C-level clientele frequently inquire, "How can we boost sales success?" To answer this complex question, several factors need to be considered, such as:
What to address
Timing: When to address it
Results: Targeted outcomes for the organization
Optimizing: Maximizing return on investment
Resources: The effort required to achieve results
Many company leadership teams struggle with this analysis. To simplify the process, we focus on the Revenue Growth Wheel, which centers or focuses our analysis and efforts around eight performance drivers. These drivers serve as a foundation for analyzing sales performance and devising a strategic plan for improvement.
The Revenue Growth Wheel is based on our decade (plus) of leading 2x growth teams, sales research and seeing dozens of high performing sales teams up-close. It helps executives assess their current state, desired state, and the best path to get there.
The Big Eight drivers for enhancing sales performance are:
1. Strategy: Focuses on factors that influence the sales organization's direction. Effective strategy and leadership are crucial for long-term success.
2. Structure: Involves the organization of selling, including sales compensation, territory design, and assignment of territories, accounts, and leads. A proper structure is essential for attracting and retaining the right talent and maximizing revenue growth.
3. Operations: Concerns the efficiency of the sales organization, tracking of activities and outcomes, and communication of information for decision-making. Efficient operations provide better visibility and enable leaders to drive performance improvement.
4. Revenue Enablement: Empowers sellers to reach their full potential through management, coaching, sales processes, methods, technologies, tools, and resources. A lack of enablement hinders sales effectiveness.
5. Talent Development & Performance Management: Refers to the overall strength of people, including competencies, recruiting, selection, assignment, and onboarding. The right people in the right roles are crucial for success.
6. Coaching & Training: Focuses on the development of sellers and the organization's culture and investment in training and education. Effective training is vital for skill development and improved results.
7. Capabilities: Involve the skills necessary for driving sales performance. Many sellers face significant skill deficits that need to be addressed.
8. Mind-set & Motivation: Includes seller attitudes, energy, focus, leadership, and the organization's culture concerning selling. A highly motivated team is essential for optimizing your sales force.
These big eight categories are deeply interconnected. The key is to find the right combination of factors to elevate your team's results. Analyzing sales performance and developing a robust improvement strategy are essential steps in this process.
Sales performance analysis is intricate and involves understanding how to improve, change, or build a sales strategy. Sales performance optimization takes time but generates significant returns in the long run, much like Warren Buffet-led Berkshire Hathaway's approach. Embracing a long-term perspective can lead to a competitive advantage and improved operating performance.
The Age of Fractional Talent: Advantages of Utilizing Fractional Sales Management
Opting for fractional sales management, like M. Allen, can be a smart choice for companies unable to invest in a full-time, top-tier sales leader. This approach enables businesses to benefit from the knowledge and mentorship of a seasoned sales expert without the hefty financial commitment of a permanent hire.
A fractional sales leader offers a strategic sales approach, helping to develop high-performing sales teams and systems. They introduce innovative ideas, perspectives, and best practices from various industries and organizations, contributing to enhanced sales performance.
Fractional sales leaders also demonstrate greater flexibility in their work approach. They concentrate on high-value tasks, prioritize critical areas, and adapt their methods to suit the business's needs. This results in quick, efficient outcomes without squandering time or resources on less important projects.
Moreover, fractional sales management brings several other advantages for businesses:
1. Quicker results: A fractional sales leader focuses exclusively on sales-related tasks, enabling them to swiftly identify and tackle sales issues while implementing solutions more rapidly than those with multiple responsibilities. Example: recently M. Allen generated nearly $200k in MRR for a client in just the first week onboard with the client organization.
2. Cost-efficiency: Employing a full-time sales leader can be costly, encompassing salary, benefits, bonuses, and other perks. Fractional sales leaders offer comparable expertise and leadership for a fraction of the price. Example: 80% of our clients have stated our cost structure was over half of what their lowest performing team member's monthly expense was and provided greater flexibility in managing their CAC.
3. Minimized risk: A full-time sales leader represents a significant commitment, and if the hire proves unsuitable, replacing them can be expensive and time-consuming. Fractional sales leaders mitigate risk by working on specific projects or for a set duration. Example: M. Allen structures all agreements with an initial three month contract term. Places greater emphasis on getting targeted results right out of the gate.
4. Enhanced scalability: As a business expands and its sales needs evolve, different degrees of sales leadership may be required. Fractional sales leaders allow businesses to scale sales efforts up or down as necessary, without the associated risk and expense of hiring and dismissing full-time sales leaders.
5. Expanded network access: Fractional sales leaders typically possess an extensive network of contacts and resources, which can be tapped into to help a business achieve its sales objectives. This network may consist of potential clients, industry authorities, and other sales professionals offering valuable insights and support. Example: M. Allen has an extensive C-level network of over 400 enterprise accounts with over 1,000 key executives that they have positioned opportunities with and sold into over the last decade.
While fractional sales management may not suit every business, it can be an efficient, cost-effective method for harnessing the expertise and leadership needed to boost sales growth. By opting for a fractional sales leader, businesses can enjoy high-quality leadership at an affordable price.
M. Allen, as a fractional Chief Revenue Officer (CRO), we are asked typically to produce the following top five deliverables in our first 90 days with clients:
1. Develop a revenue growth strategy that aligns with the company's goals and objectives.
2. Conduct a thorough analysis of the sales process, including pipeline management, lead generation, and sales enablement.
3. Identify gaps and inefficiencies in the current sales process and implement improvements to increase revenue.
4. Develop a sales forecasting model that accurately predicts revenue growth and identifies potential risks.
5. Build and lead a high-performing sales team that is focused on achieving revenue targets.
If any of this resonates or applies to you, let's connect for an initial consult and cover the path to growth.
About M. Allen
From implementing new business strategies to ultra-efficient work processes, M.Allen is ready to tackle any challenge and put you on the path to success. Nearly 3 decades of experience, we’ve helped our stakeholders by delivering services that transform the way they do business. Contact us today to schedule a consultation.