On-Demand Webinar: Unfiltered take on AI in Account Planning: Meet DemandFarm’s KAM AI Commanding the Digital Sales Battlefield: The Strategy You Need Now
Yes, sales, as we knew it, is history! Old-school selling approaches are going out the window. The Rolodex, the cold calls, the scripts practiced in front of the mirror – are all fast fading into the background. Welcome to the digital age of sales! Sounds intimidating? We’re here to ease some of that anxiety about going digital – needing to dominate the online landscape. Because diving head-first into the digital sales ocean isn’t just about chasing the latest technology; it’s about genuinely understanding your customer. With so much talk about technology and going digital, it’s easy to think that the revolution is just a technological one. But it’s equally about an evolution in mindset – a shift from transactional interactions to building meaningful relationships. As Julie Lentz, Head of Industry Retail Sales, Google puts it: “Selling is a science, and an art. Data is the IQ and knowing what to do with it, or understanding the humans that make decisions based on that data is EQ.” – (Snippets from episode #11 of The Shift podcast) The tools have changed, but the core remains the same. Remember the excitement of sealing your first deal or the satisfaction of a handshake signaling a closed sale? That essence is still here, just packaged differently. Today, sales strategy is like navigating a vibrant digital landscape. There are opportunities at every corner, beckoning you to explore. Digital-First Sales: What’s the Big Idea? As the digital age evolves, customers will continue to evolve from passive recipients to active participants. They seek more than sales pitches; they desire solutions, strategies, and partners to co-create value. It’s less about ‘selling software’ and more about demonstrating how it can transform operations and yield ROI. Customers want tailored strategies that address their unique challenges, market positioning and growth objectives. This is not a small minority. According to Salesforce, almost 3 out of 4 customers expect this. While efficiency might push you toward operationalizing sales, relying heavily on data and established patterns can overlook nuances of key accounts. Key accounts demand rich, durable exchanges, beyond surface-level pitches. Every interaction, request for proposal (RFP), feedback, and even subtle pauses during sales calls – all reveal a company’s needs. Here, technology steps in as an enabler. Acting as an accelerator, it helps sales personnel swiftly gain insights. This empowers them to be more strategic, build relationships and align stakeholders effectively. “Organizations have had to leverage technology to keep up with demand and manage operations. Technology brought value to processes, business operations, and intelligence. Clients who embraced technology quickly saw the benefits.” – Julie Lentz, Head of Industry Retail Sales, Google (Snippets from episode #11 of The Shift podcast) Sales in the digital era is about crafting partnerships. While technology’s benefits are vital, it’s equally important to focus on genuine insights and let human touch drive partnerships. The goal is to deliver solutions that resonate with customers and elevate the partnership. Data: Your North Star If there are questions or doubts about how to keep pace and remain competitive, the answer lies in data. Think of data like your GPS on this journey, guiding you through the maze of decision-making. A study by Salesforce revealed that salespeople who use CRM software are 40% more likely to close deals. Having relevant information and data at your fingertips puts you several steps ahead of those still playing the guessing game. Based on a LinkedIn report almost half of all businesses that focus on social selling achieve their sales targets. And, close to 80% of companies relying on social selling do much better than those who don’t prioritize it. It’s not merely about posting content; it’s strategic engagement, similar to choosing the right networking events in the pre-digital era. It’s not just about having the data. It’s about having the right data and leveraging it to tailor your pitches, understand market trends, and anticipate client needs before they even express them. “Data is a tool that should save time and help sellers develop insights faster. Data should enable sellers to shine as insightful individuals. It should free sellers to be more strategic in developing relationships and in stakeholder alignment.” – Julie Lentz, Head of Industry Retail Sales, Google (Snippets from episode #11 of The Shift podcast) Put Customers Front and Center Let’s consider an executive summit. Every detail – from the agenda to the keynote topics – is carefully chosen to resonate with the concerns, and appeal to the aspirations of the attendees. Your sales strategy should mirror this meticulous planning. You must recognize that your client isn’t just another name on a spreadsheet – they are the main event! Each proposal, solution and presentation must feel as if it was exclusively crafted for them. You must speak directly to their challenges and ambitions. There are statistics to back this up. Forbes reported that customer-centric companies enjoy a profitability rate 60% higher than their counterparts. That’s not just a small margin; that’s a game-changer! It has also been well-cited that a genuine focus on customer experience can skyrocket retention by a minimum of 25%. These aren’t mere numbers; they’re clear indicators of the immense power of a customer-first approach. Make use of your research, customer insights and industry knowledge to make every client feel special. Every single interaction and touch point should reflect your intention at creating partnerships aimed at mutual growth. Ensuring your clients are in the lead is not just a smart strategy – it’s the foundation for lasting partnerships and sustainable business success. Tech It Up! In the world of B2B sales, where securing deals could mean navigating through layers of decision-makers and procurement systems, technology isn’t just an option – it’s your competitive edge. The days when sales decks were manually updated and leads tracked in bulky files are long gone. Today, businesses are employing advanced Sales Engagement Platforms to automate and optimize every step. Predictive Analytics have become the go-to for market trends forecasts and client needs prediction. Digital evolution isn’t
Land and Expand – The Ultimate Strategy For Business Growth
Imagine that you’ve just graduated from college and landed a job with the organization of your dreams. The salary is generous (to put it mildly) and there are immense opportunities for professional growth. All in all, it’s a perfect fit. On the third day of the job, you enter the CEO’s cabin and demand that she assigns you to the flagship project, doubles your salary, and promotes you on the spot. That escalated quickly, didn’t it? It is not supposed to (umm, never even think about trying this). In reality, you may have to showcase exemplary skills for years before being anywhere close to such atrocious demands or expectations. This is even applicable in your personal life and the analogy from Forbes hits home in that regard. This is nothing but a modest case of land and expand business strategy. Definition: What Is Land and Expand Strategy? Land and Expand is a business strategy that is based on three simple rules: Rule#1: Efficient selling involves a natural progression. Rule#2: Selling too much too soon can undermine deals. Rule#3: Current customers are the best source of income. In other words, land and expand strategy dictates a strategic framework under which the salesperson first focuses on landing a small deal with an organization (‘Land’). The goal is to first get the foot in the door. Now that he/she becomes a part of the organization, it gets considerably easier to explore opportunities for upselling and cross-selling over time (‘Expand’). For instance, let’s say that you work in a tech company that sells hotel management software. Your latest convert is a multinational hotel chain with tremendous potential for account growth. Under the framework of ‘Land and Expand’, you would go above and beyond and do everything in your power to overdeliver. This might mean providing hands-on training to their employees or constantly anticipating and addressing possible concerns even before they arise. Think about your favorite restaurant that sends you a free pudding with every order. Or your local store that provides free delivery even for low-key shopping sprees. The idea is to delight customers and exceeds expectations, forging long-term relationships. As HubSpot lays it down for newcomers, ‘Exemplary Service’ is key. Now, let’s say that the client loves the experience and a couple of hotels can significantly improve their day-to-day productivity, saving thousands of dollars every month. Imminent trust looms around the corner, ready to pounce at a moment’s notice. This is where you sweep in and start taking advantage of possible upselling opportunities, potentially introducing your software to hundreds of other hotels in their portfolio. What it Isn’t? Notice that we have cautiously used the term ‘business strategy’ in the above definition. Contrary to popular beliefs (and the lingo of marketing gurus), Land and Expand is not a sales strategy. It is a business strategy that masquerades as a sales model. It may seem that the sales team is doing all the heavy lifting. After all, they are the ones who plant the seeds and nurture them to fruition. But many variables are working in the backend to support their case. This can range anywhere from ideal marketing and pricing strategies to unmatched deliveries and focused vision. As evident, this is very different from the case of one user organically leading to 10 other users. Importance of Land and Expand Strategy Once you decide to implement this framework, you’ll find that it takes the center stage in everything that you do. At its peak, it may even be driving more than half of your entire revenue. If properly executed (a big IF), Land and Expand strategies can help you: Significantly increase your cross-sell and upsell rates while also protecting you from discounted deals. Reduce the overhead cost of acquiring additional revenues with fertile customer expansion strategy and retention patterns. Taper the risks associated with selling by increasing the number of customer touchpoints and conversion timeframe. Accurately pitch the value proposition of your offering to your clients with an extended sales timeframe. Land And Expand Process The first step is to keep track of new user signups so that a sales representative or a customer success representative may identify ideal customer early on, even before your product is widely used. A typical ‘Land and Expand’ strategy will include several activities, each will ensure the relationship with the customer is strengthened across all potential stakeholders. Cold calls, emails, in-person meetings for lunch or at events, webinars, linking one of your executives with the customer’s decision-makers, or even a quarterly business review are some of the possibilities. You’ll need to keep an eye on user acceptance of your product as you improve your relationship inside the customer’s organisational hierarchy. It is critical that you maintain your focus on product adoption at all times. Make sure you understand the broader potential use cases for your product as well as the commercial impact it will have. As the product gains traction, it’s time to take advantage of the relationship you’ve developed with the customer’s decision-makers. Your product’s advocates and power users will help persuade high-level decision-makers of the importance of implementing your solution throughout the organisation. Land and Expand Action Plan: How To Implement It? For the strategy to work, you need to have a repeatable strategy action plan that moves the customer from one milestone to another, irrespective of the pace. Such a framework should include steps such as: Acquiring small pieces of business within potential accounts. Servicing every ensuing task at extraordinary levels. Developing trusted relations with multiple potential stakeholders. Penetrating the business by encashing this trust at strategic touchpoints. In the context of conversion and engagement funnels, Hunter And Bard neatly presents the framework as follows. At the ground level, this framework calls (rather, screams) for a support system in the form of sound practices. No Land and Expand strategy is complete without these: Right Off the Bat: Exceptional service should be the talk of the town from day one. Trust is an important
