Predictable Revenue by Aaron Ross & Marylou Tyler: Summary & Notes

predictable-revenue-aaron-ross-marylou-tyler-book-cover.jpg

Rated: 6/10

Available at: Amazon

ISBN: 0984380213

Related: To Sell is Human, SNAP Selling

Summary

Good introduction to sales techniques.  Downside is it may be a little outdated, or specific to certain situations.

Still definitely worth reading for any entrepreneur or sales executive.

Notes

Sales Machine

  1. Predictable lead generation: most important thing

  2. Sales dev. team that bridges gap between marketing and sales

  3. Consistent sales systems

Chapter 6: Lead generation and "Seeds, Nets, Spears"

  • Spears: targeted sales, outbound

    1. Seeds: word of mouth, PR

    2. Nets: marketing programs

  • Prospect: names or list you’re marketing to where people haven’t responded positively

  • Lead: prospect that has responded positively

  • Opportunity: after someone has qualified the lead

  • Client: has given you some money

  • Champion: client or non-client who has referred, supported or testified

  • Give up trying to control how long it takes someone to move forward

  • Design “layers” that they move through

  • *free trial is key*

  • Send email min 1/mo, max 2/week

  • Do fewer things, better

  • Check Marketo example for exact follow-up times, etc.

  • Mistake: thinking “product-out” and not “customer-in”

  • Five metrics to track:

  • New leads created/mo (and from where)

    1. Conversion rate of leads to opportunities

    2. # of, and pipeline $ value of, qualified opportunities/mo

    3. Conversion rates of opportunities to closed deals

    4. Booked revenues in 3 categories: new, add-on, renewal

  • Hold the hands of your first customers: give them lots of love

  • Cold Calling 2.0: mass email high-level execs to ask who you should talk to

  • Spend serious time developing ideal customer profile (ICP)

  • Research rather than call

  • Short and to-the-point emails

  • Go beyond basic SFA

  • Once ramped up, single full-time outbound rep can generate 10-20 excellent leads/mo

  • Cold Calling 2.0 steps:

  • Specialize: dedicate one person to only outbound prospecting activities

    1. One sales development rep can usually support 2-5 quota-carrying Account Execs (but can be 1:1 or 1:2 if you have big deals)

    2. Market response rep qualifies incoming leads (1 per 400 leads)

    3. Prospecting cycle length: time between when prospect first responds to campaign to when quality opportunity is created or qualified (~2-4 weeks

    4. Sales cycle length: time from when opportunity was created or qualified to when it was closed

  • Cold Calling 2.0 Process:

  • Get clear on ideal customer profile

    1. Build your list: don’t sell too low

    2. Run outbound email campaigns (8-12% response rate)

    3. Use phone to follow up

      1. 50-100 emails per salesperson, per day, 2-3 days every week

    4. Sell the dream: make contact with the correct person, then pain vision of solution with their key business issue

  • Use Smart Targeting criteria (p. 128) to build customer profile

  • Send 150-250 outbound emails per week over 3-4 days

  • Before/after 9-5 or on Sundays

    1. If someone has opened email more than once, call them

  • p. 155 - qualifying/discovery questions

  • Schedule next call while on the phone

  • Improve call effectiveness: AAA call planning:

  • What Answers do you want to learn?

    1. What Attitudes do you want the prospect to feel?

    2. What Actions should occur after the call?

  • Qualification call flow:

  • Opening: (“did I catch you at a bad time?”) and intro

    1. Discuss prospect’s current business situation

    2. Probe for prospect’s needs (& confirm understanding)

    3. Position solution to meet those specific needs

    4. Handle objections

    5. Next steps

  • Voicemail (see example p. 171): 

  • Name and # at beginning and end

    1. Speak clearly and slowly

    2. Can be effective in combination with email

  • Account status: p. 175

  • Compensation: p. 180

  • As an SDR, your customer is your account execs

    1. P. 188 - ideal “Day in the life”

  • Calls: 

  • “Did I catch you at a bad time?”

    1. “May I ask you how your ____ is structured?”

    2. “I’m doing some research on your company to see if we’re a good fit or not”

  • P. 201: good daily sales goals

  • “Pick a niche, get rich”

  • Have a process

  • Understand/learn their buying process

  • Creating free trials that maximize conversion rates:

  • Design your trial with prospect and help them run it

    1. Do your best to understand prospect’s true business issues before starting

    2. Agree on where trial fits in the buying process (ie. what’s after)

    3. Better to nail fewer (or a single) key problem than try to solve every problem for everyone

    4. Define with client what “successful trial” means

    5. Create milestones for the trial

    6. Enroll the prospect (and their team); schedule follow-up meetings

    7. Simplify the trial process: do you have a step-by-step system?

    8. Set expectations: under-promise and over-deliver

  • 3:15 sales process:

  • First contact: is this a waste of time? (15 mins)

    1. Qualification/discovery call: is there a fit? (1 hr)

    2. Group working session: “should we work together?” (2 hrs)

  • Find the root problem below “desired solutions”

  • You should be winning at least 50% of the proposals you’re giving out

  • Tell them you need a scoping call with them and key people

  • Best question: “did I catch you at a bad time?”

  • Open call: “Hi ____, it’s Graham from Lean Systems calling.  Did I catch you at a bad time?”


Chapter 9: Cultivating Your Talent

  • 1 part vet, 3 parts young

  • Inbound (Mkt. Response Rep) -> Outbound (SDR) -> Closing (AE) (6-8mo to 1-3yrs to move up)

  • p. 352, larger orgs.

  • Do role-playing to train your salespeople (p. 365)

Chapter 10: Leadership & Management

  • 6 Responsibilities of a Manager:

  • Choose people carefully

    1. Set expectations and vision

    2. Remove obstacles

    3. Inspire your people

    4. Work for your people

    5. Improve it next time

  • Retaining key employees and managing well: p. 281

  • Managers focus on 1-6

  • V2MOM planning:

  • Vision: what’s the big picture? Vision for next 12 months

    1. Values: top general priorities?  Top 3 business values?

    2. Methods: how will it happen?  Be specific and clear.

    3. Obstacles: what is or could be in the way?  Identify to plan ahead.

    4. Metrics: how will you measure success?

    5. Results-based metrics like: conversions per day, qualified opportunities/mo, new pipeline/mo, total closed bookings

  • 3 ways to improve/inspire sales organization:

  • Include salespeople in beginning of new programs

    1. Beta test new sales programs

    2. Survey satisfaction

  • Designing self-managing teams and processes: p. 403

  • Setting up sales force automation: p. 428