Colorado Growth Series Keynote Presented by Sam Henry
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Watch Video (45 min): https://vimeo.com/channels/denversaas The inaugural event of the Colorado Growth Series examines modern sales strategies for early and growth stage startups. This CEO / Founder event focuses on industry trends, lessons from Silicon Valley and how we can strengthen Colorado valuations, bolster our ecosystem and get companies ready to scale big in 2017. Presented on April 12, 2017 by Sam Henry Event Sponsors: Colorado Technology Association, SalesSmyth, Innosphere, EKS&H, CoBiz, Fairfield & Woods
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Colorado Growth Series Keynote Presented by Sam Henry
- 1. WIFI: FW – Guests | Password: FW!guests
- 5. In search of Colorado’s Next $1B Exit Is it you?
- 8. MRR Time • Sales spanning Freemium, SMB Enterprise • Sales team of old guard and millennials • Known for the way we balanced performance and process Incredible Growth
- 9. 40 to 100+ sales and success team members in 16 months
- 10. Our success came from treating sales like an engineering role. We test and iterate all the time. Most importantly, we never stop improving.
- 12. • Of the 4168 U.S. colleges, you can only get your degree in sales in 20 of them • So most sales reps learn by experience (and that can bring bad habits) • Should you build or buy your reps? The Sales Education Gap U.S. Universities with Sales Degrees With Without
- 13. The Sales Community Gap (in CO)
- 14. The Sales Innovation Gap B2B Time B2CQuality of Buying Experience
- 15. The Sales Leadership Gap Working Service Website Hire AEs Pitch Comp Pricelist CRM Sales VP Quota Dashboards TPS Reports Process Tools Hire SDRs Enterprise Solutions Go Up Market Organization Time • Misalignment between Boards and Sales VPs: Belief that adding salespeople and/or working them harder is what grows revenue • Three sales VPs On average (ad hoc, process heavy, individual performance) • Most sales organizations grow without a plan
- 16. Master sales as a science.
- 17. Think big. Start small. Move fast.
- 18. Culture eats strategy for lunch everyday
- 20. 1
- 21. Design for Scale
- 22. Growth Revenue Time Early Scale Three Phases of Growth
- 23. Three Phases of GrowthEarly Stage Growth Stage Scale Stage Sales Objective Traction Predictable Revenue Hyper Growth Customers First and best Early Adopters “Visionaries” Early Majority “Pragmatists” Metric(s) • Customer Success • Revenue Retention • Growth Rate where CAC = LTV • Growth Rate where CAC < LTV Exit Criteria Validate: 1. Product-market fit 2. Business model 3. Onboarding Create: 1. Predictable leads 2. Sales development team 3. Consistent systems Improve: 1. Sales productivity 2. Sales programs
- 24. Design for Scale 1. Hit the number 2. Hit the number 3. Hit the number 4. Get ready to scale
- 25. 2
- 27. Sales-centric vs. Customer-centric CONTACTED QUALIFIED DEMO PROPOSAL CLOSED • Closing is the goal • Linear path (sales defines stages) • Skill: control process
- 28. The Customer Journey AWARE EDUCATE SELECTS INTEGRATES USES
- 29. The Customer-Centric Sales Process AWARENESS EDUCATION SELECTION ONBOARDING USE/EXPANSION Every journey begins online “Customers progress 57% through the purchase process before engaging sales.” - CEB Freemium Tier 1 Prosumer Tier 2 SMB Tier 3 Enterprise Customer contacts sales
- 30. The Customer-Centric Sales Process AWARENESS EDUCATION SELECTION ONBOARDING USE/EXPANSION • Successful use of service is the goal • Revenue earned long after close • Skills are specialized, helpful, insightful Extension of sales cycle
- 31. MRR SDR Market Response Rep A rep that qualifies incoming leads that reach the company through website or phone. They route qualified opportunities to the appropriate quota-carrying salesperson. Sales Development Rep A “outbound” sales rep specialized in generating qualified outbound leads; don’t close deals or qualify inbound leads. Meet The Team
- 32. AE Field AE CSM (Onboarding) Account Executive A quota-carrying rep that manages qualified leads (SQLs) and orchestrates activities (demos, pitch, next steps) to move new customers through the pipeline to close. Customer Success Manager A rep that manages new customer onboarding to get to first product use. Monitors usage and important triggers for health, upsell, cross sell, renewal, and others. CSM (Account Manager) A quota-carrying rep that manages existing accounts and achieves revenue expansion by ensuring persistent service usage and healthy relationships. CSM/AM Meet The Team
- 33. Three Types of Metrics AWARENESS EDUCATION SELECTION ONBOARDING USE/EXPANSION COMMITSQLMQL Jan Feb Mar Leads MQLs by Campaign Jan Feb Mar SQLs SQLs by Source Jan Feb Mar MRR MRR / Campaign Jan Feb Mar MRR Pipeline per SDR Jan Feb Mar Days Velocity per AE CONVERSION RATES VOLUME TRENDS PERFORMANCE SUSPECT LIVE
- 34. 3
- 35. 6 questions for setting sales strategy
- 36. 1. 204 SaaS companies 2. $2.5M and up revenues 3. 60 companies > $425M 4. Growth and ops 2016 Benchmark Study on Growth and Operations by Pacific Crest Securities Participants include:
- 37. Are You Growing Faster Than Your Competitors? How Fast Did / Will You Grow GAAP Revenues? Quota Tip • Be Generous • Base • Stretch • Super Stretch
- 38. Are You Using the Right Sales Strategy? Go-To-Market by Contract Size
- 39. Tier 2 SMB Monthly Recurring Revenue Tier 1 Prosumer Tier 3 Enterprise Tier your business, tier your effortDeal volume Freemium Internet Sales Inside Sales Field Sales Tier Your Sales Efforts 1 Tier Your Business 2
- 40. Are You Spending Intelligently? CAC Ratio: How Much Do You Spend for $1 of New ACV from a New Customer?
- 41. How Fast Are You Recovering Costs? CAC Payback Period (Gross Margin Basis)
- 42. Time to Profit AWARENESS EDUCATION SELECTION ONBOARDING USE / EXPANSION M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 P C P T CUSTOMERACQUISITIONCOST(CAC) T P C P T C P T C CUSTOMER ONBOARDING COST (COC) LiveCommitSQLMQL = Content = Tools = PeopleCOST REVENUE SETUP REVENUE MONTHLY RECURRING REVENUE (MRR) P P P P P P P P P P P P P CUSTOMER RETENTION COST (CRC) PROFIT
- 43. Are You Keeping Customers Happy to Prevent Churn? Annual Gross Dollar Churn
- 44. Are You Maximizing Retention to Deliver Long-Term Profits? Annual Net Dollar Retention
- 45. An Invitation
- 47. Sam Henry | Sam@SalesSmyth.com | @sales_smyth