Transcript
The Spigot ApproachThe End of the Sales Funnel
ValuationCo
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Market Cap
ValuationCo
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Market Cap
“The ’90s called and want their sales system back!”
Paradigm Shift: A dramatic change in methodology or practice.
Paradigm Shift
• From “managed” messages designed to persuade
• To “authentic” messages designed to narrate
• Owned vs. Earned• Internal process to
customer process
Trends
1. 10,000 per day 2. Social Media3. On Demand4. Virtual Crowds5. Apps6. The Sales Paradigm Shifted• Sales Cycles• Consultative Sales• BMW Driving sales force
(Millennials)
Sales Cycle Example
1. Suspect2. Prospect3. Presentation4. Needs Analysis5. Quote6. Follow Up7. Contracts8. Closing
Two Unforgivable Problems:
1. Not your customers process for buying.
2. Post Sales?
Consumer Decision Journey
1. Consider
2. Evaluate
3. Buy
4. Research 5. Enjoy
6. Advocate
7. Bond
Customer Reviews
Current Approach
Marketing
Customer Service
Sales
Interruptive Sales
Approach
The Spigot ApproachMarketing Business
Development
SalesCustomer
Service
Database with Entry
Value
New Sales Role
• Automate, Automate, Automate• Take inbound leads• Plug into Consumer Decision Journey
– No prospecting, presentation, or closing skills needed
• Manage closing ratios• Better sales operations (paperless)• Company owns the client• Easier compliance• Easy to Recruit• Less commission
Commissions
Current Approach Spigot Approach
Sales/week 2 20
Avg Commission $1,000 $500
Commission % 50% 25%
Annual Comp $50,000 $125,000
Firm Comp $50,000 $375,000
New Marketing Role
• Manage CDJ, including post sales (Research, Enjoy, Advocate, Bond)
• Monetize the Customer Database
• Marketing Calendars• Less about “Creative
Design and Copy”• More about data
New Customer Service Role
• More than change of address and coverage questions
• Helps customers enjoy the product and become advocates
• Not a good target for outsourcing
Business Development
• Strategic Partners• Negotiate CDJ Presence– Consider and Evaluate – Post Sales Presence
• Lead Generation– Large volumes – Predictable volumes– High quality
• Intuitive Talent Position
A Few of My Partners
Carrier Checklist
Who is the real competitor?Document your customer CDJHire BD ManagersLook for people in your
organization who have an aptitude for partnerships.
Define a good “Partnership” Pursue New economy partnersPursue Old economy partnersRe-evaluate Channel Sales
Carriers Checklist
Update websites with information to focus on each step of the CDJ
Establish Internet presence where consumers Consider and Evaluate
Establish strategy for post sales: The Research, Enjoy, Advocate, Bond phases
Shorten and simplify the application process
GCI Case Study
• National Health Insurance Broker
• 1,800 agents nationally• Negotiated over 20 large
Strategic Partnerships• Data showed losing 90% of the
leads• Started inbound call center w/
20 agents across three shifts• Closed sales doubled
Google Compare Case Study
• Wants to expand into financial services
• Millions of leads/mo• No carrier has a “BD”
manager• Deal goes to a small
private broker
Com
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Market CapMarketing
SalesCustomer
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Database with Entry
Value
BD
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