It’s no secret that the tech industry has been experiencing some unsettling circumstances recently. Nearly every week, another major tech company announces more hiring freezes or layoffs.
While much of the tech space is entrenched in uncertainty, there are certain segments within it that remain resilient. One such area is healthcare cybersecurity – one of the fastest growing among venture capitalists right now. In fact, the healthcare cybersecurity market is expected to reach $35B+ by 2027, more than triple its size in 2020.
During such a rapid growth period, companies run the risk of making the wrong decisions and quickly squandering any potential success. Conversely, making the right business decisions during this time can help a company to expand and scale sustainably.
B2B market research is a key component to helping a rapidly-expanding healthcare cybersecurity startup grow in the right direction. Here’s how market research – particularly buyer personas, brand research, and competitive landscape analyses – can all be instrumental in setting a new company up for success. Read more
Proposal writing is somewhat counter-intuitive. Many sellers seek to impress with doctorate thesis style proposals. But, the truth is, the best proposals are shorter rather than longer. Smart B2B sales enablement strategies and tactics focus on the customer instead of the firm. Proposals also need to answer buyers’ unasked questions.
Unfortunately, the vast bulk of proposals I’ve seen over my life fail to meet any of these criteria. Here are some of the frequent errors I’ve seen with B2B tech sector sales enablement strategies and tactics and how to correct them.
B2B sales strategy is centered on holding a strategic viewpoint- not just a tactical one. Great B2B sellers develop and revise plans for their accounts, rather than simply taking tasks as they come.
We get it, it’s hard to remember to be strategic when a lot of opportunities are knocking at your door. In this scenario, it’s easy to just keep writing proposals, scheduling meetings, and working on statements of work. But if you aren’t regularly checking back in on the big picture, your B2B sales strategy is likely to lag far behind organizational changes and opportunities in your accounts.
The COVID-19 pandemic has created massive heartache and loss across the globe. It has also led to the start of a worldwide recession. In stormy times such as this, how should B2B sellers adapt their tactics and strategies? Read on for sales enablement best practices for hard times.
Too often, B2B sales leaders focus on revenue goals when they should target sales tactics instead. So say Jason Jordan and Michelle Vazzana, the authors of the book “Cracking the Sales Management Code.”
Jordan and Vazzana make a compelling argument for sales leaders to concentrate on what is within their control rather than just aiming for a number.
One of the most important lessons of key account management: having a single account take up more than 20 percent of your profit and loss statement (P/L) is business suicide. Unfortunately, many executives don’t follow this sage advice – which results in broken businesses, laid-off employees, and the loss of entrepreneurial dreams.
Trust in B2B sales is eroding. B2B buyers are increasingly looking towards third-party sites and influencers for reviews. Additionally, many tech companies’ sales and support teams are not set up for success in building long-term trust with buyers.
But there is hope. Radical transparency is key to rebuilding trust in B2B sales. According to guest expert Todd Caponi, radical transparency can qualify deals more quickly, shorten sales cycles, improve win rates, and keep customers happier. Read more
Growth problems? Try treating your sales development reps (SDRs) like vital resources rather than cogs in a machine.
That’s the message from Trish Bertuzzi, the President of the Bridge Group, which she shared with Cascade Insights CEO Sean Campbell on the latest episode of the B2B Revealed Podcast.
Upend Your Expectations for How SDRs Should Work
Sharing insights from her book, The Sales Development Playbook, Bertuzzi demonstrates the connection between SDR job satisfaction and sales growth.
First off, it’s important to acknowledge that SDRs are put in a very difficult position.
As Bertuzzi says, “It’s a hard job, we make it harder by not giving them what they need to stay longer.” SDRs are provided with little training, the wrong tools, and are managed by people who expect the average tenure to last only about a year. It’s little surprise then that when SDRs outgrow their roles they also tend to outgrow the company.
Bertuzzi believes there’s a way to fix some of these key issues, to the benefit of both the SDRs and the organization as a whole.
Give SDRs the Freedom to Grow Into the Perfect Role
In order to improve the SDR work environment, Bertuzzi urges companies to give SDRs the freedom to grow, without expecting too much, too soon.
To do this, Bertuzzi is a big proponent of micro-promotions.
“Trish Bertuzzi is the Best Selling Author of The Sales Development Playbook and founder of The Bridge Group, Inc.”
“What we talk about in the book, and what we talk about with our clients is creating a learning culture and creating micro-promotions,” says Bertuzzi. That means getting rid of the system of of promoting SDRs to account executives after they’ve outgrown the introductory SDR role.
“If you’re an SDR1 you just do the SDR role, you’re an SDR2 maybe you get to start participating in discovery calls and even maybe running some of those discovery calls. You’re an SDR3 maybe you get to run with a couple small deals.”
By following this system, SDR’s responsibilities increase with their experience. Incremental changes in job title and compensation provide more of an incentive for SDRs to stick around.
Sharing from personal experience, Bertuzzi says that ultimately it’s “all about advancing them through a learning process that gives them the full set of skills they need to be successful.”
Equip Your Team with the Right Tools and Tactics
SDR success also depends on mastery of a few key communication skills.
Bertuzzi emphasizes that SDRs should have a solid grasp of how to use a phone and send effective emails.
While these skills can improve with training, it’s best to hire people with a natural inclination for the role from the start.
Bertuzzi describes how one company had SDR applicants spend a day shadowing the current team. After seeing what the job would really be like, only 50 percent of them continued to express interest in the role.
In all honesty, it did make recruiting more difficult. At the same time, it also meant that the people who were hired came in with a clear expectation of what the job would be like, making them more effective.
More SDR Wisdom
Listen to the full episode for more SDR answers, such as:
Where does the idea of “all bound” fit in a world of outbound vs. inbound?
Which is more effective: PACT (Pain, Authority, Consequence, Target-Profile) or BANT (Budget, Authority, Need, Time-Frame)?
What qualities should you be looking for when hiring for your SDR team?
What are some effective outreach tactics for phone, voicemail, and email?
The B2B Revealed Podcast is brought to you by Cascade Insights, a market research firm specializing in B2B technology. Need more B2B brilliance? There are many ways to follow us.
