As we collectively bid-ado to the year that was, now is the time to start making serious strategic decisions that will have an out-sized impact this year. But even if this year is better than the last (it has to be, right --- right?!), there is still some lingering uncertainty for the business community.
One of the largest uncertainties is the possible return of trade shows. An important channel for many businesses, trade shows make up the second largest source of B2B revenue in the US. With that in mind, businesses everywhere are anxiously awaiting the green light to reactivate one of their biggest channels. But how do you plan for an event that may-or-may-not happen?
The way people buy B2B software has changed. The B2B sales process has morphed with B2C.
We’re spending more time online before making a purchase, with research from Gartner showing that buyers now only spend 17% of their time meeting with potential suppliers.
At the same time, we’re more skeptical than ever of Google results and five-star reviews. Cold calls go straight to voicemail.
However, one thing remains: people still trust their peers.
At the same time, there’s been an explosion of online communities over the last five years, a growth that’s been further accelerated by the pandemic, as people look for that sense of trust and connection that they’ve lost.
Sales Development is an important function in many companies today, but it can also be confusing. What’s the difference between a lead and a prospect, or a sales funnel and a pipeline? Is your company’s CAC higher than your CLTV and, if so, is that a good or bad thing?
Whether you’re new to Sales Development or an experienced pro, Sales Development has its own language; a language that’s constantly evolving. To help you out, we’ve put together a glossary of the most terms used in Sales Development and what you need to know about them.
Overview of what we’re seeing in the Sales Dev world today, how you can play them, and the questions they spark.
Managing Virtual SDR Teams
The traditional, office-based SDR model has been on the way out for years, as remote work tools and bandwidth allowed SDRs to work from anywhere. Growing bandwidth and tools like Slack, Zoom, and various Sales Enablement Platforms have made it possible. We’ve all seen the estimates that the coronavirus accelerated the conversion to remote by 5+ years.
In the beginning, there was sales. For a long time, it was as simple as that.
Salespeople would work their Rolodex and run the full sales process with just one goal: ABC, Always Be Closing.
However, the idea that one role can address all the complexities of modern sales has changed. Over recent years, the Sales Development role has exploded in popularity, spreading from Silicon Valley companies to sales organizations of all types and sizes.
With the advent of Software as a Service, the importance of dividing the sales team into three parts—Sales Development, Account Executives and Customer Success—gained viability.
Sales Development finds new leads and follows-up on inbounds, Account Executives close deals, and Customer Success ensures the customers never cancel their subscription.
The success of companies such as Salesforce.com and myriad of others has proven out the Sales Development model.
You don’t need me to tell you that, over the last few months the whole world has gone a little crazy. Thanks to Covid-19, everything’s changed, and that includes Sales Development.
But while everyone is trying to adapt, what has been the actual impact? How has Sales Development changed over the last three months? What can we expect in the near future?
We teamed up with RevOps Squared to research how the pandemic has impacted Sales Development teams. Here’s what we found out.
Concerns over Sales Development layoffsWith record unemployment figures, it shouldn’t be surprising that layoffs were one of the biggest concerns. At the time of the research, over 20% of companies surveyed had already let SDRs go. Additionally, over 60% were still concerned about layoffs in the near future. Interestingly, respondents from larger companies were the most likely to be concerned about their future.
Whether they’re looking to supplement their internal teams or build pipeline, many executives are considering outsourcing their Sales Development team. There’s a tremendous amount of demand, and the industry is growing exponentially (something we’ve seen with the latest update of our Market Map).
However, outsourcing comes with challenges. Anybody with an internet connection and a telephone can set themselves up as a sales prospecting organization, but that doesn't guarantee success. In our recent study, we found that only 32% of respondents would outsource to the same firm again.
How many ingenuine, out-of-touch sales messages do you receive on social every week?
Here are direct quotes from just a few of the many in my LinkedIn inbox:
❌ “I definitely think our business could benefit from each other and I'd love to have a chat”
❌ “In case you’re aspiring to take the next step up in your career, so I wanted to send you something that can be a big help”
❌ “Thanks for connecting & your interest in our event” (Wasn’t interest, just connected)
❌ “I would love to hear more about your biz dev, do you do outreach to companies?”
❌ “There might be some opportunities for us to work together. We are an excellent solution for…”
Despite recent clapback from the community against these selfish, unsolicited pitches on social, it’s unfortunately still a very prevalent approach in the B2B world.
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