the best personal relationships.Myth 3 - Process is bureaucratic and slows growth.“Implementing and managing a structuredframework had no negative effects on morale orperformance. However when top managementwere not involved or consistently did not measurethe process, morale and performance declined”.This leads us to believe that the issue is not theprocess but the management skills, leadershipqualities and experience of sales management.Our research has shown that while companies valuegood personal relationships they put more value inthe company’s ability to deliver the solution and themeasurable value they receive. Decisions tend tobe made by numerous people in the organisation.“In a typical firm with between 100 and 500employees, an average of 7 people are involvedwith the buying process”. Therefore one-to-onerelationships rarely influence a successful sales.Myth 4 - Sales Process is too rigid and inflexible.According to salesforce.com - “The implementationof consistent sales process, if they are based on thecompanies experience in winning deals, increases winrates by at least 25%”. This demonstrates that eachcompany needs to create a process based on theirspecific market and competition and not to try toimplement another companies process. Sales processmust constantly evolve to react to the competition andchanges in buying behaviour of their target markets.Myth 2 - Salespeople hate process.Research conducted by Accenture has shown “thatapproximately 40% of salespeople achieved their quota,however 92% of salespeople who follow consistentprocesses achieve their quotas”. This would lead usto believe that under-performing salespeople do notlike to follow a sales process while successful salespeople embrace and follow consistent sales processes.The Gartner Group defines a sales process as linking together the “Critical steps in selling,to provide the common framework, vocabulary and metrics for how sales organizationsreview and analyse territories, accounts, opportunities, individuals and sales cycles.”Sales ProcessWhite Paper1
SALES PROCESS BACKGROUNDAccording to the Accenture analysis included in the 2012 Sales Performance Optimization Study sponsored withCSO Insights, in the last three years, between 36 to 47 percent of sales representatives have failed to reach theirannual sales quota numbers. Whereas, 92 percent of representatives who consistently used a sales methodologyachieved their quota.Many companies have informal sales processes,and others go through the exercise of documentingit, but not executing against it. The critical issueis whether or not the majority of the sales forceis executing best practices consistently.Our research has shown that there are 3 main reasonswhy companies implement a consistent sales process.They are:As most people attest to, selling is both art andscience. Some people believe that top performershave an innate ability and execute intuitively andmost sales people instinctively dislike structure andprocess. Our experience and research validates thattop performers do follow a road map, a blueprintfor success, and execute a repeatable process andmethodology, often times at an unconscious level. Ensure the pipeline and forecast is accurate Create best practices so all salespeople canunderstand the best tactics to win deals Increase internal efficiencies through more accuratecommunication from sales with regards to products,services and client and competitor behaviourGartner Group research revealed that only 35%of Senior Sales Executives had instituted a formalenterprise-wide sales process. According to “SalesPerformance Optimisation Study” CSO Insights Feb2014, “Of companies who have no sales process62 percent stated their forecasts were incorrect”.This correlation demonstrates that without aconsistent sales process, sales pipelines andforecasts will not be accurate across the company.At an organizational level, structure and process arenecessary to implement a successful growth strategy,replicate success and to scale the business. Oneapproach is to take what’s often an unconscious processand make it conscious, repeatable and replicable.According to research conducted by the BVCA “the biggestissue which caused investors to change their termsduring a deal were inaccurate pipelines and forecasts”Sales ProcessWhite Paper2
WHAT IS A SALES PROCESS?The Gartner Group defines a sales process as the “Critical steps in selling linked together . [to] . provide thecommon framework, vocabulary and metrics for how sales organizations review and analyse territories, accounts,opportunities, individuals and sales cycles.”Key sales process objectives include:The sales process is a framework or model thathelps to improve pipeline visibility, to drive salesexecution, to improve performance, and is thefoundation for instilling selling discipline. If thesales process is aligned with the customer’s buyingprocess and is integrated appropriately with salesmethodologies and technologies, and reinforcedby management, the process acts as the guidingframework to convert strategy into revenue, in apredictable, consistent and sustainable manner. Standardized sales stage definitions (e.g. interest toclose). These stage definitions categorize all prospectsand opportunities in a common and consistentmanner. For example, a qualified opportunity meansthe same thing across the entire organization Standardized pipeline management and salescycle progression, supported by customerevidence and the customer’s buying process Integration of best practice sales methodologiesand activities, which drive the execution necessaryto achieve the sales stage milestones andquickly progress through the sales processBenefits and payoff to implementing asales process based on best practices: Improved sales pipeline, visibilityand forecast accuracy Clearly defined roles and responsibilities for executingagainst the best practice activities and the process The ability to replicate and scale bestpractices across the organization Alignment of the sales tools/aides, skills andsystems necessary to support the high leverageactivities and execution at each stage Improved communication, cooperation,coordination, and resource allocation Improve forecast accuracy by defining theguidelines based on not only where the salesperson is in the sales cycle, but also how they arepositioned or advantaged versus the competition Improved win rates and sales velocity Lower cost of sales New hire training ramp up time and anaccelerated ROI payback period Clear and prioritized leading and laggingperformance metrics that can be coached andreinforced by the sales management process Up to 40% increase in salesproductivity and effectivenessSales ProcessWhite Paper3
IS YOUR SALES PROCESS GOOD ENOUGH?In a nutshell, sales process breakdowns or problemshave symptoms. It is not difficult to tell that thereis a breakdown by observing, and assessing acompany’s current situation. For example, some ofthe symptoms of a sales process breakdown include:10. Cost of sales is difficult to track and manage1. Forecast accuracy is poor and off-the-mark 40% responded, “Our sales people do notfollow our defined sales process”In an Accenture/Economist Intelligence Unitsurvey, Senior Sales Executives who hadimplemented a structured sales methodologyresponded in the following way:2. Pipeline visibility is cloudy and speculative3. Inability to pro-actively pin-pointbottlenecks and barriers to success 44% responded, “Our people sell products(features and functions) not solutions (valueand return on investment) to our customers”4. Sales performance is inconsistent andunpredictable throughout the sales force 43% responded, “Our sales managers donot leverage (new) sales processes andtools for managing their teams”5. Win rates are declining6. Longer sales cycles than forecast or anticipated7. Coaching around sales opportunitiesis ambiguous and generalSome of the biggest drags on execution thatwe’ve seen with our customers are:8. Inability to quickly leverage and replicatesuccess across the organization The lack of integration between various processesthat link to, and enable, the sales process (e.g.,forecasting), including sales methodologies,selling skills and sales tools or aides.9. Ramp-up time for new sales peopleis long and frustrating The lack of clear roles and responsibilities definitions,including sales overlays (e.g., product, solutionstechnical, vertical), executives and sales support.EXCUSES - THEY ARE FOR PEOPLEWHO DON’T WANT IT BAD ENOUGH The sales management process is often not alignedto reinforce the sales process, key metrics (leadingand lagging), or collaborative behaviours (e.g., teamselling), and does not act as the framework to proactively coach and improve performance in real time. We are too busy Our market is different and uniqueso this does not apply We already have a sales processbut it is just not written down We are not in bad shape so why change We are hiring a new sales managerand he will sort this outSales ProcessWhite Paper Sales process implementations are only successfulwith the full support of senior management andthe sales activities are measured and managed.4
HOW DO YOU IMPLEMENT CHANGE?Implementing any new process should be completed through a structured methodology which has been triedand tested and has clear and measurable results. It is crucial that the change process is effective quickly and costeffectively. For example, The CappcoPartners methodology has the potential to be successfully implementedwithin 1 and 3 weeks depending on the size of the company. The key stages in a sales process implementation are:1. Assessment - Current Situation3. Process CreationGrowth Assessment Model - a Scorecard approachto measure the strengths and weakness of thecurrent process and capabilities. The followingareas of the company are assessed in detail:Implement a repeatable sales processwhich ensures the sales team: Align the company’s sales process withthe customers buying process Sales Strategy Create a consistent deal and account review process Brand Awareness The creation and measurement of a CRM policy Lead Generation Create internal sales tools which assist the sales teammove the prospect through their buying stages Sales Execution Client Management4. Implementation2. Analysis - Value Discovery Implementation of tools and collateral toassist in the sales cycle such as - Positioning/Messaging statements, sales presentations, casestudies, references , competitive analysisA clear and measurable understanding of the value theprospect receives and by how much the investmentreduces costs, increases revenue, reduces risk,creates a competitive advantage. The key steps are: Creation of a set of Key PerformanceIndicators and agreed measurement criteriawhich is easily accessed and reported. Analysis - analyse won, lost and no decision deals Validate the sales messages “unique sellingpoints” and agree the 5 key sales messages thesales team needs to consistently communicate Implementation of demand creation campaigns andprocesses to drive quality leads to the sales team. SEO and website optimisation Map the target market buying behaviourinto measurable pipeline stages Competitivereview and functional comparison Lead generation process and tools CRM implementation and policy creation Implementation of a sales training program Customer Workshops - gain data on the prospectsdecision and purchasing criteria and processSales ProcessWhite Paper5
WHAT DOES SUCCESS LOOK LIKE?At the end of the project senior management should be able to clearly measure and manage the sales team withnew processes in place and the key metrics being analysed on a regular basis.What the new process should look like:Key metrics to implement and measure success Consistent pipeline process where each salesperson fully understands the criteria for eachstage and thus all pipeline entries are correctand consistent across the entire sales team1. Discounting percentages - byindustry and prospect size2. Lead conversion ratios - the percentage ofenquiries converted to leads and the percentageof qualified leads converted to sales Agreed and measurable sales activities anddeliverables at each pipeline stage.3. SEO - search and website traffic analysis The lead qualification process is agreed betweensales and marketing and each group has measurableobjectives and clear roles and responsibilities.4. Stage velocity - the time prospect s spendon each stage of the sales pipeline5. Sales conversions - competitivewon and lost deal ratio A consistent deal review process An account planning process which enumerates andmeasures client management activities and objectives6. Commercial analysis - the measurement ofpayment terms and contract commitment Internal agreement on sales and marketing metrics A formal CRM policy which hasmeasurable activities and results7. Service levels - client satisfaction survey results8. ROI analysis - the measurement of the success ofmarketing activities, programs and campaignsResearch shows that companies that integrate sales methodologyand process into their CRM system improve qualified opportunityclose rate by 20%, and sales proposal close rate by 155% (The TASGroup Global Sales Effectiveness Benchmark Study, 2007-2009).The Author of this White Paper is Mark Cappell who is founder and Managing Partner of CappcoPartnersSales ProcessWhite Paper6
About CappcoPartnersCappcoPartners was formed in 2009 to provide sales and marketing services to private equity and venturecapital backed firms, struggling to meet their growth plans. We are staffed with experienced professionals whohave successfully implemented positive change for small and mid-sized firms across all major industries. Eachpartner has a successful track record in implementing change and extensive experience in growing revenue.Since 2009 CappcoPartners has successfully grown revenue by 75m for the firms we have worked for. In additionwe have added 300m in Enterprise Value to its investors. See our successes at www.cappcopartners.comCappcoPartners is a firm of experienced sales and marketing executives who specialise in improvingsales and marketing performance and executing corporate turnarounds where revenue growthand creation is essential. The CappcoPartners team provide the following services:Investor Services Pre deal due diligence - our proprietary “GrowthAssessment Model TM” assesses and measuresthe sales and marketing capabilities and givesdetailed information relating to the targetfirms ability to deliver their growth plan. Assist under-performing portfolio companies achieverevenue growth strategies, by implementing salesand lead generation improvement processes Post acquisition integration - we assist andproject manage the integration of the sales andmarketing departments and the creation ofconsistent sales processes across the company. Exit planning - we assist clients by finetuning their sales and marketing processesand capabilities in preparation for capitalraising and potential acquisitionsSales Performance Improvement Sales and Brand Strategy implementation - our“Sales Performance Improvement” processis designed to identify and exploit your keydifferentiated factors. We take a hands on approachin validating and then implementing your uniquesales messages throughout all demand creationcampaigns and marketing communications. Lead Generation - the objective is to increase revenueby improving the lead generation processes which willdeliver additional high quality leads to the sales teams Sales Process Implementation - we implementthe “Value Based Sales TM” methodology duringour engagements which is an approach that alignshow you sell with how your target market buysand quantifies the value the solution delivers.CappcoPartnersGreen Park House15 Stratton StreetLondon W1J 8LQwww.cappcopartners.comThe CappcoPartners team are proud tobe members of the two most prestigiousturnaround organisations in the UK
Sales Process White Paper The objective of this white paper is to explain the value of implementing and managing consistent sales processes. The data included in the white paper has been taken from a variety of sources including Accenture, Gartner, Miller Heiman, IBM and publicly available information and statistics.
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SALES PROCESS PLAYBOOK Sales Strategy t WOD Department Introduction 1 SALES PROCESS PLAYBOOK Sales Strategy t WOD Department ïòì } Z } Z u vP u v }( o u Y Targeting Setting Process Monthly Targets Wholesaler Sales Director Team Leader Sales Rep Historical Performance Whole
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Overview of Sales Funnel Module Sales Sources Sales Stages Sales Opportunity Status Reasons Auto-Reminders Time-line Items Initial Setup Setting up your Sales Proposal Template. 3 Overview The GrowthZone Sales Funnel management tool empowers you to monetize and track sales opportunities such as
A key metric that Sales Managers routinely focus on is sales pipeline. Dynamics 365 provides managers with a complete view of forecasted sales, with the ability to segment the pipeline by product, by territory, by salesperson, or by sales stage. In this example the sales pipeline is displayed as a sales funnel segmented by sales stage.
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