Accelerate Podcast with Andy Paul
November 1, 2017

#591 Why you Need to Sell for the Category King. (Or Quit.) With Christopher Lochhead.

Christopher Lochhead, the host of Legends & Losers Podcast, retired Silicon Valley executive, and co-author of Play Bigger: How Pirates, Dreamers, and Innovators Create and Dominate Markets, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

  • Christopher says the single biggest challenge facing sales reps today is understanding if their company is going to be the category king in their market or not. If not, they should quit and work for the king. 2nd best is not enough.
  • For their book, the authors tracked VC-backed companies founded from 2000 to 2015. They tracked financing and how their market caps changed. 76% of market cap went to the leader in each category. Winner take all!
  • Play Bigger is about dominating markets. The category king is the company that designs and owns the market category and teaches the world to think as they think. Pepsi will never catch Coke. Bing will never catch Google.
  • Christopher points to Henry Ford, Sara Blakely, and
    Steve Jobs as pioneers who taught the world to think differently about a problem and a solution. One company takes two-thirds of the economics. Sell for that company.
  • In a startup in a new category, there is no line item in the buyer’s budget for a product that never was. You have to meet the category where it is and take it forward. Henry Ford presented a horseless carriage, not an automobile.
  • The value of being on the category winning team is more than the value of being anywhere else. It’s pretty fun to be on the team that is laying the others to waste. When you’re different, you design the rules of the new space.
  • Christopher uses Spanx and 5-Hour Energy as examples of category creators that own their categories. Existing categories can be redesigned or new categories can be designed. If you’re not there, you’re losing.
  • Nobody does an RFP or hires a consultant to figure out which office suite to buy. We just buy Microsoft Office. Microsoft has over 90% share in that space, even though there is a great free suite from Google.
  • It’s only when the problem definition shifts, and the solution definition shifts, that the category gets redefined. Dell kept innovating but lost the category. We need category innovation or category violence.
  • Reed Hastings, Founder of Netflix, didn’t start out to compete with Blockbuster. He created violence in the category of getting movies to your house. Blockbuster went bankrupt.
  • Andy talks about the growing number of competitors to Salesforce. Christopher talks about the category design that made the company. In 1999 it wouldn’t sell, but Benioff evangelized until his way of thinking won.
  • Christopher discusses Spiro.ai vs. Salesforce. In the enterprise software world, we are moving to apps that do things for us. Spiro is a proactive app that helps sales reps very simply. NetSuite dominates the category SAP owned.

 

IMPORTANT ANNOUNCEMENT

For Vice Presidents of Sales of high-growth SaaS companies and software service companies — Andy is teaming up with his friend Jacco van der Kooij, founder of Winning by Design and author of Blueprints of a SaaS Sales Organization, to launch the Sales Leadership Accelerator Mastermind, an intensive 12-month learning, coaching, and mastermind program for the Vice Presidents of Sales of high-growth SaaS companies. If the responsibility sits on your shoulders to scale your revenue team, to hit the $100 million mark ARR and beyond, then the Sales Leadership Accelerator Mastermind will help you transform how you sell, scale, and develop the capabilities of your team to crush your goals. Enrollment is limited to a very small group, so go to SaaSSLAM.com now, to learn more and enroll today.

May 3, 2017

#448. Sales/Marketing Alignment and Account-based Strategies. With Justin Gray.

Justin Gray, Co-Founder and CEO of LeadMD, joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[2:24] Justin describes his two companies in brief, LeadMD and Six Bricks.

[3:32] Justin wrote an article on trends to watch: Quality, Tribe, and Process. Justin discusses Quality. People are evaluating how much time they can put into building brands with awesome content. Justin considers quality of content.

[8:52] How many emails should you send? How do you personalize 100K messages? Are your stacks set up to give you quick access to the data you need for personalization?

[12:22] Justin says data is the key for email, but the needed data from accounting and email systems are difficult to curate.

[14:43] Justin uses Engagio to tap into systems and retrieve essential data.

[15:22] SMBs can pivot in an agile manner. Hubspot has articles about best practices for SMBs. SMBs can learn from the mistakes of the Enterprise. Gather web behaviors and cart behaviors, and capture data.

[17:17] Build unity through trust. Are you all on the same mission? Justin evaluates five levels of Tribes.

[22:06] ABM and ABE mean ABR, according to Trish Bertuzzi. Is anyone person driving the boat in a sale? Don’t stress attribution, but on engagement. Look at it from a team perspective. There are multiple touches in the process.

[25:03] Justin talks about Process, regarding the buying committee, and mapping it to one or two people on the seller side. There should be no surprise decision makers that show up at the end of the deal, if you have an effective ABE Process.

[26:43] Sales and Marketing alignment, means the entire organization, including Customer Success, agreeing on the ABE process, and how it unrolls. Everyone on the team has a role. How to measure them all still needs some definition.

[29:03] Justin has some ideas on person-to-person engagement in sales. Justin talks about playbooks and plays, and measuring and recording activities.

[32:07] Use the solution that fits the income from an account. Small accounts cannot support the ABM treatment. What can you afford to invest in this account that will make the biggest impact? Go and do that.

April 10, 2017

#428. Correctly Using Data to Manage Sales. With Greg Dalli.

Greg Dalli, Co-Founder of Clarus Designs joins me on this episode of #Accelerate!

KEY TAKEAWAYS

[:47] Greg became legally blind at age six, and soon realized he would need a different approach to problem solving. After college, he became a business intelligence analyst for a startup. He helped scale the firm from $15Million-$200Million.

[2:36] The purpose of Clarus Designs is to help sales and marketing teams make better decisions, and grow, using data.

[2:58] Greg tells how to find ‘the truth,’ which varies case by case. You start with clean data.

[4:13] Clarus Designs simplifies problems, to focus on what is actionable. Does it matter how many emails it takes, on average, to touch a contact?

[7:11] Clarus Designs helps teams look at metrics in relation to other changes, such as, new customer growth in relation to average sales price. Greg tells how the two metrics correlate.

[8:28] Clarus Designs suggests teams can tie activity metrics to success metrics. It’s not just how many emails they send, but how many people they connect with, as a result.

[10:30] Greg explains how success metrics might be applied usefully, or how they might lead to missing goals.

[12:00] Assuming from last year’s data that 5X pipeline coverage will yields your sales goal does not work. The pipeline will get filled with unqualified leads.

[14:18] The more stressful the situation, the more likely people crave control. They seek control through activity metrics, but activity metrics are not tied to outcomes.

[20:47] Greg contrasts time management with efficiency, or sales dollars per hour of selling time.

[25:10] Asymmetric metric variability represents a skewed distribution, in forecasts. It is easy to overestimate when the deal will close, and underestimate the discount to get the deal.

[29:25] Managing pipeline coverage must assume a significant percentage of the coverage will fall out from no decision.

March 9, 2017

How to Increase Conversions with Video Email. With Stephen Pacinelli. #401

Stephen Pacinelli is CMO of BombBomb.

KEY TAKEAWAYS
[:50] Steve started in real estate technology, selling CRM and advertising systems to real estate agents. When he found BombBomb, he used it for his sales team to close sales over email, and he did it so well, that they offered him a job.
[2:05] BombBomb enables human-human communications, sooner and more often in the sales process, through video. The platform works in email, text, or messenger. There’s no download; it just streams.
[3:26] Video is the go-to asset when emotion is involved, or where you are building rapport or trust. It is much more personal than a text or email. The video is device-independent. Whatever the client uses for email, it will work with one click.
[5:59] It is necessary to open the email message and press play on the video. So, use a good subject line. The word “video” in the subject line will increase open rates. The video has an animated preview, so hold up their name written on a card!
[7:45] Steve cites Robert Cialdini’s reciprocity rule. You took the time to make a video for them; they’ll take the time to play it. BombBomb’s speed means you don’t take a long time to make a video. You just record and go. It is authentic, not produced.
[8:44] Steve notes a “shiny authenticity inversion.” The shinier a video is, the less authentic it feels. The more raw and organic a video is, the better it performs, because it connects.
[9:54] Some people don’t like the way they look and sound on camera. The client will meet you eventually, and you look and sound the same way in person, so, get to face-to-face, now. When you get your first response, you will see how it works.
[10:51] Some people “don’t know what to say.” This is not video marketing, that should be polished. This is video communication. Use it like a voice mail. Leave a message. Be human and relatable. Video allows you to build a connection.
[18:40] Record on your iPhone or Android. At the end, you have the option to email it, text it, or message it. Steve suggests a three-part framework to use it: empathy, point of value, and call-to-action. Steve has heard of a 20% reply rate.
[24:00] BombBomb is great for personalized messages. You can use it with video into a monthly newsletter email, but it greatly increases one-to-one. The client can video reply back, from PC, laptop, or phone, to continue the conversation.
[28:29] It’s possible to make video by other means, and link to it, but BombBomb brings ease-of-use to the process, with one-click simplicity. Best response rates come from videos under a minute. Customer service replies, record as needed.
[28:38] Steven has a favorite new BombBomb feature: Snippets, that link texts and library video clips. In email, you can select a Snippet and it drops in the video and text together. Steven sends about seven video emails a day.

October 13, 2016

How to Increase Engagement with Your Prospects. With Josh Evans. #278

Josh Evans is Senior Vice President of Sales at Velocify, a sales enablement platform. On this episode, Josh and I discuss how to help sales reps more effectively engage with their prospects, how sales reps can benefit from technologies that support account-based messaging and helping them determine the next step (i.e. what to do next) to help the customer get one step closer to making a decision.  

September 20, 2016

How to Win More Sales Now. With Erik Luhrs. #258

Erik Luhrs, the “Bruce Lee of sales and lead generation,” joins me today on the program. He’s the founder of GURUS Selling and the author of the book Be Do Sale: How To Create More Sales Right Now Regardless of What the Competition or The Economy is Doing, using the GURUS Selling System. Among the topics Erik and I discuss are how to create a unique sales persona that helps you rapidly build rapport with prospects, how to position yourself to win the trust of your buyers, and simple steps you can take to increase your sales efficiency.

September 17, 2016

How to Make Podcasting a Key Part of Your Content Marketing Strategy. With Jessica Rhodes. #256

Jessica Rhodes is the founder and CEO of Interview Connections, what I call a match-making service for podcasters and guests. She’s also the host of her own podcast and web TV show, Interview Connections TV. In this episode Jessica and I discuss why podcasting needs to be a part of every company’s content marketing strategy, how to build your expertise and brand with a podcast, how to use a podcast to connect with new prospects and the steps to start your podcast right now.

August 20, 2016

How to Create Content with Sales In Mind. With Cara Hogan. #232

Cara Hogan is the content marketing manager for Rentlytics. In this episode, Cara and I talk about the critical sales and marketing alignment, how how to create content that aligns with the requirements of sales reps, how to track sales reps’ engagement with content, how to support account-based selling and account-based marketing models with content, and much more.

August 9, 2016

How to Create Value in Sales. With Deb Calvert. #222

Joining me again on Accelerate! is Deb Calvert, the “Queen of Questions.” Deb is president of People First Productivity Solutions and has authored of a series of books titled, DISCOVER Questions Get You Connected: For Professional Sellers. Among the topics Deb and I discuss in this episode are how sales reps can create value in sales, 10 essential strategies for connecting with prospects and how to differentiate yourself through a memorable buying experience.

June 30, 2016

How to Use Emotion to Capture Your Prospect’s Interest. With Michael Hauge. #189

Bestselling author of Selling Your Story in 60 Seconds, Michael Hauge, is a story and script consultant, author, lecturer, and coach who works with writers, producers, directors and prominent stars to sell their ideas in the cut-throat competitive world of Hollywood. In today’s episode, Michael shares how sales reps can use emotion as the best tool to create the compelling first impressions that capture a prospect’s attention. Among the topics we discuss are:

  • How to quickly establish rapport with potential buyers.
  • How to engage a potential buyer’s emotions using a story.
  • The key steps to structuring a compelling story that sells
  • How to use a story that motivates the prospect to take the next action.