Selling AP Automation

Transcription

1 Selling AP Automation

2 Agenda AP Automa=on sales and trends overview - cyclical nature, where we are at in the market Sales stages, managing the pipeline and expected conversion rates - our sales process How to onboard your sales team (or new members when they join) - journey, inbound vs outbound, key areas to train on, specialize BDR vs AE Differences between the direct channel & bank channel 2

3 Where we are today 3

4 Race to bucket Now Not Now Never 4

5 Cyclical by nature 5

6 Need to be at right level CFO Controller/Director of Finance/VP of Finance AP Clerk 6

7 Focusing on the right types of companies 7

8 Invoice- to- Pay Ideal Customer Profile 5M- 300M in revenue, employees >50 invoices/payments per month Supported accoun=ng system (Netsuite, Intacct, Microso[ GP, QuickBooks) Rapidly growing Mul=- en=ty or mul=- loca=on setup Innovator, Early adopter, early majority Tricks: check website, LinkedIn Sales Navigator for growth trend, company founded a[er 1997, junior employee in AP, already automated other parts of accoun=ng i.e. tax, expense, etc.. 8

9 Key industries Healthcare Urgent care Out pa=ent facili=es Hospital and clinics Medical tes=ng & clinical laboratories Technology So[ware development & design Biotech Security products & services So[ware & Internet Communica=ons Adver=sing & marke=ng Non- profit Charitable organiza=on & founda=on Retail Auc=ons Tex=les & Apparel Energy Energy, U=li=es, & Waste treatment Hospitality Consul=ng Franchisee Training Finance Management consul=ng 9

10 Sales Process - 50 days discovery to closed won Prospec=ng - Engaged/IDC Discovery mee=ng Business case presenta=on (ROI) Demo o[en mul=ple Nego=a=on Closed Won Implementa=on 10

11 Key InformaFon tracked in opportunity Scope/volumes Need/Impact/End- goal/commitment Authority/rela=onship Urgency/Timeframe Money/Cost jus=fica=on Decision maker engaged Demo score Technical approval Commercial approval Compe=tors 11

12 Conversion rates Engaged to mee=ng 8% Mee=ng to opportunity 60% Opportunity to closed won 40% 12

13 Opportunity conversion Discovery 40% Engaged (ANUM) 50% Technical approval 65% Upside/Commercial approval 85% Contracts/Commit 98% Closed Won 100% 13

14 Why we win Ease of use PO match/invoice capture quality Integra=on w/ accoun=ng system and bank Larger organiza=on commitment Card payment leader 14

15 Why we lose Can t figure out what to do with saved =me Not firing Nothing else for current team to do with free =me Can t support some part of their process, thereby cancelling out large por=on of savings Incumbent solu=on 15

16 Sales training Sales Playbook Problem we solve Accoun=ng basics AP basics Accoun=ng systems MineralTree sales model MineralTree solu=on Sales system Process Methods Philosophy Shadowing Let em fly Ongoing: One on One, lunch and learns, call listening, call camp, etc 16

17 Roles specializafon is key BDR s Inbound Outbound Account execu=ves Deep understanding of customers problem to solve Ability to ar=culate how we solve and benefits Ar=culate business case Address concerns Create urgency to ac=on Implementa=on Specialist Customer Success 17

18 Bank vs Direct sales Bank Advantage Established trust Visibility to client scope/ac=vity Disadvantage Not accustom to talking about AP or so[ware Discussions can complex quickly Direct Advantage Can focus specifically on ICP Repe==on Disadvantage S=ll establishing brand Looking to maximize cash upfront vs lower barriers For ACH some banks easier to work with than others 18

19 Encore? 19

20 CompeFFon Fp of the iceberg will send more 20

21 In a nutshell, this is why MineralTree Ease of use AP only focus Integra=on Payment leader Cashflow visibility Complex workflows Invoice capture (99.5% line level accuracy) Support 21