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The biggest challenge today s burgeoning companies face is understanding the difference between sales and Business Development (BD). Many companies think they are the same, and as a result they struggle with embracing the BD mindset. In fact, corporate executive titles such as VP of Sales and Business Development clearly demonstrate that some companies do not know the difference, as they have salespeople attempting to manage their BD effort. They treat it no differently than a sales effort and build their operations and incentives as though BD was a sales function. That is why their efforts always have failed results. To be successful at BD, keep the following points in mind.
1. In a BD Deal, Everything is Different
The first step is to acknowledge that there is a difference between sales and BD. While BD helps accelerate sales, BD is not sales.
In sales, there is a transaction—goods are exchanged for dollars. There is no transaction in a BD deal. In BD, you are not selling tangible products and services to another company. You are proposing a partnership in pursuit of bigger untapped opportunities. In fact, BD is the polar opposite of sales.
The BD mindset is about selling a vision of the future to an industry giant—your sumo partner—with whom you wish to collaborate. It is about defining what you and your partner can do together that neither of you are doing today in order to better serve your current and future customers. In turn, this means exponential revenue growth for both companies.
The biggest difference between sales and BD is in the dynamics that exist around selling (which is focused for revenue growth today) versus BD (which is focused around growing your revenue through strategic relationships for tomorrow). Since BD is not sales, your interaction with your potential sumo partner is not governed by a sales transaction—you are not fighting for a signature on an invoice because there is no exchange of goods for money.
2. Clarity in a BD Deal Can be Your Biggest Downfall
Marketing communications experts tell you that in business, the clearer you are about your message, product or service, the more successful your company will be. While this may be true in a sales environment, the exact opposite is true in BD.
In BD, the right amount of ambiguity can be your greatest strength. Strategic ambiguity is your goal during the BD pitch process and throughout most of the negotiation phase. As you are presenting your vision for a partnership with your potential sumo company, the last thing you want to do is to be overly specific about what you are proposing. You may think that this contradicts everything you have heard from sales and marketing gurus. Exactly! That s because BD is the polar opposite of sales.
Remember, in BD it is about identifying how the two companies come together to create the greater opportunity. Ambiguity is critical when positioning the sumo for the deal because it accomplishes two goals. Ambiguity entices your potential sumo to want to learn more, and it protects your BD strategy. By withholding specifics in the courting process, it minimizes the possibility of your potential partner to say “no,” and it protects your company from collateral damage should your potential partner go to your competitor. They cannot use your BD strategy against you if they do not have all the details. That’s why clarity can be your biggest downfall at this stage. Ambiguity, however, holds everyone’s attention. By holding back information, rather than disclosing your coveted BD plan, you keep them engaged.
3. Reel in the Big Fish
Think of the BD process in fishing terms. When reeling in a big fish, you want to attract its attention with some bait—something very attractive. Once the fish decides to take a nibble, your goal is to get it on the line without breaking the line. If the line breaks, you have a “no.”
Keeping the line intact takes sharing bits and pieces of details about your deal’s potential. In fishing terms, this process of drawing the fish near is called “chumming.” You need to let up a little to give your sumo partner (or fish) time to go away and assess what this deal would mean for their organization. Then you check in and drop another detail that piques their interest, all the while driving them toward the boat where you’ll catch them in a net. What you don’t want to do is put some tasty bait on the line and then start reeling in the line as fast as you can before they’ve even come close enough to sink the hook. That’s a sales approach, not a BD strategy.
Partners need enough information about the proposed project to be interested, but if you overwhelm them, they will start swimming in the opposite direction. Then you are left with nothing and the fish is still in the water and is still hungry—and still open to tasting bait dangled by other anglers. The only thing worse than a sumo walking away from your deal is that same sumo deciding to partner with your largest competitor. That is why you need to keep your BD strategy close to your chest. If you unfold the details early in the game, then your sumo can shop around to the competition. So keep the information vague until you have the fish on the line, virtually swimming toward the waiting boat as you lead it along.
Use the BD Effort to Grow Sales
While sales and BD are polar opposites in terms of how each achieves its goals, BD helps grow sales by giving the sales effort a unique and distinct advantage. In BD, there isn t a transaction that governs the relationship, nor is BD governed by an invoice or a contract. However, the BD deal will monumentally grow the revenue of both companies far beyond that of what any gorilla sales effort alone can achieve.
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With growth back on the agenda for many UK businesses now is the perfect time to take your sales career to the next level with Telegraph jobs. We have available jobs in a wide range of sectors from FMCG, engineering, manufacturing, IT and many more. The salaries in sales positions can range from £25k to £90k+, dependent on the level of experience.
With Sales Directors, Area Management, Account Manager, Head of Sales, Field Sales Executive and Sales Assistant roles available throughout our listings there is a job to suit every jobseeker. Some roles may require a solid track record in sales delivery, strategy or reporting whilst at entry level a desire to sell might be all you need. To kick-start your careers in sales and business development check out our Telegraph job vacancies below.
Oslo, Østlandet (NO) Competitve Kezzler
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Based from home, ideally in central England and within 1.5 hours’ drive from the company’s headquarters in Bristol Attractive base salary plus excellent bonus and benefits Limbs Things
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We are looking for a sales and account executive to sell direct to clients in our target markets.
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12 Must-Have Salesforce Dashboard Sales And Pipeline Charts With Examples #best #sales #pipeline #software
12 Must-Have Salesforce Dashboard Charts | With Video And Examples
Salesforce dashboards to increase visibility of the sales pipeline and improve forecasting accuracy.
There’s no doubt about it.
That s the number one reason businesses invest in salesforce licenses.
Yet many sales managers are frustrated.
They still do not have the salesforce dashboard charts that give visibility into the size, quality and trend in the sales pipeline needed to forecast accurately. They also can’t look back at historic results to gain the insight that will drive improvement in future sales performance.
But that problem can be fixed.
Here are examples of the 12 must-have salesforce dashboard charts that every sales manager needs.
These salesforce dashboard charts, and the underlying reports, give tremendous visibility into the sales pipeline and sales performance. For each dashboard chart, we also point you to a dedicated blog post and other resources for even more in-depth information.
In the interests of brevity we’ve ignored variations of these charts. These variations can provide additional insight for your business by analyzing sales performance by product, campaign, territory, customer type and so on. Use the charts examples recommended in this blog post as the core building blocks to create your organization-specific salesforce dashboard and reports.
12 Must Have Charts For Your Salesforce Dashboard
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1) Closed Won Opportunities by Month
We all want to know how much sales revenue has been won. That’s what the Closed Won Opportunities by Month dashboard chart tells us.
The chart shows how much sales revenue the company has achieved during the financial year.
In this example, the dashboard chart and underlying report summarize the information by individual sales person. If you have a larger sales organization, then group the chart by team, country or territory.
The dashboard chart and report give top-level insight into sales performance. In our example, Dave Apthorp is consistently the top performer. Sarah has improved her performance significantly after a poor start to the year. Peter, in particular, can benefit from coaching and training to improve his performance.
Combine this information with your personal knowledge of each team or individual to get an immediate overview of sales performance across the company. Use the other dashboard charts that analyze historic performance (for example conversion rates, average deal size) to determine the specific support and actions each person needs to take in order to increase their sales results.
Incidentally, the trick here as with many salesforce dashboard charts is to create the graph as a stacked bar chart and the underlying report as a Matrix report. Yes, it s slightly easier to create a Summary report. However it s only a small step further to create a Matrix report. And the results are so much more powerful.
Of course, the Closed Won Opportunities by Month dashboard chart doesn’t tell us anything about future revenue performance. That’s where the other pipeline charts we recommend come into play.
More blog posts related to the Closed Won salesforce dashboard chart:
10 Illuminating Ways To Measure Closed Won Deals. Examples of other ways to analyze historic sales performance.
When Is A Report Not A Report. Demonstrates why Matrix Reports are nearly always better than Summary Reports.
2) Pipeline Deals by Close Date and Opportunity Stage
If you only use one dashboard chart to manage the sales pipeline then make sure it’s this one.
The chart shows the value of Opportunities that are due to close each month. Within each month, we can see the deals in terms of the Opportunity Stage. Stacking the chart by Stage gives visibility of the overall health of the funnel.
The Pipeline Opportunities By Close Date and Opportunity Stage dashboard chart delivers the fundamental information needed to manage the sales funnel. Sales managers and executives can use this chart to assess the size of the pipeline and to begin forecasting future revenue.
This dashboard chart also tells us whether the pipeline is sufficiently mature this month and next month to achieve revenue targets. This means managers and salespeople have an early warning that tells them when remedial action is necessary
For example, let’s assume we are in January.
There’s a substantial amount of pipeline due to close this month that is still in Prospecting and Investigation. If, for example, our typical sales cycle is 3 months, are we confident these deals will close in January? Are they at the right Opportunity Stage? Should these opportunities be scheduled to close in a later month?
What about the deals in April that are in the Negotiation Stage? Is it really going to take 4 months to close these opportunities? Maybe. Or are there steps we can take to bring these deals forward?
A key variant of this dashboard chart is the Pipeline Opportunities by Close Date and Owner.
Use the summary by Owner to identify which teams or salespeople have the most pipeline due to close both this month and in the longer term.
More blog posts related to the Pipeline by Month and Stage salesforce dashboard chart:
If You Only Create One Dashboard Chart Make It This One. This blog posts gives more examples of how to use this dashboard chart and includes a video by Gary demonstrating the chart in action.
Don t Let The Best Sales Dashboard Chart Look Like A Bedraggled Washing Line. Explains what to do if too many opportunities with Close Dates in the past make your beautiful chart look like a washing line!
3) Sales Funnel Chart
The sales funnel chart should be on your dashboard because it’s a good graph to look at – once a week.
It doesn’t matter how big or how small your pipeline is. The outline funnel shape will always be the same size and shape on your dashboard.
So why bother with it?
Well, the answer is because of the value of the information the segments within the funnel give you.
If the sales funnel was in perfect shape, the value of the pipeline in each segment would get progressively smaller.
But that’s not always the case. In fact, if you look at our example, the value of deals in Investigation is less than the value in Customer Evaluating. In other words, the later Stage has more pipeline than the preceding Opportunity Stage.
Look also at the Prospecting Stage. A significant number of deals may be qualified out at this initial stage. So, should the Prospecting Stage be larger?
In other words, the chart is warning that your pipeline may be out of shape. Potentially we need to initiate marketing campaigns to boost the size of the early-stage funnel. We may also need to examine our qualification and investigation processes in order to move deals more effectively through the sales cycle.
Is the shape of the sales funnel chart in your business a cause for concern? Only you know the answer to that question within the context of your sales team.
But that’s why it’s a good chart to look at once a week.
More blog posts related to the sales funnel dashboard chart:
Big is Beautiful: 4 Easy Charts To Measure Pipeline Size. Demonstrates the sales funnel and other dashboard charts that measure pipeline size.