Raise Your Customer Sales IQ in a Challenging Economy
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Transcript of Raise Your Customer Sales IQ in a Challenging Economy
Make Your Numbers™ © Copyright 2012 Zilliant, Inc. -- CONFIDENTIALMake Your Numbers™ © Copyright 2012 Zilliant, Inc. -- CONFIDENTIAL1
Raise Your Customer Sales IQ
in a Challenging
Economy
Make Your Numbers™ © Copyright 2012 Zilliant, Inc. -- CONFIDENTIALMake Your Numbers™ © Copyright 2012 Zilliant, Inc. -- CONFIDENTIAL2
The Basic Strategies for Organic Growth Are Well-Known
Take steps to get even more– Get customers to buy more in current lines– Get customers to buy in other categories
Focus on the top opportunities– Spend your limited selling time wisely– Prioritize your book-of-business
Keep what you already have– Stay well-ahead of customer defections– Protect current share in lines/categories
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What is Customer Sales IQ?
What you know about your
customers’ buying habits
How many customers you
know this about
Accuracy of your early defection warning system
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The Statistics are Telling• Improve sales profitability by eliminating non-selling tasks
• >45% time selling, achieve quota 62% of the time• <35% time selling, achieve quota 55% of the time
(Source: Selling Power Blog)
• Making the most of current customer relationships has a huge payoff (Source: Bain and Company)
• It’s 6-7 times more costly to acquire a new customer • 50% customer attrition if not contacted within a year• 5% increase in customer retention can increase profits by 95%
Sales teams spend just 41 percent of their time selling by phone or face-to-face, versus 46 percent in 2006 Source: CSO Insights
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What You Will Walk Away With
• The FOUR ingredients needed to move from manual prospecting to a science-driven approach
• How to automate this approach • Identify and prioritize opportunities across your
customer base• Properly align sales resources with growth
opportunities with your customer base• KISS approach to sales adoption
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#1: Accuracy and EfficiencyMove From Basic Analysis to Science Driven
Manual / Spreadsheets
Reporting / Business Intelligence
Institutional Knowledge / Purchase Pattern Profiling / Buy Cycle Normalization
Manual Science DrivenRules Driven
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Getting Accurate Answers Through Purchase Pattern Profiling™
AdhesivesGrease/LubricantsProcess Products
Fluid PowerFastenersBearings
Hydraulic ProductsBelts
HardwarePneumatic Products
DrivesHealth & Safety
SealsConveying
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Science, applied correctly, MinimizesFalse Signals and Ensure Accuracy
Is the drop just reflecting the customer’s spotty, but normal, buying cycle?
Revenue Drop
Revenue Drop
+Off-Cycle Behavior
+Off-Peer Behavior
=Accurate
Lost-Share Signal
Is the customer really starting to buy elsewhere?
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#2: ScalabilityMove to Cost-Effective, Science-Driven Decisions
• Challenge: - Platform capable of handling large transactional data
volume- Platform that is flexible and adaptable- Data quality / reliability- IT enablement / business empowerment- Harness the power of your data
Failure to adequately tap into Big Data is resulting in the loss of 10% of manufacturers’ average annual revenue, which adds up to an average loss of $40.8 million per year
• Approach: - Cloud-based environment- Provide actionable guidance - Let the platform do the work
Source: Oracle
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#3: Adoption• Challenge: - Lack of adoption• Why: - It doesn’t help them sell
-Requires too much time away from the customer-Too cumbersome-Not part of the “planning” process
Companies who accurately allocated sales resources consistently closed 33% more deals, won deals in ½ the time and saw the ASP increase nearly two-fold
Source: McKinsey & Company, 2012
• Approach: - Keep it simple – email, CRM integration- Highlight opportunities in a graphical format- Give them roadmap for qualified opportunities
and the estimated value- Battle test it – prove approach helps to effectively
prioritize opportunities and achieve quota
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If you can not measure it, you can not improve it
#4: Closed-Loop Tracking
Tracking against planRefine and
adjust
Opportunity
Tracking
Opportunity
Identification
Source: Lord Kelvin
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Case Study: Electrical Manufacturer
• Challenge:• Large portfolio of customers and products• Poor visibility into customer base beyond top 20%• Poor visibility into customer defections
• Approaches:• Initially tried to uncover opportunities manually• Gave sales reps access to data to analyze themselves – low adoption and
utilization• Leveraged Sales Guidance system
• Results:• Automatic analysis for expansion and retention opportunities for each and every
customer• Email delivery of prioritized opportunities to each rep• In first 90 days:
• Revealed $55M in total opportunities• Closed >$2.4M• Performance dashboard for continuous improvement
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What We’ve Discussed
• All FOUR ingredients work in concert to help raise Customer Sales IQ
• Science-driven approach can be achieved today• Reliable, scalable and cost-effective• Uncovers opportunities not easily seen
• KISS approach to sales adoption leads to• Measurable increase in sales revenue• Improved customer loyalty and retention• Competitive advantage
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Question to Ask Yourself
There are four months left in the year.
What are you going to do differently to improve your Customer Sales IQ?
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Take the Next Step
Contact us today to learn more about how Raising Your Sales IQ applies to your business:[email protected]