article | July 26, 2013
How To Waste Another $1M From Your Sales Budget
However, Chief Sales Officer Victor wants to know if the first initiative is successful. This post will help Hank give an answer to Victor. He wouldn’t be able to do so without the Doomed Project Predictor.
The Doomed Project Predictor – Get It Now!
In this post, you can download our Doomed Project Predictor. It calculates if success was or will be had by looking at 9 areas. This post details 3 of these categories. In the predictor tool, you will also learn:
Three (of Nine) Categories to Inspect for SFE Initiative Success
1. Project/Initiative Objectives: This is the obvious area. These are the measurable goals of the initiative. Why was the initiative started? What financial expectations are there for the future state of this initiative? Depending on the initiative, there will be some sort of quantifiable impact. For example, reduce new-hire ramp time by 20%. Or Increase Average Deal Size by at least $10,000 per deal. Or increase the number of qualified leads by 35%. Most initiatives take more than a quarter or two to get measurable results. Whatever initiative you are faced with, try to have incremental measurable objectives. For example, set a goal of increasing qualified leads by 10% in 6 months. The other 25% increase may take another year to achieve.
Hank’s DLA experience: DLA hired engaged a consulting firm to help with sales rep onboarding. The 2 objectives at DLA from the initiative: decrease new-hire ramp time; increase Sales Manager accountability for new rep onboarding. DLA only had anecdotal ramp time metrics. As part of the initiative, they implemented ramp time measurement. For SM accountability, though, it has taken over a year to see any traction. This category gets a yellow – slight success.
2. Brand: Maybe the initiative didn’t show a whole lot of financial gains – so far. But, there are two brand aspects where it might be a success. One aspect is to attract higher levels of talent. A new-hire onboarding initiative can be an attraction to new hire candidates. An initiative to align territories based on sales rep potential attracts A players. The other aspect of the Brand is noticed by your market and customers. Maybe the initiative generated positive comments from customers and prospects. That is a big piece of success to claim.
Hank’s DLA experience: DLA started telling new-hire candidates of a robust onboarding program. They did this even before they finished implementation. This caused more candidate interest than usual. It will surely help sales recruiting. Success!
3. Self Sufficiency: When you invest in an outside firm’s help, expect them to invest in you. The helping firm should NOT just provide you deliverables and an invoice. There should be a transfer of knowledge so that your team can continue on. Once the firm leaves, you should be able to finish the rollout. Also, you must be capable of iterating the initiative to greater improvements. Can you take any roadmap of serial initiatives and start working them?
Hank’s DLA experience: Hank’s team was trained on the use of the onboarding process and tools. However, they didn’t get enough knowledge transfer to implement other improvement initiatives without assistance. Failure here.
Now download the Doomed Project Predictor. It will provide the other 6 success prediction categories. Also, it tells Hank’s story across the other categories. You can’t afford to waste money on initiatives without return. And HR can’t afford to lose any credibility.
Steps to Ensure a Successful SFE Initiative
Effective sales improvement initiatives are at times needed to make the number. Make sure you’re getting a positive return with these steps:
Your name will be remembered for big initiatives – make sure it is remembered for success, not failure. Hank is now Victor’s go-to-guy for SFE improvement ideas!
Photo courtesy of Flickr-> Simon Davison.
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© 2018 Sales Benchmark Index (SBI), B.V.
A Business Strategy Consulting Company
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Amsterdam, The Netherlands