Podcast episode
Keeping Reps Accountable to Their Forecasts (John Sherer, Growth Assistant)
30 Minutes to President's Club23 May 202432 min
Description
FOUR ACTIONABLE LEADERSHIP TAKEAWAYS Do a bi-weekly "pipe squeeze" (pipeline review) with each rep share your screen and take notes as you go to save time & maintain control Discounts drive velocity, when a deal has stalled or there is no next step, use a manager email to see if a pricing incentive will move the close date Ask the same 5 questions in deal review - Deal size, deal close date, buyer buy in, next step, and any incentives on the deal. Send the update to your leader for upward transparency Only have reps forecast deals in pipeline for the month then run the historical math to see what may change both positive or negative PATH TO PRESIDENT’S CLUB COO @ Growth Assistant VP of Sales @ Lattice Sales Director @ Lattice VP of Sales @ Appcues RESOURCES DISCUSSED Join our weekly newsletter Things you can steal 30MPC Training: 30mpc.com/training
Show moreShow less
Listen
Loading the recording
This recording could not be loaded.Open the audio file
Quoted on this wiki
Every place a page here uses this source, in the order the words come in it.
How do you get your rep to slap a discount on it? My guess is it's not just a cold email saying, hey, 20% off today. Totally. It's a good question. And there is some nuance here, right? If you've been on my team for 12 months and you're performing and you're like. Nope. I'm not discounting this deal. Sure. Great. I trust you. Do your job. I'm not going to beat you up about it. “But if we're sitting here with a timeline that the prospect isn't aware of, and there's no next step on the calendar, and you need a reason to reach out to them.” Well, guess what? Everyone likes a deal. Let's get them on the phone. Let's get this thing moving. Time kills all deals. There's priorities that come in left and right. You don't get this deal closed tomorrow. It could be like perfectly boxed up. But guess what? Like their boss leaves the company and they go into a panic for a month. You lost the deal, right?
Well, the next step is I'm meeting with the champion on Tuesday because they're talking to legal and procurement over here. And their boss looked at a competitor last week. If I hear those things, I'm going to pause on giving the discount because that deal isn't late stage. We're not in a closing motion for that deal yet. And so what we're going to do there is we're going to discuss the next step. “We're going to walk through that and then design our cadence on what's going to get us to a conversation that we're happy about.” But if we get them on the phone and they tell us, hey, yeah, we'd really like to work with you, then I want a discount on the deal. Talk to me about the other elements of the pipeline squeeze. So you have these five questions and then you mentioned that you're going to highlight the next step based on its quality.
and they probably asymptotes out to 120 days or something like that in transactional. And so literally, I'm just taking that number and I am chopping it at 14 days. And I'm saying mathematically, I think I'm going to do 72 meetings and I'm going to get 9% of that revenue from that. “So I'm going to get 9% total of that number. So you basically take meetings, multiply by close” rate, multiply by the percentage of the revenue you get out in that time period. And the interesting thing is it's scary accurate. It's just in my whole career that's worked. Things are pretty consistent. I want to ask you a bit about your current situation. You've got four reps.
In Funnel math
Quotes are verbatim and belong to their publishers. Where a quote has been translated, the original wording is kept below it.