#570 Using Funnel Metrics to Close More Deals. With Matt Ostanik.
Matt Ostanik, Founder and CEO of FunnelWise, joins me on this episode of #Accelerate!
[5:53] Matt says the single biggest challenge facing sales reps is changed buying behavior, with buyers going further in the buying process before contacting a salesperson, plus changed sales technology. Reps need to be very adaptable.
[7:14] Matt discusses recent changes to the buying journey and how it continues to change.
[8:57] Committee-driven buying is the rule across many industries but there is always one person on each committee who is the most accountable, according to recent research. Find this person during discovery.
[11:37] FunnelWise is a set of services to help you get more out of your marketing and sales funnel. Matt started the company after starting and selling a SaaS business and struggling as a sales manager to look forward in Salesforce.
[14:34] FunnelWise analyzes funnel metrics such as marketing qualified leads (MQLs) converted into sales opportunities and win rates of sales opportunities. It shows how MQLs get higher win rates than other sources. It can study individual rep rates.
[17:05] Matt address variability of variables between industries and clients. FunnelWise takes into consideration points that are fair comparisons and points that should not be compared due to variability. Matt sees a need for funnel education.
[20:22] To get more out of your funnel, draw conclusions from the data, then test the conclusions and iterate continually. Matt gives an example of how to hypothesize and test conclusions.
[21:49] People want to use the metrics to find the top performers, see what they’re doing, and teach others to do the same. Andy doesn’t see that working. Matt sees three dimensions to test: actions, skillsets, and product knowledge.
[23:39] The real variable is the individual seller. The biggest puzzle is to measure individual productivity and to improve it. It is a conversation of art vs. science of sales and management.
[25:47] Productivity is a key metric that is not standardized. What is the maximum an individual contributor can produce? Matt sees organizations looking more at capacity planning.
[27:15] A rep produces $X of revenue per hour. What is that number and what is its growth potential? Look for patterns and the bigger picture, and what reps do with their leads.
[28:22] The CEO needs to drive Sales and Marketing Alignment, and sometimes they need to see the business case, based on potential success from more sales. The CEO either intentionally or accidentally shapes company culture.