Why traditional CRM is not enough. A white paper on the changing dynamics of Inside Sales

Transcription

1 Why traditional CRM is not enough. A white paper on the changing dynamics of Inside Sales

2 Introduction Why traditional CRM is not enough. A white paper on the changing dynamics of Inside Sales CRM software has passed the stage of being considered innovative and has become a default tool in many sales departments. CRM has proven very effective for many sales activities, but to kick an Inside Sales effort into high gear Best-In-Class organizations are now deploying tools that do more than store and report on data - they change behavior and drive productivity. Recent studies show that more and more companies are relying on their Inside Sales team to create added demand, to nurture prospects, and to drive additional revenue. In many cases, organizations rely solely on an Inside Sales team. In part, recent economic changes have placed budget strains on sales and marketing departments and there has been even greater pressure for management to get more for less. There has been a measurable shift of responsibilities flowing to Inside Sales Teams, increasing the importance of enabling them with cost effective tools and technologies to allow them to more effectively handle their portion of the sales process. In addition to the economic strains, the power of the transaction has clearly shifted to the buyer in what many are calling a Sales 2.0 or Buyer 2.0 world. Buyers have the power to search, investigate and narrow their choices to a few companies while still in stealth mode, making it imperative for Inside Sales teams to have the tools to capture more customer information, to nurture the prospect in a customer-centric way and to engage when the prospect is ready to engage. They must be timely with the engagement, monitor and measure the engagement process and aggressively open dialogue with their opportunities using tools that drive more contacts, the right contacts and deliver consistent messaging from cradle to grave. A recent Aberdeen report entitled Inside Sales Enablement; Let them Drink Coffee, validates the importance and focus on Inside Sales. Peter Ostrow, Research Director at Aberdeen who authored the report stated: Best-in-Class companies are aggressively supporting inside sales enablement, and as a result see an average of 87% of their reps achieving quota,and a 17% year-over-increase in corporate revenue.

3 Best-In-Class Tools The data is compelling. In every category Best-In-Class companies crush the industry average and leave the laggards in their wake. They achieve these results not because they are big, global or flush with cash to make the investment; they win because they are wise. They see the value in investing in their Inside Sales team and equipping them with the tools necessary to drive productivity. SaaS companies that offer sales enablement tools have changed the playing field, allowing organizations that have 3 Inside Sales Reps the same resources as those that have 70. It is no longer about the cost. It is about making the wise choice to enable. To achieve Best-In-Class productivity, organizations have to realize there is a world that moves beyond traditional CRM and lead management. Storing and reporting on data is not enough. Companies must adopt technologies that focus on engagement, training, changing the behavior of inside sales reps and increasing productivity through sales force automation. Inside Sales Enablers Deployed More Frequently by the Best-in-Class According to the Aberdeen research and other data such as the growth curve of SaaS (software as a service), Best-In-Class organizations are more likely to deploy a form of CRM or lead management software that includes auto dialing, next-best call logic, utilizes a form of intelligent call recording, on- board intelligent branch messaging (scripting) and has integrated into the solution. They are more likely to adopt a SaaS (externally hosted) solution. By adopting a SaaS solution organizations can ensure that they are getting best of breed solutions at a favorable market price. These features give organizations a significant lift in productivity because they enhance and automate the selling process, eliminating wasted time, ensuring consistent messaging, tracking every lead from cradle to grave and providing a platform making training easier and more productive.

4 Enablement Progressive dialing - can increase contact rates by as much as 20 to 40% vs. no dialing solution. With progressive dialing the contact arrives at the agent s desktop and is dialed on arrival. This action alone can give a significant boost but, when combined with next-best call logic (determination of ideal call recipient), the results are even better. Preview or click-to-call dialing is deployed in higher-end calling when research into the prospect or customer needs to be reviewed prior to the call being placed. Next-Best Call Logic - or ideal call utilizes management s knowledge and historical call data which is applied to the prospects/customers to be called in order to determine the routing order of leads. For example, fresh leads from the company s web site can be set as a priority to route to a sales rep before a purchased list call. Trigger purchased leads can route first and to a team that specializes or excels with that type of lead. Calls are automatically queued to only be made in the appropriate time window; time zone and call backs are managed and routed accordingly. The concept is simple: get the right leads to the right people at the right time and get the best leads out first. On-Board Messaging - or scripting is not a throwback to the days of scripts recited by a telemarketer. Instead, it is a business-savvy method to keep key phrases, critical data, and vital messaging in front of the inside sales reps. Management can determine the level of messaging built into scripting. It can be as simple as key product or service information or as complex as logical branch scripting where the inside sales rep is collecting data and providing feedback based on the collected data. This can even include complex math calculations that are done on the fly. Integrated - is an essential feature necessary to maintain consistent messaging and nurture leads. The ability to deploy tried and tested template s while allowing the rep flexibility to customize the core message will provide measurable productivity lift beyond a standalone solution, while allowing each contact to be personalized. Management s ability to control and measure messaging is critical to achieving Best-In-Class performance. The ability to mass in a controlled, compliant and measurable environment increases organizational reach and will reduce the workload of the Inside Sales team. Performance Dashboard - gives management real-time access into what is happening now vs. viewing reports later. Management can drill down by rep, campaign or lead source, thus ensuring that the pieces and parts are working together to maximize lift. When leads are flowing and labor is being spent, having a real-time dashboard becomes a powerful tool to ensure that leads are being worked and that the right reps are working the right leads. Equally as important, it allows management to see that leads are not sitting, stuck in an inbox. Intelligent Call Recording - Unlike a stand-a-lone recording system, intelligent call recording marries the recorded call to the contact record. This gives management the ability to slice and dice recordings by rep and by result code for training purposes or verification. Having the recording attached to the record and the result of the call reduces the work load of QA or the training manager, allowing them to focus on the right calls, the right recordings and the right reps. Training - Without question, companies that invest in training get a return on their investment. Deploying Inside Sales Enablement technologies can improve training by capturing what is taking place within the Inside Sales team, measure and quantify best practices and deploy those best practices and core messages across the team.

5 Conclusion Goals of Inside Sales Teams by Best-in-Class The diagram above illustrates how Inside Sales Teams are involved in a variety of selling efforts. In some organizations, they handle 100% of the selling. In others, they qualify opportunities or set appointments and move the opportunity to an outside group. In either case, driving an organization to achieve Best-In-Class results is a combination of creating a strategic plan for Inside Sales, selecting the right people, investing in training and leveraging new technologies to maximize results. The playing field has been leveled for both small and large companies because of the robust offerings in the market today by SaaS companies. Smart companies - Best- In-Class companies - are moving beyond traditional CRM. They are investing in Inside Sales enablement tools that make them more productive. About the Author - Ken Murray is a 30 year veteran of the Inside Sales space. He has designed and built inside sales campaigns for numerous Fortune 500 companies. His sales teams have sold over 168,000 products annually and produced north of 700 million dollars in annual sales. In 2005 Ken commercialized the product that was driving his inside sales team and founded VanillaSoft. Ken is an alum of the Harvard Business School and lives in Dallas with his wife and two daughters. About VanillaSoft - Don t just store data and report on it - drive productivity with VanillaSoft s web based, on-demand sales platform, created by Inside Sales experts for Insides Sales teams. The award winning Best-In-Class feature set includes next best call logic, auto dialing, onboard intelligent messaging, integrated , real time lead distribution, live dashboard and call recording for training. Typical users realize a production increase of 30 to 50% over traditional CRM, creating an easy to justify ROI. VanillaSoft dials over existing phone systems or VOIP meaning no new or high fees for telecom. VanillaSoft is based in Plano, Texas where it has served a global client base since 2005.