In the ever-evolving world of sales, understanding the nuances of the sales cycle can be the difference between a thriving business and one that struggles to grow. In Episode 4 of COLD ONES, Andy Hershey, Chief Revenue Officer at Sovos, shared his insights on the importance of leveraging data to optimize the sales process. His extensive experience at companies like Splunk and NS1 has taught him the value of examining every stage of the sales journey, from initial inquiry to post-purchase.
Andy emphasizes that the journey doesn't end when a sale is made. In fact, that's just the beginning. To truly succeed, companies must focus on ensuring customer success and adoption. This approach not only helps retain customers but also sets the stage for future upselling opportunities. By looking at all the inflection points in the sales cycle, companies can identify areas where they can improve and accelerate the process, ultimately leading to better customer outcomes.
One of the key strategies Andy employs is benchmarking. By comparing data against historical performance and industry standards, he can pinpoint stages with low velocity and conversion rates. This data-driven approach helps identify where the biggest opportunities for improvement lie. However, Andy doesn't stop at the numbers. He also gathers insights from the field team, combining their on-the-ground experiences with the data to develop a comprehensive understanding of what needs to be fixed.
For example, at NS1, Andy noticed that the company was losing many proofs of value (POVs) because they weren't conducting effective kickoff calls or results presentations. By improving these steps, they were able to significantly increase their win rate. Similarly, at Splunk, they faced challenges during the technical evaluation stage. The cumbersome onboarding process made it difficult for customers to see the value of their solution. By creating a more prescriptive POV process, they were able to improve their win rate from 40-45% to 75%.
The lesson here is clear: understanding and optimizing the sales cycle is crucial for any company looking to grow. By leveraging data, gathering insights from the field, and continuously refining the process, businesses can drive better outcomes for both themselves and their customers.
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