What Does the Future of Sales Look Like? Exploring Technology, Talent, and Training

Transcription

1 Click to Edit Master What Does the Future of Sales Look Like? Exploring Technology, Talent, and Training 2017 Miller Heiman Group, Inc. All rights reserved. Join Us on Twitter:

2 # Today s Speaker Jim Dickie Co-founder & Independent Research Director, CSO

3 The Reality of Selling Today 64.0% 62.0% 63.0% Percentage of Salespeople Meeting/ Exceeding Quota 60.0% 58.0% 58.2% 58.1% 57.2% 56.0% 54.0% 52.0% 55.8% is 53% 2017 Miller Heiman Group, Inc. All rights reserved.

4 AI in Business Sees a business world where: Every professional is aided by a cognitive system that augments their expertise. Ginni Rommety, CEO IBM March, 2017 That Will Be Especially Critical for Sales Professionals

5 The Reality of Selling Today Lead Generation/ Account Research, 21.7% Selling (face-to-face, phone, web), 35.0% Sales Rep Time Allocation Post Sales Tasks/ Account Management, 16.2% Meetings/ Admin Tasks, 13.8% Other (travel, training), 11.6% Tedium Ingenuity 2017 Miller Heiman Group, Inc. All rights reserved.

6 Emerging Technology that will drive change 2017 Miller Heiman Group, Inc. All rights reserved.

7 Another View of How Things Are Bought & Sold ~$290, Increasing B2B Focus - Clarify User Requirements - Identify Alternatives - Robust Feature Comparisons - Pricing Analysis - Existing Customer Feedback - Order Processing All at a Fraction of the Cost of a Traditional Sales Force Miller Heiman Group, Inc. All Rights Reserved

8 Impact of Artificial Intelligence AI s Impact on How We Sell Success Management/ Monitoring Opportunity Identification/ Scoring Stakeholders/ Personas Analysis Post Sales Solution Implementation Key Account Planning Lead Generation Closing Opportunity Closing What s AI s Impact on Aspects of Customer Lifecycle Management Comprehensive Needs Analysis Selling Win-Win Deal Negotiation Persona-based Education Personalized Configuration/ ROI Creation Solution Analysis/ Cocreation 2017 Miller Heiman Group, Inc. All rights reserved.

9 Opportunity Identification / Analysis Artificial Intelligence Scoring Factors: Opportunity Analysis Less Likely More Likely Really Likely Past Results Industry Segment Geography Key Stakeholders Specific Objectives Competitors Government Regulations Economy 2017 Miller Heiman Group, Inc. All rights reserved.

10 AI in Action Virtual Sales Call Optimization AI Call Support Meeting Scheduling Beyond Recording Session Transcribes/Time Stamps Real-time Coaching Competitive Differentiation Objection Handling ROI Validation Sharing the VOC Across the Enterprise

11 Targeted Coaching Based on Data Insights Lexical and voice recognition software can analyze and identify gaps in live rep conversations with prospects Growth in webinar-based sales and teleconferencing provides a platform for personalized coaching Old World How did that meeting go with Acme Co? New World I saw your meeting analysis, and see we didn t get a clear action commitment 2017 Miller Heiman Group, Inc. All rights reserved.

12 Solution Architecture / ROI Analysis Artificial Intelligence Solution Architecture: Needs Analysis Integration Co/Prerequisite Analysis Persona-based Prescriptions Value Pricing Analysis Creatology Support Justification/Implementation Buyer Intent Assessment 2017 Miller Heiman Group, Inc. All rights reserved.

13 AI in Action Customer Success Management A Product is Not Just A Product - 32 Sensors in a Jet Engine - Generates 1 Terabyte of Data Per Flight - Sell Products AND Service and Partnership Agreements AI Account Management Support - Proactive Support Analysis - Upsell/Upgrade Analysis - Future Needs Analysis - Value Realization Analysis - Competitive Threat Analysis Changes Customer/Vendor Paradigm to Co-creation Partners

14 What are the Implications on Who Sells? You have to massively change your sales force! Jeff Immelt Microsoft WPC July, 2016

15 So let s break it down and break it apart Impact on Talent, Training and the supporting Technology needed.

16 Impact on Talent

17 DNA and Culture Fit GE Corporate Audit Group Deep Dive into GE - Speak the Language of Business - Eat, Sleep, and Breathe Customer Outcomes - Intensely Financial Savvy - Understand/Live Shareholder Value Implications on Sales Management as Well!

18 Next Generation Talent Traits DNA of Sales Rep Re-wiring For The New Frontier Business and Commercial Acumen Project Management Systems Thinking Market Segmentation Analytical Thinking Financial Analysis and Management 2017 Miller Heiman Group, Inc. All rights reserved.

19 Impact on Training

20 Elevated Buyer Expectations More People Involved Buyer: /4.74 5yr avg. Seller: / 4.1 5yr avg. More Formalized Process Significantly formalized: 61% 2015 / 45.2% 5yr avg. Avg. sales cycle time: % 2015 / 2.6% 5yr avg. More Political Decisions Time Don t Waste MyTime Client Expectations Value Know My Business Know Your Solution Our Customer requires formal ROI : 61.4% 2015 / 40.2% 5yr avg. Ask Insightful Questions Add Value 2017 Miller Heiman Group, Inc. All rights reserved.

21 Unlocking the Power of Your Data Going forward, almost all of your activities/behavioral data will be captured in AI solutions 2017 Miller Heiman Group, Inc. All rights reserved.

22 Issues to be Considering Is AI in Sales Crucial? Yes. Is AI Alone the Answer? No. AI in the Hands of the Right People, With the Right Skills & Training, It Is! Skills/Experience Assessment NOW Behavioral DNA Culture Fit 22

23 Talent: Measure Talent and Skills Through Situational Ability. Data: Leverage Real-Time Data to Impact Deals In Play. The Future 4: Four Things You Must Think About and Invest In to Be Successful for the Future Move to talent assessments that allow sales people to react, show talent and demonstrate skills through situational ability. Execution: Execute Continuously and Precisely Across Your Sales Force. Improve execution with methodology, skills programs, reinforcement, coaching and ongoing training. Add value in the sales process leveraging the right content, playbooks and processes to create differentiation. The Future 4 Use real-time data built from deal-bydeal information to gain insight into where deals sit. Incorporate instant feedback and coaching through leading technologies to improve sales win outcomes. Alignment: Ensure Alignment and Agility Within Your Sales Organization. Enable your sales people to rapidly respond to changes in the market, to new technologies and to the speed of business. Ensure you have the right people, partners and incentive programs in place.

24 So, how do you pay for it?

25 Sales Capability Segmented Along the Matrix CSO Insights Sales Relationship Process (SRP) Matrix Define Level of Relationship Trusted Partner Level 3-27% of Organizations Strategic Contributor Solutions Consultant Preferred Supplier Approved Vendor Level 1-25% of Organizations Level 2-48% of Organizations Random Process Informal Process Formal Process Dynamic Process Define Level of Sales Process 2017 Miller Heiman Group, Inc. All rights reserved.

26 Sales Relationship Process: Defining Metrics 2017 World Class Sales & Service Practices Study Level Results Level Results Level Results % Reps Making Quota 47% 54% 60% % of Company Plan Attainment 84% 84% 89% % Wins / Win Rate 41% 47% 53% % Loss Rate 37% 31% 25% % Sales Force Turnover 16% 14% 14% 2017 Miller Heiman Group, Inc. All rights reserved.

27 AI Impact to to Sales Performance Miller Heiman Group Sales Relationship Process (SRP) Matrix Define Level of Relationship Trusted Partner Strategic Contributor Solutions Consultant Preferred Supplier Approved Vendor Random Process Informal Process Formal Process Dynamic Process27 AI brings Customer Insights Define Level of Sales Process 2017 Miller Heiman Group, Inc. All rights reserved. by Definition AI = Dynamic

28 We always overestimate the change that will occur in the next two years, and underestimate the change that will occur in the next ten. X five. Don t let yourself be lulled into inaction.

29 Q & A

30 For more information on our Sales & Service Solutions, please contact us at: millerheimangroup.com