These are the presentation slides for the "Selling for the Lean Startup" workshop led by Scott Sambucci at the Lean Startup Circle Meetup Group in San Francisco on 3/5/13.
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Selling for the Lean Startup
1. +
Selling for the Lean Startup
Scott Sambucci | SalesQualia
www.salesqualia.com
Lean Startup Circle
2013-03-05
2. +
Workshop Assumptions
You
think know your customer segment (for
now)
You think know your business model (for now)
You are not pivoting (right now)
Youare doing sales calls, not customer
discovery calls
3. +
Your Goal
Develop a
predictable, replicable, scalable sales
framework that you can scale and
manage.
4. +
What we’ll cover today
Developing a Lean Sales Process
Build, Measure, Learn
Value Statements
Customer Personas
Measuring Your Sales Process
Enterprise Selling
AARRR
Prospecting
Finding,
Researching, Calling
Conferences
5. +
About Me
@salesqualia | www.salesqualia.com
415-596-0804 | scott@salesqualia.com
7. +
The Mathematics of Love
Solving Problems > Building Products
8. + Build.
Measure.
Learn your Sales Process.
SALES
PROCES
S
9. +
It’s not you. It’s me.
Product Problem
Market Problem
Sales Problem
10. +
Ash Maurya – “Running Lean”
1. Document Plan A
2. Identify Risk
3. Test Your Plan
Source: “Running Lean”
11. +
Why do people buy?
1. Increase revenue
2. Reduce costs
3. Increase efficiency
4. Reduce Risk
12. + “What job are your customers hiring you to
do?”
-Clayton Christensen
Frame your product in terms of the
customer’s problem, not your solution.
[EXERCISE]
13. +
EXERCISE
Write your Value Statement for your product or
service.
Hint: Remember the four (4) reasons people buy.
[5 minutes]
16. +
Personas Case Study:
Who are the Buyers for a Wildfire sales rep?
https://www.facebook.com/pages/Katzkin-Leather/118280084893986?sk=app_403359706360567
17. +
Personas Case Study
CMO “I’m interested in any tools that
will increase our ROI.”
Director of Marketing “Social Media should support us
at conferences and drive traffic to
our website.”
Director of Social Media “Are you tell me I can’t do my
job?”
VP of Sales “Yes! Our sales reps can
certainly handle and close more
leads!”
VP of Product “The sales people suck. The
product sells itself.”
CEO “I just set my my website on The
Facebook. What’s the Twitter?”
18. +
Personas enable us to identify the
purchasing motivation for each buyer
[EXERCISE]
19. +
Value Statement ≠ Value Proposition
Source: http://www.businessmodelalchemist.com/2012/08/achieve-product-market-fit-with-our-brand-new-value-
proposition-designer.html
20. +
EXERCISE
Use a current sales situation & your points of contact
Draw a 2-column grid, then list your Buyer Types.
Buyer Type (Persona) | Name of Person
Writedown each person’s motivation to purchase
your product.
How does your Value Statement change for each
person?
[10 minutes]
22. +
Random Rules to Enterprise Selling
The sale always takes longer than
you think it should and the prospect
tells you it will.
There is always more than one
decision-maker.
The decision-maker that counts the
most is generally invisible to you.
Assume 1 month per $10,000
23. +
Sales Conversions per Revenue
# of sales
Revenue per year conversations
$1-10 1
$10-100 2
$100-1000 4
$1000-10,000 8
$10,000-100,000 16
$100,000-$1,000,000 32
$1,000,000-$10,000,000 64
$10,000,000-$100,000,000 132
24. +
Stages of the [Enterprise] Sale
1. Needs Analysis 2. Evaluation of
Options
Your Value Statement
& Initial question Product Demo
3. Resolution of 4. Implementation
Concerns
Decision/Contract
”Show the team”/
Objections
[EXERCISE}
Source: “Major Account Sales Strategy” by Neil Rackham
26. Hey Scott,
Received this email from Damien at The Presidio last night. This basically confirms
what you were talking about yesterday; let me know what kind of a response you
believe I should get back to him with.
Thanks,
-----
---------- Forwarded message ----------
From: ______
Date: Thu, Feb 28, 2013 at 6:07 PM
Subject: RE: _____follow up
To: ________
Hi ----,
Thanks for stopping by. As mentioned we don’t have a budget to work with at the
moment. That might change by summertime. Please give me a buzz then!
Thanks~
-----
27. +
EXERCISE
Draw a 3-column grid.
Label four (4) stages to the sale.
Stage of the Sale | Opp Name | How do you know?
Think about 2-3 sales opportunities you are working right
now.
Place each opportunity into the correct stage.
How do you know? (Hint: Remember the Buyer
Personas Exercise)
[10 minutes]
29. +
Prospecting is coding
Need to do it consistently for long, focused
stretches.
Andyou need to do it. Code won't improve itself
and neither will your sales channel.
Build. Measure. Learn.
Work smarter, not harder.
31. +
Cold Calls are dead.
New Calls are necessary.
Find
a handle. Add value. Customize your message.
(Remember our Value Statement exercise)
Look
for Groups and Titles that match your
economic buyer & user buyer.
(i.e. Analyst, VP, Managing Director, Director of
Marketing, VP of Sales, CFO, CTO)
The “Predictable Revenue” approach (Aaron Ross)
Structure your calls: Confirm. Ask. Explore.
[EXERCISE]
32. +
EXERCISE
Draw three (3) columns on a sheet of paper
Confirm | Ask | Explore
Develop 2-3 questions for each of these
three areas for your next planned sales call
with a current or target prospect.
[10 minutes]
39. +
Registrations : Net New Accounts
(including Jan ’09)
Registrations Net
New Accounts
700 35
600 30
500 25
400 20
300 15
200 10
100 5
0 0
Sep-07
Dec-07
Sep-08
Dec-08
Jul-07
Jul-08
Jun-07
Feb-08
Mar-08
Jun-08
Feb-09
Jan-08
Jan-09
Oct-07
Oct-08
May-07
May-08
Nov-07
Nov-08
Aug-08
Aug-07
Apr-08
[go to spreadsheet]
40. +
Measure Twice, Cut Three Times
Conversion rates
Sending sample personalized reports no additional
conversion, it just wasted 20 minutes per prospect
Long emails describing the product didn’t work
Keep emails short.
Better Questions
Situational & Needs Analysis
“What brought you to our site?”
Smarter Research on Leads
Look for agents updating websites
41. +
Measurement: Case Study
63 inbound leads sent an email
23 conversations 2 demos -> 2 proposals.
What about the other 40 that you didn’t hear from?
What about the 21 that didn’t convert to demo?
THEY saw a match based on your initial
communication, then THEY decided it wasn’t a fit?
Categorize the failed conversions and look for trends
– wrong fit, wrong person, price, have a system.
Categorize your objections
[EXERCISE]
42. +
EXERCISE
Write an email to an inbound lead designed to
create a specific action or advance.
(HINT: Include permission to call that person at a
specified time.)
[10 minutes]
44. +
LinkedIn: Case Study
Agency CMO & RMBS Group
Lead: Neal Aggarwal, Jeffries & Company
Formerly with C12 Capital
Google Search: Jeffries & Company
46. +
Value Statement
“We’ve developed a mortgage risk indicator that can
predict defaults in performing mortgages assets with
a 75% accuracy rate. For a typical non-agency
RMBS, that equates to more than a $500,000
differential over the life of the security.”
47. +
“Hi Neil. This is Scott Sambucci with CoreLogic. I
saw that you were a member of the RMBS group
on LinkedIn and thought you’d be a good person
to call.”
“Are you primarily trading non-agency RMBS?”
(Confirm)
“How are you evaluating potential defaults of
currently performing assets in your securities?”
(Ask)
[Value Statement] (Explore)
48. +
Stop calling people
Cap yourself at 2 VMs, then push to drip campaigns
Ifthey're not returning your call, the prospect is:
Not interested
You're using the wrong medium
They are really busy, in which case they are an ideal
candidate for your product…
Your Value Statement needs work
49. +
Prospect Call Framework
For Every Call…
1. Value Statement
2. Prepare Your Voicemail Message
3. Industry Topics
• Recent news article
• Upcoming or recent Conference
• Press Release about their company
50. +
EXERCISE
Locate a target candidate
1. Develop a Value Statement for THAT person
2. Script a Voicemail
3. Locate three (3) “Go-to” topics for the
conversation
[15 minutes]
51. +
Find Your Inbound Leads
Huh?
Remember: No one cares about you.
52. Add value, add
+
value, add value
“I saw this article on
HousingWire. What do
you think about...?”
53.
54.
55.
56.
57.
58. +
EXERCISE
• Find two (2) places where you can contribute to
your industry’s conversation.
• Outline two (2) topics that you can write about by
Friday.
[10 minutes]
61. +
Pre-Conference
Usethe conference agenda to find speakers. Add
value, add value, add value.
Set up meetings before the conference
Setmeetings first before you buy a plane ticket.
My rule is 3 meetings/day
Offer to volunteer in exchange for a badge
Make a friend with someone who can get you
attendance list
Marketing agencies, sponsors, big customers
62. +
The email text
(~1000 sent , ~60 replies)
Just a quick check in to see if you're attending next week's
ASF conference in Orlando. I'll be there with our Market
Analytics team (booth and all!) from Sun-Wed. We've got
some very cool new applications launching soon - would
love to give you a sneak preview.
If you are, shoot me a quick reply so we can get together - -
coffee, meeting before/after sessions - whatever works. (I
know these conferences don't always line up with your day-
to-day work, but figured it's always good to ask.)
Many thanks - looking forward to your reply.
- Scott
[spreadsheet]
71. +
At the Conference
Set day/time block goals & objectives
Twitter
Blog & Post about speakers
Discover, don’t sell
No Demos
Stick & move
73. +
Post-Conference
"Iwas at Dreamforce last week and saw a really
interesting presentation that think you'd be
interested in…”
Add value, add value, add value.
74. +
EXERCISE
• Identify two (2) industry conferences in the next six
months
• Find the speaker & attendee list
• Find the conference organizer and schedule a
time to contact them directly.
[15 minutes]
76. +
Find Me
Scott Sambucci| SalesQualia
@salesqualia | www.salesqualia.com
www.youtube.com/salesqualia
www.quora.com/scott-sambucci-salesqualia
415-596-0804 | scott@salesqualia.com
Editor's Notes
Your targets are Early Adopters and Innovators. You’re a startup, so find these people and sell to them. That’s where prospecting becomes so vital. Conference become so vital. Why conferences? Who attends? The middle manager punching a time clock or the engaged executive?
Start with this slide – “How do you get to this place where you can view and measure your conversion rates?” Build. Measure. Learn. In your sales process.