ZS Explorer Study: Impact of Sales Force Effectiveness Initiatives
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1 Sales Management Association Webcast ZS Explorer Study: Impact of Sales Force Effectiveness Initiatives 10 June 2015 Presented by Copyright 2015 The Sales Management Association.
2 About The Sales Management Association A global, cross-industry professional association for sales operations and sales management. Focused in providing research, case studies, training, peer networking, and professional development to our membership. Fostering a community of thought-leaders, service providers, academics, and practitioners. Learn More: The Sales Management Association. All rights reserved. Slide 2
3 Today s Speakers #SalesForce 2015 The Sales Management Association. All rights reserved. Slide 3
4 Sales Management Association Webcast ZS Explorer Study: Impact of Sales Force Effectiveness Initiatives 10 June 2015 Presented by Copyright 2015 The Sales Management Association.
5 SFE Explorer Study: Impact of Sales Force Effectiveness Initiatives June 10, 2015
6 Agenda Executive Summary Introduction & Research Methodology Deep Dive into SFE Initiatives Impact Implementing for Success 6
7 Building and maintaining a successful sales force can drive substantial benefit to the business The sales force can be one of the most effective channels to engage our customers Sales Force Customers It is also one of the most expensive, frequently costing 10% of revenues or more 7
8 Many companies are requesting that SFE initiatives be self-funding but how do sales leaders project what success lies beyond the horizon? 8
9 The Explorer Study, led by ZS Associates in partnership with the Sales Management Association set out to find the answer 9
10 If your objective is non-acquisition driven growth, investment in SFE must be a key priority SFE is a complex system with many interdependent drivers you have to make the right choices to get impact where it matters. ROI is your compass The ZS Explorer study gives you a better compass; it is one of the most diligent and comprehensive analysis of ROI and determinants of SFE SFE can and should be approached with the same rigor as other major disciplines (e.g. Total Quality Management (TQM), Lean, etc.) Implementation is your new challenge 10
11 Based on study findings, investments in broad SFE programs deliver between 9-23% incremental growth on metrics directly or indirectly tied to revenue in one year; even project-focused, single initiatives, have impact, typically delivering between 4-8% incremental growth in one year How high the sail can go is dependent on the cables supporting it Industry or Market dynamics Prominence of the sales force Company dynamics Implementation & change management 11
12 Only single-digit incremental growth? That seems low! 12
13 Let s see assuming you invest in a big transformation, say 3m and your sales are 1B Even in the context of an average company s With an 8% increase in sales, annual you growth have a 14x of ROI 5-10%, on fees investments in SFE have the ability to potentially and if the impact is double only 1%, non-acquisition you still have a 1.75x ROI on fees driven growth Actually, more like 1.5B! That s not too bad! Hey, that s actually above our internal hurdle rate for hiring a new rep *@ 35% Gross Margin 13
14 Agenda Executive Summary Introduction & Research Methodology Deep Dive into SFE Initiatives Impact Implementing for Success 14
15 ZS has collected over 800 data points from over 80 sources in trying to help answer What impact do SFE initiatives truly have? Qualitative interviews with 20 global Sales Leaders from a variety of companies across industries SMA SFE SURVEY Online survey with the Sales Management Association ~60% of total data points captured External Expertise SMA Study ZS Case Studies SFE EXPLORER STUDY Literature Review 800+ Data points from >80 different sources Rigorous survey of literature, including sources such as Academic Articles Academic Blogs Academic Cases Industry Whitepapers Industry Cases ZS project examples and qualitative interviews with practice area experts 15
16 Our study with the SMA captured a diverse set of respondents 85 Respondents participated from across the globe 56% North America 44% Worldwide 12% with annual revenue > $1B SMA SFE SURVEY < $10M $10M - $100M $100M - $1B $1B - $10B $10B A broad range of industries participated Our sample is highly experienced in sales ~30% Pharmaceuticals / Life sciences / MPS ~20% Professional services / consumer services ~20% Technology Other Salesperson Sales Services Sales Manager Sales Operations Sales Leader 16
17 47% of companies contributing to the broader research were participants in the SMA SFE study, and represented a wide range of industry sectors Distribution of companies by industry sector 35 SFE EXPLORER STUDY Technology (n=30) Pharma / Life Sciences (n=28) Medical Devices and Services (n=22) Consumer Goods and Services (n=19) Financial Services (n=15) Professional Services (n=15) Industrials / Manufacturing (n=12) Travel & Transportation (n=6) Other (n=24) SMA SFE Survey Other Source Insights were gathered from ~170 companies in total (n=171) 17
18 Over 90% of SMA respondents considered SFE an important priority in the future, and on average all respondents will continue to increase their spend regardless of past objective achievement Average SFE budget allocation by achievement of profit objectives SMA SFE SURVEY Exceeded Objectives (5-7) 5% 5% Achieved Objectives (4) 1% 2% Companies that exceed their sales objectives tend to invest 2-5% higher Under-Achieved Objectives (1-3) 0% 3% Even those who have underachieved in the past, plan to increase their investment by an average of ~3% Historical SFE Spend (Delta vs. Average) Future SFE Investment (Delta vs. Average) Companies who have exceeded their profit objectives will continue to invest in SFE Q6. Which choice best describes your organization s achievement of profit objectives over the past 24 months? Q15. Over the past 2 years, what proportion of your organization s budget was allocated towards initiatives designed to support or improve the effectiveness of the sales force? Q26. Over the next 2 years, what proportion of [Q2 response] s budget do you expect will be allocated towards initiatives dedicated to improving the effectiveness of the sales force? 18
19 Many have encountered rough waters along the way in trying to measure the impact of SFE 19
20 In spite of the priority and high cost of investing in SFE initiatives, many struggle to find and measure quantified reference points before and after investment 1 in 4 SMA survey participants did not have a measurement plan or metrics to track their SFE initiatives SMA SFE SURVEY >50% of survey respondents don t or can t calculate ROI Over half of survey respondents reported little (if any) confidence in their measurement abilities Where resources and infrastructure limit measurement, robust benchmarks often provide the guidance senior executives search for Q22. What best describes the overall impact (absolute change) you observed/expect to observe in each metric one year following the rollout of your SFE improvements related to [cluster]? Q24.For the initiatives that focused on the following dimensions, what was the approximate 1-year return on investment? Q25. Overall, how confident are you in the accuracy of the outcomes you just reported? Q27. Over the next 2 years, how important do you expect sales force effectiveness to be for your organization? 20
21 While some companies struggle with tracking the revenue impact associated with SFE initiatives, many companies choose to track the impact via other types of metrics in building their business case Metrics used to track SFE Impact SFE EXPLORER STUDY Other metrics include: Market Share Cost Employee Retention Revenue Incremental Growth Rate 25% 26% 7% 17% 9% 16% 26% Revenue Most commonly tracked metric Revenue Employee Activity Profitability Conversion Rate Customer Relationships Other 21
22 Agenda Executive Summary Introduction & Research Methodology Deep Dive into SFE Initiatives Impact Implementing for Success 22
23 So what did we see? 23
24 Across the ZS Explorer study we have found that sales leaders typically invest across four major categories of SFE initiatives Ensure the right customer coverage plan Increase the impact of each customer interaction Create a performancefocused sales team Enable efficient and effective sales operations Sales resource planning, structure, territory design Segmentation Account assignment to teams Targeting, territory, and pipeline management Sales process Account planning Sales tools & enablers Competency model / role design Selection and hiring Training Coaching Performance reviews Metrics and dashboards Goals Incentives & rewards Culture Data management Analytics Reporting and administration Platforms and systems 24
25 Segmentation Market insight Account assignments to teams Territory design Targeting, Territory, Pipeline management Sizing and allocation Structure Growth priorities Leadership alignment Sales process Training Value proposition Account planning Selection and hiring Pricing strategy Competency model Collaboration Incentive and rewards Goals Metrics and Dashboards Coaching Reporting and administration Performance reviews and actions Culture Platforms and Systems Sales tools and enablers Data management Analytics Lead generation and management Pricing and Contracting support Number of Companies Across the entire Explorer study, companies tend to invest across a broad number of SFE drivers, with a few standing out SFE EXPLORER STUDY Ensure the right customer coverage plan Increase the impact of each customer Interaction Create a performancefocused sales team Enable efficient & effective sales operations 9 drivers 8 drivers 7 drivers 6 drivers
26 As sales leaders always suspected, our research confirms that there is significant ROI across all categories, no matter how you measure it Investments in SFE programs deliver, on average, 4-8% incremental growth across a number of metrics, in a year Transformative programs outperform single-cluster initiatives and deliver on average, 9-23% incremental growth across metrics and have shown to deliver up to 30% in a single year > 2 Synergies exist when investing in multiple categories 26
27 Our study focused on 4 primary measures of SFE impact Revenue Employee Activity Profitability ROI Revenue, growth, and ROI metrics reflect a 1-year timeframe 27
28 Investments in transformative sales force effectiveness programs outperform single-category investments across all metrics Comparison of Single Category Impact vs. Multiple SFE EXPLORER STUDY Revenue (n=52) 5% +4% increase in revenue 9% Employee Activity (n=32) 8% +15% increase in employee activity 23% 5% Profitability (n=35) 10% +5% increase in profitability Single Cluster Sales Force Program /Transformation (2+ SFE Clusters) 28
29 Even in single-category projects, the average increase in revenue ranges from 4-8% Average Increase in Revenue SFE EXPLORER STUDY Ensure the right customer coverage plan (n=36) 1% 5% 12% Increase the impact of each customer interaction (n=17) 2% 8% 17% Create a performancefocused sales team (n=34) 0% 5% 13% Enable efficient and effective sales operations (n=26) 0% 4% 11% Sales Force Program / Transformation (2+ SFE categories) (n=52) 0% 9% 30% Results shown within 1 standard deviation. (n 1σ 165) 29
30 Across the Explorer Study, we saw similar increase in employee activity, from 4-7% across single-category initiatives Average Increase in Employee Activity SFE EXPLORER STUDY Ensure the right customer coverage plan (n=21) Increase the impact of each customer interaction (n=3) Create a performancefocused sales team (n=34) Enable efficient and effective sales operations (n=21) Sales Force Program / Transformation (2+ SFE categories) (n=32) 2% 0% 0% 2% 7% 7% 6% 7% 4% 8% 12% 14% 24% 23% 78% Employee Activity can be defined as an increase in the number of actions a sales representative or sales organization can take given a fixed capacity Examples include increases in: Productivity Frequency of customer touchpoints Knowledge retention Usage of tech tools Time in field And decreases in: Time-to-hire Time spent on administrative activities Results shown within 1 standard deviation. (n 1σ 111) 30
31 And finally, we saw the same story with profitability, with increases from 5-7% across single-category investments Average Increase in Profitability SFE EXPLORER STUDY Ensure the right customer coverage plan (n=23) 2% 6% 12% Increase the impact of each customer interaction (n=3) 3% 7% 10% Create a performancefocused sales team (n=24) 3% 5% 13% Enable efficient and effective sales operations (n=19) 0% 5% 12% Sales Force Program / Transformation (2+ SFE categories) (n=35) 0% 10% 29% Results shown within 1 standard deviation. (n 1σ 104) 31
32 In the SMA SFE Survey, we asked respondents to indicate the observed ROI for each of their individual category investments Average ROI SMA SFE SURVEY Ensure the right customer coverage plan (n=23) 9% 39% 30% 17% 4% Increase the impact of each customer interaction (n=25) 8% 16% 44% 20% 8% 4% Create a performancefocused sales team (n=26) 4% 46% 35% 4% 8% 4% Enable efficient and effective sales operations (n=20) 20% 35% 20% 15% 5% 5% Less than 0% 1-5% ROI 5-10% ROI 10-15% ROI 15-25% ROI >25% ROI There is no silver bullet all categories offer ROI impact, with 80-95% of respondents seeing positive ROI after only one year SMA SFE Study: Q24. For the initiatives that focused on the following dimensions, what was the approximate 1-year return on investment? 32
33 Four factors predominantly dictate where a company is likely to fall in the range of observed impact of SFE initiatives low Market Favorability high Market maturity & growth rate Fragmentation Competitor(s) strength low Sales Force Prominence high Relative influence of the sales person in overall buying decision low Company Favorability high Lifecycle (growth, mature, decline) Operational footprint & scalability Size of current revenue base Product/service differentiation high Sales Force Effectiveness low Current sales force effectiveness What s Possible Leadership: 0-3% 4-9% 10-30% What s Achieved Right Drivers Right Decisions Right Change Management 33
34 Agenda Executive Summary Introduction & Research Methodology Deep Dive into SFE Initiatives Impact Implementing for Success 34
35 Now it s time to assemble your own crew and implement! 35
36 We need to ensure that all building blocks for success are in place Right Strategy Buy-in & Participation Changed Behaviors Success in Global Sales Effectiveness Knowing what needs to change, with a sound factbased or analytic business case Agreeing on exactly how to create these changes, with the right priority and staged implementation plan Actually changing, integrating change management principles throughout implementation 36
37 SFE teams should take care to spend sufficient energy and resources on implementation Spend just enough time here to create motivation for change and reach agreement on the key improvement areas Creating the change Current state What we do today to create the results we see Diagnose (analysis) Design (planning) Develop (execution) Desired state How we work differently and get better results Frequently observed Better 60% 30% 10% oops, nothing left 15% 15% 70% The value in SFE is not in the diagnosis, but in the action and execution 37
38 With the right business case, you have the map you need to reach your destination And now the journey can begin! 38
39 Questions and Discussion #SalesForce Enter your questions in the Questions box on the right hand side of the webinar application window. Did we run out of time before we got to your question? Presenters can follow-up with you via . Feel free to submit more questions if you d like an offline response The Sales Management Association. All rights reserved. Slide 39
40 Questions and Discussion #SalesForce You mention the importance of implementation. Did the study address or identify any specific best practices companies use to make sure their SFE initiatives get traction and stick? 2015 The Sales Management Association. All rights reserved. Slide 40
41 Questions and Discussion #SalesForce What are the main drivers of the increased impact of multiple vs. single category initiatives? 2015 The Sales Management Association. All rights reserved. Slide 41
42 Questions and Discussion #SalesForce The study mentions the importance of leadership endorsement. Can you talk more about what you ve learned about how to create management buy-in and support for initiatives? 2015 The Sales Management Association. All rights reserved. Slide 42
43 Questions and Discussion #SalesForce Are best practices different depending on company size when it comes to these SFE initiatives? How might you modify your approach working with a decentralized sales organization spread across multiple business units? 2015 The Sales Management Association. All rights reserved. Slide 43
44 Questions and Discussion #SalesForce What else, besides benchmarking, goes into an effective business case? 2015 The Sales Management Association. All rights reserved. Slide 44
45 Thank You. Copyright 2015 The Sales Management Association
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