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Can Better Forecasting Improve Sales Performance?

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In the words of Vince Lombardi, “If it doesn’t matter who wins and loses, then why do they keep score?” As a sales professional, exceeding your stated quota is your scorecard and forecasting is your ability to “call the play.” Whether on a calendar or fiscal year, in the end, you’ll be measured by how much business you’re able to get over the finish line. That’s why we keep score.

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Can Better Forecasting Improve Sales Performance?

  1. 1. © 2017 ValueSelling Associates, Inc. All rights reserved. Can better forecasting improve sales performance? JULY 20, 2017 Carlos Nouche, Vice President Visualize, a leading ValueSelling provider This document contains proprietary information of ValueSelling Associates. Its receipt or possession does not convey any rights to reproduce or disclose its contents or to manufacture, use, or sell anything it may describe. Reproduction, disclosure, or use without specific written authorization of ValueSelling Associates is strictly forbidden.
  2. 2. © 2017 ValueSelling Associates, Inc. All rights reserved. Today’s Agenda The importance of forecasting: to you & to your organization Leveraging the ValueSelling Framework for forecasting The Value Buying process Using the Opportunity Checklist Opportunity Assessment tool to identify and reduce risk
  3. 3. © 2017 ValueSelling Associates, Inc. All rights reserved. Why?
  4. 4. Answers © 2017 ValueSelling Associates, Inc. All rights reserved. • I was told to attend. • When I have deals slip and no other way to cover, it is costly and often embarrassing. • I’m pretty good at hitting the number but my manager is a stickler if what we call doesn’t close…especially if deals come in that weren’t identified. • I want to get better. • If I can improve my ability to qualify, I can spend time on deals that have a higher probability of closing. • I just want my manager off my back! • I want to make more $. • I want to move into management. • As the CRO, I need to answer to the board/private equity management.
  5. 5. © 2017 ValueSelling Associates, Inc. All rights reserved. Seller – YTD Performance Ahead Behind On Target Where are you? Accelerate - $$/Time off Demonstrate competency Work smarter What do you want? Every minute counts Searching under every stone Improve odds of winning Forecasting?
  6. 6. © 2017 ValueSelling Associates, Inc. All rights reserved. Surprises are for birthday parties…
  7. 7. © 2017 ValueSelling Associates, Inc. All rights reserved. No Decisions Wins Losses Of companies can get within +/- 5% accuracy for 90-day forecast* 10% Of companies report average win rate of less than 25%* 50% *Source: SiriusDecisions
  8. 8. © 2017 ValueSelling Associates, Inc. All rights reserved. Percentofrespondents Insufficient, inaccurate data on pipeline 10% 20% 30% 40% 50% Over- confidence Lack of rep accountability Lack of manager enforcement Don’t understand probability of closing No formal process to identify sales stages 42% 40% 35% 34% 23% 22% *Source: Aberdeen Group, July 2015 Why can’t we forecast accurately?
  9. 9. Who’s Missing Their Forecasts? © 2017 ValueSelling Associates, Inc. All rights reserved. Saks owner Hudson's Bay to cut 2,000 jobs as loss widens more than expected Lowe's stock falls on earnings, sales miss Dick's Sporting Goods' stock tumbles on weak sales, tracking for biggest 1-day drop in 3 years Macy's shares plunge after huge earnings, sales miss; shows recovery a long way off JC Penney's stock hits all-time low on widening net loss, weaker sales traffic Time Inc. slashes dividend, posts another drop in sales Disney dips after revenue miss Apple misses on iPhone shipments, stock drops
  10. 10. © 2017 ValueSelling Associates, Inc. All rights reserved. Leveraging the ValueSelling Framework
  11. 11. © 2017 ValueSelling Associates, Inc. All rights reserved.
  12. 12. © 2017 ValueSelling Associates, Inc. All rights reserved. Leveraging the ValueSelling Framework for forecasting Problem Challenges that prevent them from being able to satisfactorily deal with or resolve business issues Business Issue What customer needs to accomplish to maintain or grow their business (profits or mission) Business Objective We don’t create value, we uncover it and connect to it What customers need to address and resolve to achieve business objectives (measurable)
  13. 13. Problem CEO/OWNER SVP/EVP VICE PRESIDENT DIRECTOR MANAGER WORKER SUBORDINATE Problem Business Issue Business Objective $ PROFIT Corporate Pyramid “Scheme”
  14. 14. © 2017 ValueSelling Associates, Inc. All rights reserved. Uncovering a Business Issue When a prospect states they need a solution… …Ask WHY, WHY, and WHY? Be Curious!
  15. 15. © 2017 ValueSelling Associates, Inc. All rights reserved.© 2017 ValueSelling Associates, Inc. All rights reserved. Characteristics of a Business Issue Measurable Time-bound The individual’s # 1 priority
  16. 16. Polling Question: © 2017 ValueSelling Associates, Inc. All rights reserved. Choose which of the following are business issues:  Outdated user experience  High cost of internal IT resources  Poor customer engagement  Lack of cloud storage  Driving 150% revenue growth by EOY
  17. 17. Polling Question: © 2017 ValueSelling Associates, Inc. All rights reserved. Choose which of the following are business issues:  Outdated user experience  High cost of internal IT resources  Poor customer engagement  Lack of cloud storage  Driving 150% revenue growth by EOY
  18. 18. The Value Buying Process™ PLAN POWERVALUE SOLUTIONPROBLEM BUSINESS ISSUE Differentiated VisionMatch™ CONFIRM
  19. 19. © 2017 ValueSelling Associates, Inc. All rights reserved. 1. What are the top line critical BUSINESS ISSUES driving urgency? 2. What are our Differentiated challenges/obstacles (PROBLEMS)? 3. How do we uniquely solve them (SOLUTIONS)? 4. What are the measurable outcomes to justify the purchase/project (VALUE)? 5. Who’s involved (POWER) and have we engaged? 6. What are the mutual steps to achieve the outcomes (PLAN)? Opportunity Checklist
  20. 20. How to identify risk factors to drive better forecasting © 2017 ValueSelling Associates, Inc. All rights reserved.© 2017 ValueSelling Associates, Inc. All rights reserved. Opportunity Deal Assessment
  21. 21. © 2017 ValueSelling Associates, Inc. All rights reserved. Qualified Prospect = VisionMatchD x Value x Power x Plan® Short Assessment Tool Inspection Questions Sanity Check 100% Needs Work What is the Business Issue? Is it a critical Business Issue vs. a problem or technical issue? What are the unique Problems we solve? Is there a differentiated VisionMatch with Power? (VMd) What is the value? Is it quantifiable? (BV) Is personal value identified? (PV) What level of access do we have? Does the $ sign off authority match? (Po) Is the plan in writing? Is the plan mutual and agreed upon? (PI)
  22. 22. © 2017 ValueSelling Associates, Inc. All rights reserved. Forecast Report and Coaching Opportunity Name Close Date Size Business Issue Differentiation (VMd) Value (PV/BV) Power Plan
  23. 23. Disappointment Drill © 2017 ValueSelling Associates, Inc. All rights reserved. Step 1: Our Sponsor on the deal we’ve been anticipating just called to inform us that they’ve chosen our competitor. It’s over. Step 2: Think of all the things that you might have done, if you had the chance. Step 3: Now do that.
  24. 24. © 2017 ValueSelling Associates, Inc. All rights reserved. John Naisbitt The most reliable way to forecast the future is to try to understand the present.
  25. 25. In Summary © 2017 ValueSelling Associates, Inc. All rights reserved. Lessons learned • Forecasting is key to sales success, both as an individual contributor and as a sales leader. • When forecasting, have a checklist so that you can review any missing item and drive a more consistent result. • When reviewing your deals, everyone knows you did your best and worked hard. What they want to know is what are the possible risk factors that may cause it not to come in. Allow yourself to get help and see new perspectives. • It is about continual improvement. (Getting better every day!)
  26. 26. © 2017 ValueSelling Associates, Inc. All rights reserved.
  27. 27. © 2017 ValueSelling Associates, Inc. All rights reserved. At the end of today’s webinar Go to valueselling.com > resources > webinars to download today’s slides
  28. 28. © 2017 ValueSelling Associates, Inc. All rights reserved. 6 Ways to Increase Prospecting Effectiveness August 17 | 10:00 AM Pacific Save the date!
  29. 29. © 2017 ValueSelling Associates, Inc. All rights reserved. Follow us!
  30. 30. © 2017 ValueSelling Associates, Inc. All rights reserved. For further assistance: Carlos Nouche Vice President Carlos@visualize.com 1.888.88.GOALS (46257) 678.464.1238 mobile

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