Enterprise Sales Basics - Sterling Road
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40 slides covering the basics of Enterprise Sales. Topics include: Getting feedback, Customer profiles, Closing sales & Customer Success
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Enterprise Sales Basics - Sterling Road
- 1. Enterprise Sales Basics Ash Rust ash@sterlingroad.com Managing Partner, Sterling Road
- 2. Getting Feedback Agenda Customer Profiles Closing Sales Customer Success 1 2 3 4
- 3. Private and Confidential What is an Enterprise Sale ü Product is sold to business ü Contract is worth $10k+ USD/year ü Less customers exist but more money per customer ü Harder to get their attention but customers are loyal
- 4. Private and Confidential Getting Feedback 1
- 5. Private and Confidential Getting Feedback Best Channels Network introductions Cold outreach – Ask for advice Conferences Consulting
- 6. Private and Confidential Getting Feedback Other Channels Cold Outreach – Sales emails/calls Content Marketing Ads
- 7. Private and Confidential Hi Shona, I’m Ash, the CEO of Acme. Based on your experience at AlphaNet and Beta.com, along with your industry insights (I took a quick look at your conference talk), I thought you’d be a great addition to the Acme Customer Advisory Board. We’re building the board to get feedback on the Acme product from customers like you, and we want to make sure it’s tailored to your specific needs. Members of the board will receive equity in the company and help us build this much needed solution through their input. If you’re interested, you can find more information on our website and the one-pager attached. The board is almost complete, with 1 or 2 spots remaining, so please let me know if you’d like to schedule a brief call. I’m free at 11am PST Thursday and Friday this week, if either of those work for you? Looking forward to chatting more! Cold Outreach Template
- 8. Private and Confidential Content Marketing Example
- 9. Private and Confidential Customer Profiles 2
- 10. Customer Profile Allows you to target your outreach Makes lead generation more efficient
- 11. Private and Confidential Create a customer profile Business Size e.g. 500-1,000 employees Industry e.g. manufacturing, defense, software Location e.g. Canada Job Title e.g. Director of Human Resources
- 12. Private and Confidential Get Live! Customer Profile < Getting Live 1st customer live can be anyone Once live, test customer profiles
- 13. Private and Confidential Make a list of potential titles of sales targets Target end users first, then easier to convince decision makers Famous Logos? Not worth prioritization Who to Contact
- 14. Private and Confidential ü Test profiles consecutively, not concurrently ü Success/Failure states for each profile ü Test demand from different profiles by asking for upfront cash Selling to Multiple Profiles
- 15. Private and Confidential Closing Sales 3
- 16. Private and Confidential Yes is not the same as a paid invoice Lots of obstacles to overcome Closing Sales
- 17. Private and Confidential Sales Process Part 1 ü From Interview to Lead ü Sell before Building ü Objection Handling ü Trial Periods ü Pricing First Customers
- 18. Private and Confidential From Interview to Lead Ask for advice Ask for demo feedback Ask if demo solves their problem Ask for small deployment
- 19. Private and Confidential Do research and start with small talk Customer Discovery Conversations I see you live in Austin, my sister lives there. Does your wife know Sarah Smith at EY? You dive? Have you been to The Great Barrier Reef? Have you been to Handlebar Coffee in the Village?
- 20. Private and Confidential Then start asking more questions Customer Discovery Conversations What are your worst problems in this area (the problem your solution fixes). How much do they cost you in time/money? How do you currently solve this? How much does that cost? What would make you consider switching to another provider? What is your process for new vendors? Need approvals? What legal/security/ compliance requirements do they have for vendors? What other systems would we need to integrate with to deploy?
- 21. Private and Confidential Sell Before Building Use Demo Tools Build Simple Apps Expect to Sell Services Use Legacy Integrations Compliance or security to help close
- 22. Private and Confidential Objection Handling ü Build vs Buy ü Missing Features ü Cost and Risk ü Track Q&A in a shared, editable document
- 23. Private and Confidential ü Paid trials are ideal but not always possible ü Ok to offer 30-90 day trials. Shorter usually better. ü Build customer reliance first, then talk about $$ Trial Periods
- 24. Private and Confidential 1st : Free Doesn’t need to match customer profile 2nd : $1 Matches customer profile (same for all, from now on) 3rd : Fair Price 10x COGS or 10% of ROI Pricing First Customers 4th : 3x Previous 3x 3rd customer’s final price Expect to negotiate down 5th : 3x Previous 3x 4th customer’s final price Expect to negotiate down Beyond : Expect variance E.g. lower charge for case study customer
- 25. Private and Confidential Sales Process Part 2 ü Business Models ü Closing Tactics ü Navigating Internal Stakeholders ü Metric & Funnel Guidelines
- 26. Private and Confidential Most Enterprise Tech Companies Sell their Product as a Service Business Models Free Trial Freemium Paid Pilot Variable, Usage Based Open Source
- 27. Private and Confidential Closing Tactics ü Complete small task ü Free service until previous vendor contract expires ü Professional services
- 28. Private and Confidential End user not always a decision maker • Different stakeholders have different goals • Treat everyone as well as your internal champion Be prepared to provide certification or similar Navigating Internal Stakeholders
- 29. Private and Confidential 10-30% 20-40% Enterprise Funnel Metrics Outreach response rates Outreach to “interested” leads Interested to signed contract 10-30%
- 30. Private and Confidential Sales Cycles by Annual Contract Size 2 – 4 weeks $100k+ year $10k - $50k year $1k - $10k $100 - $1k 4 -12 weeks 3 -12 months 1.5 - 9 months
- 31. Private and Confidential Website visitor signup rate SMB Conversion Expectations 1-3% 10-30% 10-30% App download signup rate Trial conversion rate Under 3% Logo churn month
- 32. Private and Confidential Customer Success 4
- 33. Private and Confidential ‘YES’ is only half of the battle Ensure customer success for the long term Customer Success
- 34. Private and Confidential ü First 10 Deployments ü Regular User Interviews ü Measuring Engagement ü Onboarding Iteration ü Upselling Customer Success
- 35. Private and Confidential Handhold customers through each step Kickoff meeting with stakeholders, onsite if possible Regular stakeholder meetings SWAG, thank you cards help First 10 Deployments
- 36. Private and Confidential Regular User Interviews Ask for weekly interviews Does your offering solve their problem? Why are they (not) using it? What do they want to change? Let them talk…
- 37. Private and Confidential Measure Engagement Track individual usage Your database or event tracking (Metabase is free) Pick an engagement metric Make it a core metric for your company Identify power users and lost users, learn from behavior patterns
- 38. Private and Confidential Track earliest usage of power users Push new users to the actions that create power users Iterate. A lot. Onboarding Iteration
- 39. Private and Confidential Ask happy customers for internal and external referrals Ask customers what else they need Test demand – alpha trials, upfront payments Upsell
- 40. Enterprise Sales Basics Ash Rust ash@sterlingroad.com Managing Partner, Sterling Road