As a Chief Revenue Officer, it’s daunting to think about your 2019 sales goals. The CAGR (Compounded Annual Growth Rate) might have your targets accelerate 10%, 20% or even higher next year. The question is:
HOW are you going to develop the lead flow necessary to make this a reality?
The failure to balance the inbound lead flow with outbound efforts from your sales team is almost certainly an issue in your business every year. What percentage of each sales professional Sales Quota Attainment will be delivered from Inbound Leads and/or your SDR/BDR sales teams for the Account Executives? The struggle to create balance is typically rooted in the misalignment between marketing and sales (forget the mindset)… it’s the account selection, account planning and accountability to engagement! I’ll repeat that…
- Account Selection
- Account Planning
- Accountability to Engagement
As per a recent CSO Insights study – only 33.9% of sales and marketing teams have a definitive Lead Generation process that’s dynamic enough to adjust to new opportunities.
Step 1: Account Selection is THE MOST IMPORTANT part to a Lead Generation process
Immediately upon launching lead generation campaigns from marketing and/or SDR teams, most sales organizations fall FLAT ON THEIR FACES! The fail to select accounts with a pragmatic process that leverages relationships as a competitive advantage.
Best-in-class sales and marketing teams work together to reverse-engineer their existing customer base (advocates), to identify opportunities in:
- Accounts where past employees of EXISTING CUSTOMER have moved too;
- Partners and Vendors to the EXISTING CUSTOMER
- Competitors to the EXISTING CUSTOMER
- Referral opportunities, delivered from the key stakeholders at the EXISTING CUSTOMER
These best-in-class lead generation teams have marketing, SDR’s and AE’s all working in unison – focused on the same accounts, selected for the RIGHT reasons.
Step #2: RVP’s are keeping the sales professionals accountable for action
Regional Vice-Presidents of Sales need to help their “Team Revenue” (the lead generation partnership between marketing and sales) accountable for the right activities.
- What accounts have the team selected?
- What is their Activation Strategy? What stories will they tell these accounts?
- What is our objective account replacement strategy if we can’t activate these accounts?
"In life, you get what you tolerate” – Mike Ditka (former Chicago Bears coach and Superbowl champion). The sales and marketing partnership must be rooted in a Service Level Agreement (SLA) that outlines a prescriptive process for Selection, Planning and Engagement.