Announcement 1 Day Elite Account Executive Event (00:01.678)
Today we're going to speak about four tiny incremental improvements that you can make in your sales process that can bring you more than 20 to 40 % in revenue. Sounds crazy? Let's get down to it.
So the first thing to consider is...
Announcement 1 Day Elite Account Executive Event (00:23.95)
Before we get into it, I'd also like to share that if you happen to be in Dublin on May 23rd, I'm running a one day Elite Account Executive Accelerator. This day is underpinned by what I'm about to speak about.
This day is underpinned by the principles that I'm gonna share with you now on how you can actually dramatically drive and increase your revenue for the year and transform your, it will help you transform your sales attainment in just eight hours. We're gonna cover off pipeline generation. So how you can build three to five X pipeline and then know your conversion rates so that you can actually generate less and close more of it. Then we're gonna dig into discovery.
to make sure that you're able to uncover the root cause of problems so you can build out the max value and work on deals that money follows. We dig into the discovery.
We're going to drill into demos and how you can become a top 1 % account executive in delivering them so people don't get bored, that people lean forward, and that we really understand the problem that we're solving for and that the customer understands the outcome that they're going to get and the value that's going to bring to the organization. Then we'll look at negotiation and how you can run a negotiation.
Announcement 1 Day Elite Account Executive Event (01:49.55)
Then we'll look at how to negotiate like an elite sales professional so that instead of discounting, you increase the scope of the project.
Then we're going to negotiate like, then we'll cover how to negotiate like an elite account executive so that instead of discounting, you end up in a position where you're able to accurately forecast when it's going to close. And if the customer is looking for concessions, it actually grows your deal and your commission. Really, really exciting, really simple framework. And once you see it, you won't be able to unsee it and you'll probably use it for the rest of your career.
Final thing that we're gonna cover off is how you can land your next sales role. How can you land your next sales promotion? It's gonna be a fun packed afternoon and it's really gonna help you accelerate the years throughout your sales journey. So if that sounds like something that is of interest to you, go and.
So if that sounds interesting to you, check the link in the show notes. Come along May 23rd in Dublin in Silicon Docks in the Hilton Hotel. It's gonna be a fantastic event and it's really gonna be.
and it's gonna be a nice intimate crowd, so.
Announcement 1 Day Elite Account Executive Event (03:02.67)
and it's something that you're really not going to miss. And it's something that you just don't want to miss.
Announcement 1 Day Elite Account Executive Event (03:14.414)
So if we get back on topic here, how can you increase your ACV, your close revenue by between 20 to 40 % and beyond? Sounds an absolutely astronomical number and probably doesn't sound achievable when you say it out loud, I'm gonna close next to 40 % this financial year or this quarter. You're just thinking how, it's not possible. Well, this is something I spoke about in the first episode of this podcast with Todd Caponi
the author of the transparency sale among other books. And we spoke about the sales results formula. Now it's something that's been around for the last 25, 30 years. Todd has given his take on it. And this is my take on his take. So again, it's.
Announcement 1 Day Elite Account Executive Event (04:07.278)
And what I'm going to share is share it with you today so that you can take it and use it to improve your sales results. So if you think about all of the possible things that you can measure in a sales process, there are many of them, but we want to focus on what are the key metrics, what are the key performance indicators? And the reason that we put that word underlined beforehand key is because if we improve those, we're going to improve our results. And these are the ones that will make the biggest impact. So what are they? Well,
The first is if we think about a really simple process, the number of opportunities that we have, that we work on a quarterly or annual basis. Then it's the value of those opportunities, followed by what's our win rate? How often do we close those opportunities? And then the fourth key performance indicator to consider is what is your cycle length? How long does it take to take a customer through the whole evaluation and get them to a position where they can make a compliment, yes, no decision?
This will have a direct result. If we multiply that number together, we're going to calculate what your results are going to be for the year. You're going to know what your revenue is or if you're doing it for the quarter.
So if you look at the number of opportunities that you generate, if you can increase that by 5%, so if you work 20 opportunities in the quarter, it's a case of working 21 opportunities. If you look at your value of the opportunities, if you can increase the value by 5%, so let's say you work 50K deals on average, well, if you can make that a 52 and a half K deal, it's not much of a jump, but this is what we're gonna look at is how it all comes together.
So how can you get those deals a little bit larger? Then it's followed by the win rate. So let's guess that you're on a 30 % win rate and we can make it 31 and a half percent. Essentially we're looking to, well, how can we just win one more deal than we do normally? And then finally, if we look at the cycle length, well, how can we reduce the cycle length by 5 %? This is probably a few days, maybe it's a week depending on what your cycle runs like.
Announcement 1 Day Elite Account Executive Event (06:16.43)
You can do the maths on this, but when you combine, you can do the maths on this, but when you combine those four, 5 % improvements on your pipeline, you'll end up with a 21 % improvement in your closed revenue. Individually seems achievable. And we put it together, it becomes a very, very big number. It makes a big impact in your ACV, in your commission, in you hitting quota, in you getting the president's club or just missing out.
Announcement 1 Day Elite Account Executive Event (06:47.918)
Then if we were able to improve each of those by 10%, which isn't a huge stretch, I mean, it wouldn't be easy, but it's not beyond the realms of possibility. Well, that's where the math jumps up to over 40 % of increased revenue. Huge, huge difference.
Announcement 1 Day Elite Account Executive Event (07:12.59)
So what can you do to take advantage of this? Well, the first thing is to know your numbers. How many opportunities do you generate or work on in a quarter? What's the average value of your opportunities last quarter? What is your win rate? How many of you worked first? How many of you closed? And what is the cycle length? How long does the deal stay in your pipeline? If we can get the numbers down that were started from an individual contributor standpoint, that's our starting point.
Then we're able to look at how can we improve and measure that improvement and then see that come through in the end result being the increased ACV, the increased revenue.
Announcement 1 Day Elite Account Executive Event (07:54.478)
So this loops back to the one day elite account executive accelerator that I'm running. We're essentially focused on improving all of these individual key metrics so that you will have the cumulative benefit of increasing your quota attainment. So for example, we look at focusing on pipeline. Well, what can you do to treat the 5X pipeline? And when you drill down into it, maybe it is just prospecting one extra account a day. Maybe it is doing a little bit of time to refine your message. Maybe it's looking at the messages that worked.
versus the ones that didn't and then split testing so that you find out, well, this is what I'm going to do to improve, to increase, to get that extra lead that I need or that extra opportunity that I want to qualify to work on. It could even be as simple as extending conversation. So if you're in a conversation with a prospect, be it a cold call or maybe it's an early qualification call, jumping in and going, just one more thing, who else is impacted by this in the organization? Typically I see X, Y, and Z. So it could be just going.
that little bit more to open things up. If you get one more of those opportunities across, fantastic. Then if we're looking at the value piece, what can you do to increase your value? This comes down to running an elite discovery where you get down to the root cause of the issue. And really, we want to make that discovery into a conversation where we discover or we uncover a problem which will be talked about at this C -suite at the executive boardroom table. If we get to that level, it's definitely going to lead to higher
It definitely needs to hire value problems to solve, which we will get paid more for actually solving. Now, the other side of that is maybe you sell a suite of products and it's just a case of making sure to ask the question. You know, if you were to sell Slack, for example, Oh, well, have you got your, how are you in submission between your, your customer? It could just be a case of adding an extra solution into your. It could be just a case of asking a question about a product which you provide or.
It could be a case of assuming that they're going to require a premium level of support and then building that into the solution that you actually provide.
Announcement 1 Day Elite Account Executive Event (10:02.35)
Again, underpainting the value.
Announcement 1 Day Elite Account Executive Event (10:07.406)
It could be just a case of factoring in premium level support so that you know that you're going to consider if it's going to add value to the organization. And if you prove that it does, well, then it's a case where you can look to increase the value of those opportunities. Finally, on win rates, what we want to do with how do we demo? Are we demoing well? How do we present our commercials? How do we negotiate? Are we negotiating where instead of conceding
you know, discount and giving away more percentage points that we're actually getting something else in return. So are we extending the length of a contract instead? Are we looking at expediting their set update? Are we potentially considering maybe it's a month free and it doesn't actually impact the contract itself? Whatever it is, is it something that keeps the ACV higher so that if you are going to concede something, you're going to get something in return that means that that is necessarily impacted.
then it's into the cycle length. And how can you speed up the cycle? Well, if you've got a very strong mutual success plan, mutual close plan, whatever it may be, you can then condense down the days or the weeks that these steps need to happen in the sales process so that you can get that deal done faster. You'll see that when it comes towards the end of the financial year, you're probably pretty good at this. You've probably managed to get people to do evaluations a little bit quicker. It's really just to give a case of bringing that urgency to your deals all year round.
So there you have it, the sales results formula. Apply it to how you sell, look at the numbers and see if you can make those small incremental gains that is gonna give you that net impact of this large ACV, this large revenue results. Thanks, and I look forward to chatting to you soon.
