“Adapt or Perish, now as ever, is nature’s inexorable imperative” – H.G. Wells.
The beginning of 2020 has been the epitome of this famous quote. The Global COVID-19 Pandemic has shaken the economy and organization’s Revenue Plans. Whether it’s continuing to drive business more virtually, to potential hiring freezes, adaptation is a necessity. With so many conditions changing, one thing that is likely remaining constant is growth expectations from the Board.
When market dynamics change, companies take one of three approaches:
- First Approach: Hunker Down and Wait for Normalization. This is a sure-fire way to get left behind from your competitors in the market.
- Second Approach: React Quickly Without a Strategy. While some positive impact may result from this approach, it is likely to be inconsistent and inefficient. Not having alignment across Go-to-Market functions will lead to competing priorities, lack of direction, and unpredictable outcomes.
- Third Approach: Adapt the Plan and Go on the Offensive. Leading growth organizations take a more effective third approach. They adapt by revisiting their Revenue Plan, factoring in new economic dynamics, and have a unified, go-forward plan with a Reimagined GTM Strategy.
What Are Sales Operations Leaders Doing to Support Executing the New GTM Strategy?
Once the revised Revenue Plan has been created, it’s now time to execute in the field. A key growth lever to pull is ensuring that the Sales Org is as effective as possible under the new Revenue Plan and economic environment. A foundational step is ensuring there is strong alignment between the new Revenue Plan and Sales Enablement. This is done by revisiting and revising the Sales Enablement Charter and Guiding Principles. Download a copy of our Charter Development Tool to leverage as you revise your Sales Enablement Charter.
Why Is it Important to Revise the Sales Enablement Charter?
Sales Enablement is all about optimizing the effectiveness of the sales force. Making your existing Reps more productive and reducing the ramp-time of new hires is the calling card of a world-class Enablement function. Varying by Industry, SBI Benchmarks indicate that best-in-class organizations get $1-1.8M in Bookings per Sales FTE per year. If you have been achieving this, how will you maintain this level of productivity with the new economic environment?
Market-leading Sales Operations teams are ensuring that their Enablement function is aligned to the newly designed Revenue Plan. This begins with redesigning the Sales Enablement Charter.
5 Supporting Design Principles for the Sales Enablement Charter:
Charters are often supported by a set of Guiding Principles that a Function will adhere to, that activate the Charter on a daily basis. Leading organizations have been aligning these Guiding Principles back to their Revenue Plan. Here are 5 Guiding Principles that will help optimize the effectiveness of the Sales organization during these uncertain economic times.
- Interlock with Sales Leadership: This is perhaps the most critical. As Sales Leadership redefines where growth will arise in the new market conditions, it is imperative that Enablement is providing the right training and sales tools to execute the strategy. This will be an uncomfortable shift a quarter of the way through the selling year for Reps. Provide the right performance conditions to adapt to the new sales campaign effectively.
- Insight into Buyer Interaction Preference: Your most tenured and likely highest performing field-based sellers have a monumental shift approaching them, with many corporate offices becoming virtual and travel bans in effect. If they have not yet become comfortable selling virtually vs. face to face, it is imperative they do so now. This will be new or unattended to muscle for many. Set up trainings and best practices to virtual selling based on how your Buyers are pivoting to making purchasing decisions.
- Increase the Lifetime Value of the Customer Base: It is well known that selling more to existing customers is easier and often faster than pursuing new logos. With budgets tightening, organizations will be more stringent with purchasing new solutions. Validate that there is enough product training on core offerings and supporting use cases for a Rep to go wide within an existing account.
- Positioned to Defend Competitive Displacement: Retention is now the new growth play. Your competitors will be looking for Market Share Gain by tapping into your Install Base. Ensure your Farmer and Customer Success Reps are ready for amplified competitive pressure.
- Strategic Guidance on Late-Stage Opportunities: When opportunities reach the Forecast, maintaining a healthy close rate is more important than ever. Stand up a virtual win strategy war room. Use best practices like a win strategy and call plays to control what you can to win deals.
In summary, market leaders are going on the offensive and redefining their Revenue Plan and adapting the supporting functional plans that create the right performance conditions for reps to execute against the plan. For Sales Enablement & Operations leaders, this includes revising the Sales Enablement Charter.
Don’t wait for the market to come back into balance, nor should you react without a plan in place to drive revenue growth. Follow the path of Market Leaders by aligning your Enablement Charter to your Recession-proofed Revenue Plan. Need help getting started? Use the following Charter Development Tool and the above Guiding Principles to drive field effectiveness. For additional support, contact us for additional best practices in driving revenue growth.