Search:

7 Key Takeaways From Inbound 2018

Posted by Doug Davidoff

Sep 11, 2018 1:00:00 PM

inbound-2018Another year…another Inbound--the largest marketing conference in the world. As the conference was nearing its end, I came across HubSpot’s CEO, Brian Halligan. HubSpot hosts this “Woodstock for Marketers,” and as the host, he asked me what I thought of this year’s Inbound. I told him, “As always, it’s been great. The interesting thing is that each year I think I cover fewer square feet of the conference, while taking more steps.”

After 95,000 steps and dozens of deep conversations with martech & marketing agency executives, clients, prospects and general attendees, I came away with renewed energy. (Candidly, I came away exhausted, but after a weekend of recovery the renewal set in).

If you weren’t able to make it to Inbound this year, and even if you were, here are my seven biggest takeaways:

Read More

Topics: Inbound Marketing

What Is Lead Activation

Posted by Doug Davidoff

Aug 24, 2018 2:00:00 PM

activationAfter a decade of dominance, people are beginning to doubt—seriously doubt—the validity of demand generation. In the last three weeks alone, I’ve had more than eight conversations with prospects who flat-out proclaimed “We’re not interested in demand generation; that’s for low-price consumer commodity products. We sell high-priced, complex [fill in the blank] solutions. We need something more sophisticated.”

Despite the last five years, when lead generation has exploded, revenue and customer acquisition growth has actually declined per dollar invested/spent on growth initiatives, leading to a crisis of confidence for a core component of the modern revenue growth playbook.

What Is Lead Activation

Lead Activation is the process of generating active engagement from buyer personas at companies that meet your ideal client profile, before they’ve reached the point of buying intent. The Lead Activation Process purposefully advances engagement and increases their probability of becoming a high-quality sales opportunity.

Read More

Topics: Lead Activation, Lead Nurturing, Lead Generation, Sales Enablement

5 Tips for Making a Strong First Connection with a Lead/Prospect

Posted by Doug Davidoff

Aug 10, 2018 3:00:00 PM

connect-calls-3More money than ever is spent on the technology, people and process to enable organizations to generate higher volumes of sales qualified leads at greater velocities. Research from Gartner CEB indicates that these investments aren’t working out too well. They found that, on average, companies are spending nearly $5,000 per rep more on technology alone, and they’re seeing their conversion rates drop almost 12 percent.

The growing tech stack, combined with maturing lead and demand generation tactics, have given sales reps an apparent playground. Gone are the days of not having enough people to talk with (or, at least, they should be). Despite all the investments being made to “reduce friction for buyers” and more activity, companies are still suffering from a dearth of qualified and engaged prospects willingly entering predictable sales processes.

Through our work over the last several years, I’ve identified two key causes for this problem.

  1. This first is likely not new to you, as it’s been highlighted, ad nauseam, over the last half-decade. Buyers have changed how they engage and sellers are not stepping up.
  2. The second doesn’t get anywhere near the attention, but may be just as big. The sales process has become, well, far too process stringent. This is not a slam on the relevancy and importance of defined and documented sales processes, but, rather, an indictment of how they’re being implemented and executed.

I’ve seen this from both sides of the table—advising and coaching sales reps and dealing with sales reps as a prospect and customer. The first call is painful. You would think that all of the attention and money that’s been spent on building sales development teams and designing prospecting processes, reps would have mastered the first call.

Read More

Topics: Sales, Playbooks, Sales Training/Coaching

The Critical Role of Intent in Demand Generation, Sales and Marketing

Posted by Doug Davidoff

Jul 12, 2018 1:30:00 PM

intent-video-splash-screenWe've been doing a lot of research over the last year into a critical part of the buying process that seems to get very little attention in the design and execution of demand generation: sales and marketing efforts. Anyone who has ever been involved in attracting or acquiring new customers knows that buyer intent is an important ingredient in the customer acquisition recipe.

Intent varies by person, by market and/or by what you're selling. There are any number of factors that are going to impact when and where intent occurs, but somewhere along the buyer’s journey, buyer intent hits a critical point. Intent, initially, does not necessarily relate directly to buying from any particular vendor. Buyer intent refers to the decision that some level of action needs to take place. If you think about the last major purchase or even decision that you made, you can quickly and easily identify that point that separates pre-intent actions from post-intent ones.

Read More

Topics: Sales, Marketing, Demand Generation, Lead Generation, Inbound Marketing, Performance, Sales Enablement

What it Means to be Data-Driven, How It’s Different from Metrics & How to Apply it

Posted by Doug Davidoff

Jun 29, 2018 11:00:00 AM

Data-Imagine-ImageMy daughter is entering her senior year in high school. I have to admit that there are times where I stop and think how I wish I were in high school today. Now, I don’t have this wish for the common reasons you may be thinking.

You see, when I was in high school it wasn’t cool to obsess about things like data. But today, data is about the coolest thing in the world (well, except for maybe AI). Everyone is talking about data. Big data. Little data. Metadata.

Today, it seems, marketing and sales advisors pronounce their coolness by claiming to be data-driven. Everywhere I look, I see people claiming to be data-driven, but when I look at how they manage process and make decisions, it’s no different than how they did things a decade ago.

Sure, they may throw some numbers or vanity metrics at you, but the way they do it reminds me of how I used to describe statistics. Today, data is like a lamp post to a drunk - it’s used more for support than illumination.

Make no mistake. If you want to successfully grow a business today, you’d better be data-driven. I’m fond of Netscape founder Jim Barksdale’s philosophy: If we have data, let’s look at data. If all we have are opinions, let’s go with mine.

So, the first step to be data-driven is to understand what being data-driven means.

The first confusion is that there’s a difference between being goals- or metric-driven and being data-driven. There is probably no clearer illustration of the difference than using my favorite example: baseball.

Read More

Topics: Lead Generation, Inbound Marketing, Sales Development, B2B Sales Strategy, Demand Generation, Performance, Data

New Research from SiriusDecisions is Bad News for Sales Teams - Here’s What to Do About it

Posted by Doug Davidoff

Jun 26, 2018 2:00:00 PM

bad-news-for-sales-teamsA new research report from SiriusDecisions presents a pretty damning view on the state of sales today. The 2018 Global Chief Sales Officer Study surveyed the heads of sales from 250 companies covering a broad array of business, from small business through large multinational businesses.

Here are some of the key findings:

  • Fewer than 50% of sales reps are hitting quota
  • At 70% of companies, fewer than 70% of sales reps are hitting quota
  • Marketing is contributing less than (a paltry) 25% to revenue
  • Sales cycles are getting longer for 64% of companies, with 27% seeing an increase of more than 30% in just the last year.
  • For the typical company, sales reps spend just 27% of their time on direct activities involved in selling to customer or prospects. Higher-growth companies reported their reps spent 53% more time selling (though I'd point out that’s still only? 41% of their time spent actually selling).

I’ve got to tell you, I had to read the report twice before I believed what I was seeing. The last five years have seen greater investments in customer acquisition and sales than ever before, yet these numbers indicate that nothing has improved.

Of course, I really shouldn’t have been surprised to see these numbers as I’ve got front row seats to this whole thing. While I caution people to be wary in reading too much in surveys, this report is another piece in a growing plethora of evidence that shows that selling organizations have still not made the necessary adjustments in their approaches to sustain and succeed.

Read More

Topics: Sales Enablement, Performance, Demand Generation, B2B Sales Strategy, Sales Development, Lead Generation

Modern Lead Generation is Failing. 5 Critical Factors to Drive High-Velocity Customer Acquisition

Posted by Doug Davidoff

Jun 8, 2018 1:00:00 PM

Imagine_Speed-Velocity Graph with TitleA couple of weeks ago, I introduced a chronic problem plaguing the growth efforts of companies, large and small alike. Lead Activation Syndrome occurs when the successful results of lead generation efforts aren’t translating to greater velocity of quality sales, opportunity creation, or new customer acquisition.

Companies can still drive growth--often at a very high rate--but the costs of such efforts grow at a faster rate than growth. As a result, the systems and people supporting growth must run at a faster, often non-sustainable, pace.

The cause of this problem is typically weak, or nonexistent, middles. The attention paid to lead generation and inbound marketing has greatly strengthened the top of the funnel, but little to no attention is paid to constructing a strong middle.

Read More

Topics: Technology Stack, Performance, Inbound Marketing, Lead Generation

Lead Activation Syndrome (LAS): The Ailment that is Costing You Millions $$$

Posted by Doug Davidoff

May 9, 2018 4:00:00 PM

lead-activation-losing-moneyLast week, I was going through some older files when I came across a standard presentation deck from six years ago. Two things struck me as I reviewed that deck. The first was just how much of what we were talking about five years ago still applies today.

The second was the amount of time we spent in that presentation on the need to develop a formal lead generation process for businesses desiring growth. While the strategies shared are still applicable, what I found interesting was that, just five years ago, we spent a considerable amount of high-value sales time getting business executives to understand the importance of simply generating leads.

Certainly, there are companies that haven’t adjusted, but even those companies acknowledge the importance and value in designing top-of-funnel strategies to drive higher lead volume. (They’re just still working through their list of excuses.) Today, we rarely spend time talking about the importance of lead generation.

Instead we find, with increasing frequency, that companies committed to serious growth are suffering from a very different problem. They’ve generated the leads, and continue to generate them. Often, they’re generating more leads then they can handle.

Read More

Topics: Sales Enablement, Sales Cycle, Sales Development

Conversations Don’t Happen by Accident: The 6 Strategies to Creating a Strong Chat Experience

Posted by Doug Davidoff

May 2, 2018 10:00:00 AM

CAPBot ChatYesterday, Drift announced the latest enhancement to their conversational marketing platform, called Leadbot 2.0. Leadbot 2.0 increases the power available to marketers and salespeople utilizing chat while also drastically improving the user interface and ease in building out strong chat experiences.

This news, combined with the leaps HubSpot has made with their soon-to-be-released update to their chat product, Messenger (I’ve had beta access to the product for the last month), means that the momentum behind Chat and Conversational Marketing isn’t going to slow down anytime soon.

And for good reason. I’ve always believed that the mantra of the modern demand generation executive is “Solve for the customer!” Done properly, chat is a powerful tool to empower both the seller and the buyer, enabling them to have meaningful conversations in the most effective and efficient way possible. I’ve made no secret that I don’t believe Chat means the end of other demand generation tactics, but the compelling use cases for Chat continues to increase every day.

However, Chat is by no means an easy or “quick fix” solution. It’s not as simple as throwing some code onto your site, assigning sales reps to manage it, and then waiting for the people to ask you if you will let them buy your product/service. Make no mistake, there are far more bad chat experiences than there are good ones.

Implementing chat requires a commitment of time, money, and a solid effort to develop the strategies, plumbing, and training to make it work. There’s no question it’s a great opportunity to create leverage and lower costs, if - IF - you do it right.

Read More

Topics: Sales, Technology Stack, B2B Sales Strategy, Sales Development

Why I Don’t Give My Head of Sales A Revenue/Sales Quota

Posted by Doug Davidoff

Apr 27, 2018 1:00:00 PM

No-Sales-QuotaMake the number! It’s probably the three words that dominate the thinking of salespeople and executives everywhere. I’ll admit that over my career I’ve literally had dreams--and nightmares--where making the number was the central theme. (Of course, whenever this happened, I knew it was probably time to take a week off).

Sales quotas (or revenue quotas) are a foundational element of the sales. For most, the only question to ask about quotas is “Where should the target revenue or new customer acquisition quota be set?” Questioning the need, appropriateness, or effectiveness of even setting quotas is sacrilegious in business circles.

But the time has come for those leading businesses into the future to admit that quotas aren’t working. Recent research from CSO shows that barely 50% of salespeople are meeting quota, a trend that has been steadily deteriorating. Anecdotally, many senior sales executives responsible for setting quotas adjust to this reality by setting artificially high quotas and putting more pressure on salespeople.

Earlier this week, I presented a webinar where I revealed some research that we just completed, along with ways to implement strategies that can double your pipeline in 90 days. In this session, I shared that the nature of sales continues to undergo rapid change. If selling is going to remain a viable strategy, leaders must rethink their fundamental assumptions about sales, how they allocate talent and resources towards the sales process, and how they assess and compensate performance.

At the beginning of this year, I determined it was time to take a lead in designing the sales model of the future. As a part of our 2018 sales plan, I eliminated the sales quota as a key metric for our VP Sales. Here's why.

Read More

Topics: Sales Enablement, Sales, Sales Cycle, B2B Sales Strategy, Sales Development