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"The three biggest hurdles in taking that holy grail of moving up into the enterprise first, the credibility. No one knows who you are. The second is, do you have real product market fit for those big companies? And third, your financials, because as you move up market, they don't trust that you can survive as a startup for that long."
This quote emphasizes the importance of establishing credibility, ensuring product-market fit, and demonstrating financial stability when attempting to move into enterprise sales. These are perceived as critical factors that can make or break a startup's success in the enterprise market.
"The marketer must be very effective at selling, and the head of sales must be very effective in marketing. And the primary reason why is because of the buyer."
This quote highlights the convergence of sales and marketing roles, emphasizing that both departments must understand and engage effectively with buyers to succeed in the current market.
"The best sellers right now, they are adjusting. They're just changing how they go into the market."
This quote indicates that top sales performers are proactively adapting their strategies to the changing market conditions, focusing on better understanding their target customers and refining their outreach accordingly.
"According to Gartner, Harry, 43% of buyers that had a digital only experience in purchasing have a 1.65x higher regret rate."
This quote underscores the value of human interaction in the sales process, suggesting that while digital content is important, the presence of a sales representative can significantly improve buyer satisfaction.
"I have sellers where I prioritize the SMB segment... those customers are still valuable."
This quote reflects the strategic approach to engaging with small and medium-sized businesses (SMBs), acknowledging their potential to grow into larger enterprise customers and the importance of maintaining a personal touch in sales interactions.
"I took out the word discovery from the sales process and I inserted the word teaching, and words matter."
This quote signifies a paradigm shift in the sales process, where the emphasis is placed on educating the customer rather than just uncovering their needs. The change in terminology reflects a deeper change in the sales approach.
"That's the discovery that is dead. Because technology allows you to understand so much about your buyer before you talk with them within minutes."
The quote emphasizes the obsolescence of traditional discovery due to technological advancements that allow salespeople to research their buyers in advance, thus making the sales process more efficient.
"Do you need specialization on a vertical playbook basis then?"
The quote suggests the need for sales specialization to better understand and address the unique challenges within specific industries or verticals.
"I talk to 30 VC firms, and if I don't have some insight about the VC community that you might not be exposed to in the last month..."
The quote highlights the value of providing insights to buyers, in this case, sharing knowledge about the venture capital community that the buyer may not be aware of, thereby establishing the salesperson as a knowledgeable and valuable partner.
"If I can tell you a two minute story, I promise it's worth it."
The quote introduces a story that exemplifies effective sales techniques, such as research and problem reframing, which resulted in a successful sale.
"Renewals are harder than they've been in the past. And what creates these renewals to be more difficult? There is a lack of consensus."
The quote discusses the challenges of renewals in the current sales environment, emphasizing the difficulty in achieving consensus among stakeholders, which is crucial for successful renewals.
"First, the data proof. You must prove that you are helping your customer get measurably better at whatever is the problem that you are solving."
The quote underscores the importance of using data to demonstrate the value of a product or service to the customer, which is critical for both initial sales and renewals.
"What I'm finding is that in customer success, you have fewer touch points with your customer, and the product must sing for you at some point, of course."
The quote suggests that while customer success teams have fewer interactions with customers, those touchpoints must be impactful and should also incorporate sales opportunities to maximize value for both the customer and the company.
"Our customers are leaving breadcrumbs throughout our product at all times. And making sure that we get the right sets of data in the right hands at the right moment is critical."
The quote highlights the importance of technology in capturing and utilizing customer data effectively to facilitate successful handoffs and maintain customer relationships.
"I am invest a year of their time trying to make it work, and it didn't. And so I can't get that time back. And with founders, that time is too precious."
The quote emphasizes the high cost of investing time in unsuccessful ventures, particularly for founders for whom time is an especially valuable asset.
"The reason why those logos do matter is I need to show you. So, Harry, you're my enterprise customer and you're looking at me like you can't do half the shit that you're talking about. But what I need to be able to say is, like, harry, look, I'm going to set you up with the folks at Slack, docusign and Snowflake, and they're going to tell you a story of how they use my product."
This quote highlights the strategic use of well-known customer logos to overcome credibility barriers in enterprise sales.
"So I do ask in advance. So when I'm moving up market, I make these concessions as part of my negotiation when I'm closing a deal, which is okay."
The quote discusses the tactic of negotiating future advocacy from customers as part of the sales process, to help with credibility and closing future deals.
"So I have been a big advocate of flexibility. Maybe not discount and reframing it a little bit, it's flexibility in negotiating terms."
This quote suggests that discounting should not be seen as merely lowering the price but as part of a strategic exchange for other forms of value.
"There's probably a list of about 40. The level of consensus that's required. The level of approvals that are required."
This quote indicates that there are numerous signs that can warn of a deal's potential to drag, and these should be monitored to maintain efficiency.
"What I will say about with the competition and selling against your competition is when I'm directly the seller is to not belittle or throw mud at my competitors."
This quote advises against speaking negatively about competitors during the sales process, as it can backfire and damage credibility.
"It takes a whole company to rally around it. It's an entire company motion moving into the enterprise."
The quote underscores that moving into the enterprise market is a comprehensive effort that involves the entire company, not just the sales team.
"I don't worry about hiring because I've got great software."
This quote implies that the use of software in the hiring process can significantly improve the efficiency and effectiveness of finding and evaluating sales talent.
Yes, and I have, many, many times. I don't have a sexy answer, but what I can say is I've hired teachers before school, educational teachers, professors into sales. Wow.
The speaker emphasizes their openness to hiring individuals from non-sales professions, highlighting the successful recruitment of educators into sales roles due to their teaching skills.
ive, their passion about your product and the problem that you're solving. It can really be a choose your own adventure on what that take home test could be.
The speaker suggests that a candidate's passion for the product and problem it addresses is a significant factor in the hiring process.
My biggest lesson for those that are up to negotiate at final offer. To me, that just creates a different economic bias that could come in into that process. So maybe someone's better at negotiating compensation than another, right? So maybe that filters it. But with transparency, look, I'm never going to be the highest paid shop in town. You can always go somewhere else to make more money. But I'm looking for transparency so everyone knows what they're walking into.
The speaker highlights the importance of transparent compensation practices to avoid favoritism and ensure all candidates are aware of the pay structure.
They underpay or they overpay. Those are the biggest mistakes. There's great data that exists about how much people are paid for certain roles.
The speaker points out that the extremes of underpaying or overpaying are common errors in salary negotiations, and emphasizes the availability of data to make informed decisions.
So best practice is a five to one ratio. If I'm going to pay someone 200 pounds sterling, I want them to have a million quid as a goal or as a quota.
The speaker describes the ideal ratio between compensation and sales quotas, suggesting a standard to aim for in setting sales targets.
Yeah, so if you're selling into the enterprise, and let's just use an acv of want to let that rep ramp for about six months, move slow in order to move fast later, but don't wait those six months to measure their performance.
The speaker explains the ramp-up period for new enterprise sales reps, emphasizing the importance of ongoing performance assessment.
It does if you let it. And the conversation we're having a little bit earlier, a piece of conversation we had earlier, which is in your sales process, you'll know within the first six months if this rep is going to cut it in the enterprise or not.
The speaker acknowledges the detrimental effects of high sales rep turnover and recommends early performance evaluations to mitigate these issues.
So I've always embedded a certification culture within my revenue organization. And so you're testing these sales pros, you're having them test on your product, you're testing them on your narratives, you're testing on whatever it is that you want to test them on.
The speaker advocates for a certification culture to assess and ensure the competency of sales professionals in the organization.
The short answer is artificial intelligence. That's how you're going to forecast in 2024. There's technology. Shout out to my friends at Clary. There's technology today that's putting a lot more science, using the machine learning into what's going to be the output 90 days out.
The speaker suggests that AI and machine learning technologies are the future of accurate sales forecasting.
I think it's about half are useless, half are very good. I listened to a bit you did about playbooks, and first I would refer to playbooks as sheet music. Less about playbooks.
The speaker expresses a critical view of current sales leaders, suggesting that many are not adapting to modern sales strategies and methodologies.
I would argue that that sheet music get created by a professional that has the pattern recognition that has seen it before. So I do not believe a founder should build that sheet music or playbook for how we're going to go to market.
The speaker advises that while founders have valuable insights, professionals with specific expertise should develop the company's sales strategies.
Intellectual curiosity.
The speaker identifies intellectual curiosity as a critical trait for sales representatives and suggests evaluating it based on their questions.
Discovery. There's too much information that we can extract on our own that we should know a lot about our buyer before we engage with them.
The speaker notes that the discovery phase in sales is less relevant today and highlights common conflicts between sales and other departments.
It's, it's not about discounting. It's about give and gets.
The speaker describes innovative approaches to winning deals that involve providing additional value to the customer.
It's goal visualization. Celebrating these small quick wins is very important because there are small wins that happen throughout the day.
The speaker emphasizes the importance of goal visualization and celebrating small victories to keep sales teams motivated.
Vc you I appreciate what you're building and I now want to because you're creating value.
The speaker praises sales strategies that focus on creating value and educating potential customers, leading to a natural desire to engage with the company's offerings.