Start-up Sales 11.17.14
- 1. Start-up Sales Launching New Ventures 17 November 2014Jeremy M. Seltzer
- 2. CYA 際際滷 These are my stories, thoughts, and perspectives Focus on everything except pitch itself Ethics: Every salesperson draws their own line: o Selling products that arent yet completed o Say yes, but do it on a phone call o Do you add people you dont know on LinkedIn? 2
- 3. The Plan Who I am, What I do, Why I do it Movable Ink: Quick Pitch Some things I think are true or thought-provoking My favorite sales tools The Sales Cycle o Getting the Meeting o The Meeting o After the Meeting o Getting to Signature Final Thoughts and Q&A 3
- 4. Who I am / What I do Education: Learning that Im not going to be a Chemical Engineer forever: My happy life in start- up land: 4
- 5. My Job How do you find the people using square wheels? How do you get them to chat with you? How do you show them that youre holding a round wheel? How do you make them look like a genius for bringing you in? How do you create scalable processes to run 100+ opps simultaneously?5
- 6. Wrapp (very early stage) Funded by Atomico (Niklas Zennstrom) & Greylock (Reid Hoffman) Over $25M raised. Founders: Hjalmar Winbladh (Rebtel) & Andreas Ehn (Spotify) Inventing a new space called SOCIAL GIFTING Initial success in Sweden lead to global expansion and US launch in January 2012 6
- 7. Wrapp (very early stage) Part of core US launch team Getting our first clients (pure hunter role) Target buyer: Social, Digital, Gift Card, CRM Marketing CMO buy-in How do we measure success? o Sales o Quantity of partners, Quality of offers o Data sharing / Product feedback Help find product market fit o Exposure through partner channels o How do you create a commission structure? YOU DONT, YET. 7
- 8. Movable Ink (Series B) Funding led by Intel Capital - $14M to date in seed, Series A & Series B Invented a technology that allows the content of an email to change / update at the moment the email is opened. Creating the market for contextual email marketing 8
- 9. Movable Ink (Series B) 40th hire (now 60) Getting from 8-figure ARR to 9-figure Target buyer Director of Email Communication or VP Marketing My role: Strategic Account Executive 9
- 10. Movable Ink (Series B) My role: Hunting within Farming My role according to my boss: But, Jeremy, we hired you to get people to say yes, now. MI CRO My role according to my commission agreement: Obtain a written, signed, valid and unconditional contract for a subscription to MIs services with a customer for a minimum ARR of $30,000 and minimum commitment of 12 monthsannual sales target of $3M. Of course you want more revenue, but what good is it if it isnt predictable? - Aaron Ross, Predictable Revenue 10
- 12. BillboardBoutique Roles & Responsibilities, Hours EMAIL PERSONALIZATION AT SCALE
- 13. Movable Ink (Series B) 13
- 14. CHANGING EMAIL CONTENT AT THE MOMENT OF OPEN
- 15. MARKETING THAT KNOWS YOUR LOCATION
- 16. WEATHER-BASED TARGETING + WEB CROP
- 17. PERSONALIZED WEB CROP POST PURCHASE %4.2 CONVERSION RATE $1MM LIFT in annual incremental revenue
- 18. MOVABLE INK CLIENT EXPERIENCE TEAM WEEKS 1-2 Goals Alignment: Movable Ink will understand the key performance indicators for your email campaigns to ensure we are delivering ROI on your investment dollars. Education & Support: Movable Inks team will train your team on how to use our dashboard based on your goals and ensure your questions are answered with every campaign build. Strategy & Ideation: Plan regular calls and requirements sessions to ensure on time delivery, while consulting on campaign templates to build new use cases that deliver results. Success Review: Track ongoing campaign performance against KPIs with Movable Inks Advanced Analytics and custom reports Roadmap: Plan future campaigns by understanding Movable Inks newest and planned capabilities Roadmap Goals Alignment Success Review Strategy & Ideation Education & Support DAY 90 QUARTERLY END YEAR 1
- 19. Some things I think are true
- 20. Whats the key to being a great salesperson? #1 interview answer: Listening Start-up sales: getting them to talk.
- 21. The sales process is like a Chemical reaction
- 22. Activation Energy > estimated ROI Required for Signature Deal Fails Deal Succeeds Your Pitch 22
- 23. What is paid for, gets attention. What gets attention, gets better. What gets better, gets paid for.
- 25. SALES DRIVES PRODUCT PRODUCT DRIVES SALES Early Stage Later StageGROWTH STAGE ? Culture of Success & Mutual Respect Drives Collaboration
- 26. Its easier to ask for forgiveness than permission. Sometimes. In early stage start-up sales, absolutely.
- 28. A few of my favorite tools: Slack Internal communication made easy Boomerang Never forget to follow up Rapportive Guessing email addresses accurately LinkedIn Premium Bother people with a professional touch Salesforce Log your activities for smarter business insights Zuora Tie subscription billing to Salesforce for SaaS companies Cirrus Insight & Tout - Link your Gmail to Salesforce Pardot Link site activity to Salesforce Clearslide Deliver smart presentations, stalk your prospects 28
- 29. Slack 29
- 30. Salesforce 30
- 31. Salesforce 31
- 32. Clearslide 32
- 33. Clearslide 33
- 34. The Sales Cycle
- 35. The Sales Cycle 35Aaron Ross, Predictable Revenue
- 36. The Sales Cycle 36Aaron Ross, Predictable Revenue
- 38. Getting the Meeting How do you get meetings? Inbound Leads o Webinars o Conferences o SEO o PR o Marketing Outbound Leads o Sales Development Reps (SDRs) o Channels Partners Finding your champion (why is it good for the company and why is it good for you?) SALs: Sales Accepted Leads o Leading indicator metric: New Pipeline Generated per Month 38
- 39. Getting the Meeting Some tips & tricks for success: Multiple touch-points: Email, LinkedIn, Twitter, Phone Multiple contacts: colleagues, other salespeople, mutual contacts Mentioning partners in their space Moving to in-person Im going to be in the area My VP is going to be in the area Food Food for you and your team Lunch and Learn: completely non-committal Completely blind introductions Have your users sell for you (Wrapp coordinated assault on brands) Uncertain areas: Discovery calls? Growing the first meeting? How aggressive to be? Careful with key terms that bucket your solution 39
- 40. Getting the Meeting How it can work (Derek Martin, Metlife): 40
- 41. Getting the Meeting The usual reality (Joe Alfano, Staples): 41
- 42. The Meeting Turning SALs into Opportunities
- 43. The Meeting Pitch o Build Trust o Build Value o Share Case Studies o Set Expectations o Timeline 43
- 44. The Meeting Last 10 minutes, key points: Decision-maker Budget source Next meetings (according to your pre-defined goals) o NOTE: Prospects believe it would be irresponsible to commit after 1 meeting. They want to do due diligence, but theyre often not sure what to ask. Guide them. Develop a 1 month sales process with 3 meeting steps. E.g.: (1) Capabilities demo (multiple times if necessary dont leave it to internal pitches) (2) Custom demo (3) IT/Tech feasibility 44
- 46. After the Meeting Follow Up, Follow Up, Follow Up Use your tracking tools to monitor engagement Guide towards finish line Creating urgency: o Retailers: MLK, V-day, Easter, Moms, Dads & Grads, July 4, Back to School, Black Friday, Christmas o Discounted pricing o Providing proposals with validity end-dates o Understanding their fiscal year / budgeting processes o Making it as easy as possible for them 46
- 48. Getting to Signature Concrete Steps: o Confirming Budget with Decision Maker o Master Services Agreement (MSA) + Statement of Work (SOW) o Deciding whose paper will be used Food for thought: major players in your space may already have relationships with larger Fortune500 orgs. Reduce sales cycle and headache by setting up a pass-through. o Legal redlines process Typical challenges in the legal redlines: o Insurance o Liability o Data security Who owns the data? VS negotiations Key Question: Do you do pilots/tests? 48
- 50. Losing Deals #1: Try not to do this #2: Understand why #3: In competitive landscape, try to get last word on pricing #4: Keep door open for future conversations #5: Set up internal feedback systems to product, account teams 50
- 51. Book Recommendations Predictable Revenue, Aaron Ross The Challenger Sale, Matthew Dixon Getting to Yes, Roger Fisher 51
Editor's Notes
- #15: OUR TECHNOLOGY allows creative to render at the moment it is opened we can take advantage of Real time Attributes of the consumer (or card holder) at the moment of open to be able to target content. As it turns out, this technology allows us to do this and a whole lot more Time its opened Location Device even the weather!
- #16: Marketing that knows where you are (without having to pass any CRM data) Serving up locally live content given where the email is opened in this case serving up local maps in email. Traditional email marketing usually has the Find a Store Nearby CTA which requires a few clicks often requires entering in address fields to do the search The lion share of their revenue comes from their retail stores- so they used Movable Inks geoIP capabilities to find & pre-populating the closest store locations and phone number (but only if they were within a 50 mile radius) Within 60 days of a signed contract they saw a big ROI, 97% of sales were driven in-store Display closest store location to user Can pass zip code to act as backup when user cannot be geo-located Dynamically link to maps for directions, click-to-call per store MK RESULTS: 10X ROI 97% rev$ from in-store AB test with ESP Results seen within 60 days of signed agreement Positive response from non-buyer segment
- #17: 7 FOR ALL MANKIND Webcrop based on weather
- #18: ERIC CAN YOU HELP!? Post-Order Upsell Personalized Web Crop of available seats triggered after flight purchase Post-Order Upsell with 4.2 conversation rate 1mm lift in annual incremental revenue