Accelerate your sales cycle with Sales 2.0

For those of you who have an interest in improving your sales process I highly recommend Anneke Sele’s book Sales 2.0 at http://www.amazon.com/Sales-2-0-Innovative-Practices-Technology/dp/047037375X/ref=cm_cr_pr_product_top

Having rolled-out the first Oracle web site in the 90’s, in a (very successful) effort to increase the penetration of the Oracle database in the mid-market, I had the opportunity to work very closely with Oracle’s inside sales organization. I later took advantage of this experience to design Siebel’s enterprise CRM software, which gave me the privilege to work with some of the most talented companies who were trying to build great sales organizations and were striving to integrate the multiple channels of customer communications!

I certainly wish that Anneke Sele’s book had been available at the time as it very clearly and realistically explains and underscores how successful sales organizations need to use contemporary technology and while codifying processes from prospect inquiry to customer close. Anneke’s emphasis on a common lead framework between sales and marketing is right on! Don’t wait to implement a low-latency sales cycle: Implement Sales 2.0 now.

Increasing sales velocity though Enterprise Social Networks: FICO

At the interface of main street and Wall Street, FICO (previously known as Fair Isaac) caters both to consumers and businesses and delivers a wide range of predictive analytic solutions. The company generates more than half of its B2B leads from digital marketing through a very deliberate use of social networks both, private and public.

The main reason social networking is so important to FICO is that it enables both prospects and customers to educate and inform themselves by communicating with other similarly minded people in a safe and semi-structured environment, in their own language, 24/7. My strategy was to build FICO’s own private enterprise social network, decisions.fico.com, and to use public social networks like YouTube, http://www.youtube.com/user/FICOTechTalk#p/u, LinkedIn and Twitter to attract potential participants. This strategy, coupled with a user interface focused on maximizing positive user experience, has been very successful. In a very short period of time, we’ve managed to attract thousands and thousands of professionals to join FICO’s online-community the world over.

This project is a real-life example of how to put cloud computing to work to enable and facilitate customer engagement: By inviting our customers to become our most valuable collaborators with regard to defining new product requirements and other enhancements to our services.

FICO’s private enterprise social network, decisions.fico.com, was launched in a matter of weeks. It uses Salesforce Ideas and Lithium Customer Community applications. It integrates with Six Apart’s Typepad, Amazon EC2 and Sharepoint. The vision that lead to this strategy sprang from the marketing team working in very close collaboration with the CIO. The bulk of the implementation for this cloud-based composite application was outsourced to Salesforce’s partner, Reside.

The community is open to everybody using or evaluating FICO technology and services such as Chief Risk Officers, business analysts, developers and many others. Demos, free trials, and best practices are all a click away. Expanding he FICO community from the physical world to the digital world has been a very worthwhile investment! And, let’s not forget that for the customer‘s experience to be successful, the interaction must be multi-channel and consistent both on-line and in-person.

Ultimate Networks

For some odd reason (Facebook anyone?), I celebrated New Year’s Eve embroiled in a heated conversation debating the merits (or lack thereof) of on-line social networks. One side of the argument was defended by very accomplished academics and the other by very successful and pragmatic business folks.

I don’t intend to recant all the details of this rather entertaining argument, but instead I’ll attempt to net-it-out while sharing with you my vision of how to make good use of these networks in a - social media- marketing context.

Of course, this enlightened crowd was well aware of the fact that new media can generate a non-local community and that this phenomenon isn’t new at all! In fact, if Wikipedia has it right, scholars associated with the Royal Society of London had already formed a community through the exchange of letters in the 17th century.

My objective, in the conversation, was to move past the theory of social networks and explore the use of today’s electronic social networks as tools for business. I don’t know about you, but I have neither the interest, nor the time to write notes on Facebook’s walls or share my daily activities on Twitter. There is way too much clutter and noise as it is!

My interest in professional social networks was first triggered some time ago when I was deeply involved in designing customer satisfaction and customer reference programs at Oracle and Siebel Systems. Invariably, the results, of these then state-of-the-art programs were very structured, contrived and certainly not real-time… Yes, they made great slides and gave an impression of control, however, the fact is that such programs are expensive, infrequently conducted, do not always distinguish between buyers, users or other influencers, are of very limited use for timely fixes of problems or for product development, and most certainly are a huge pain to customers.

My vision is to replace these static, non-interactive, memory-less programs by leveraging modern social network platforms. [I’m using platform in the sense of open APIs that run in the environment created by the social network (Facebook, Linkedin)]. As we develop these newly conceived programs across multiple social networks we should be able to identify lurkers, novices, regulars or other change agents and leaders, as well as, implicit or explicit unmet customer needs. Imagine: No need to get IT involved, no extra budget, self declared participation, and always-on interaction with your customers, very cool indeed!

I got the feeling that several in the conversation thought that some of these needs were already being addressed via the traditional technical on-line support groups, as well as, by public forums like Dell’s “Idea Storm” (www.ideastorm.com) and Salesforce’s “Success Force” (success.salesforce.com). Some also felt that the presently available tools like dynamic network analysis (DNA) and multi-agent systems (MAS) are only suited for very large networks. Perhaps my friends are correct and the currently available statistical tools do not lend themselves well to the analysis of smaller social networks. And certainly, “Idea Storm” and “Success Force” are steps in the right direction.

However, I’m still convinced that once social network portability takes hold we will be able to develop and use a suite of analytical applications that will help us better understand the quality and intensity of the relationships between network participants, as well as, brand sentiment and the role of influencers in shaping opinions. More important however, is that the potential benefit to business of such digital interaction optimization applications is huge! So, rather than waiting for Facebook, Linkedin and others to agree on a “Social Network Interop Protocol”and extend their applications, let’s use current web2.0 tools like Ning, Scout Labs, Umbria, Omniture, Google Analytics and other widgets to deploy the new CRM and create competitive advantage!

Lead Generation and Sales Readiness

One of the key roles of Marketing is to generate well qualified leads at the lowest possible cost. I’m sure that this will not come as a surprise. It’s an age-old problem and a continuous area of friction between the Sales and Marketing organizations. A complex problem that requires utmost attention! Indeed, as a company with momentum, you are now face with the formidable challenge to scale up your sales force. It requires good hiring, good training and grooming. By now, you must be wondering what sales productivity and sales enablement have to do with lead generation. The answer is that both are very closely linked. A lead that cannot be processed by the sales force is no lead at all! Marketing must stop throwing the leads over the wall and recognize that the job doesn’t stop once the prospect has been identified. On the contrary, it is when the fun really begins. So, as you build your lead generation machine you must take into consideration the organic nature of the process. Don’t hide behind your CRM system and make an effort to educate yourself about the state of the sales force and the pipeline:

1. Build the appropriate pipeline based on historical close ratio and sales force readiness (i.e. Is knowledge in the field appropriate? Is account management seniority appropriate? …).
2. Nurture your existing customers to ensure that they will be references.
3. Revisit your assumptions constantly and remember that change is the only constant. Don’t build your organization assuming a steady-state environment.
4. Listen actively to your customers. This means don’t outsource “customer management”. Focus on doing repeat business with existing customers. It requires a very different strategy that going after “white space”.