Joining us for today’s show is Biju Baby, a Vice President of Global Sales Operations who knows a thing or two about supporting revenue growth. His company has seen an impressive 54 quarters of sequential revenue growth and Biju has been an instrumental part of the team the last six years.
Today’s topic is back office support, how to make your company so easy to buy from and sell for that you win more deals. While most of us enjoy an occasional tough mudder with friends on a weekend, we wouldn’t want to run one every day. Do you make your sales reps run an internal tough mudder of red tape to push a deal across the table? To follow along, download our 10th annual workbook, How to Make Your Number in 2017. Turn to the sales strategy section and flip to the Back-Office Support phase on pages 326 – 327 of the PDF workbook.
In this use case, we review a company that spans 21 countries and is so easy to sell for that they turnaround most pricing decisions in 24-hours. Biju Baby is uniquely qualified to speak on this topic of back office support as the Vice President of Global Sales Operations for Equinix. A public company with revenue of $3.6 billion, Equinix builds and operate data centers for customers to connect with each other. Watch as Biju demonstrates how to be a company that’s easy to buy from and a company that’s easy to sell for. Topics include:
- Pricing process
- Contracting process
- Compensation administration
- Order management
- Territory design process
- Quota setting process
Why this topic? Taking days to get a pricing decision frustrates customers. Delaying the closing of a deal because of lengthy legal reviews reduces win rates. Paying a sales rep incorrectly, and late, drives up turnover. It is hard enough to grow revenues faster than the industry and competitors. Try to not add to the level of difficulty by being hard to buy from and sell for.
We begin the show with Biju explaining the three things he recommends to evaluate how easy your company to buy from and sell for. The straight-forward advice from Biju is the starting point for you to evaluate your own company’s needs in this area. Watch as Biju explains how as you gather feedback from the sales force, how to distinguish between the signal and the noise. The key is to verify through data and pay attention to the trends from the sales force feedback.
We discuss a use case for how to make a company easy to buy from. This involves pushing the pricing and approval process down into the field with identified thresholds and empowering the team to make those decisions in the field. Biju explains how to hold the field accountable to make sure that the thresholds are not broken. Most companies are not comfortable taking this approach and want to control everything at headquarters. The problem is that it becomes a bandwidth problem and things take too long. Watch as Biju explains how at Equinix they trust the field with such a critical decision, but also making sure that you’re following up on a quarterly basis that the thresholds don’t get broken. That’s a great example of how to push the pricing and approval process out into the field.
Biju and I discuss the length of time it takes for an approval internally. Equinix is a global document that spans across 21 countries and operates in a country manager model, yet Biju’s team can turnaround most decisions in 24-hours. Think of the advantage that would give your sales team. Watch as Biju and I discuss the steps required to put this in place.
Time kills deals, yet we have all have experienced companies that make it difficult for you to award them business. If your company making it difficult to do business with you then it’s impacting your win rate. Worse, ‘A’ Player sales candidates can sniff out companies that are difficult to buy from and sell for resulting in lost talent, and retention problems. Take action by sending this video to your team.
If you would like to spend time with me on the topic of making your company easy to buy from, come see me at The Studio in Dallas. The Studio is SBI’s multimillion dollar, one-of-a-kind, state-of-the-art executive briefing center. Sessions at The Studio are experiential and are designed around the principles of interactive exercises, hands-on innovation, and peer-to-peer collaboration. The Studio is a safe-haven for learning and after just a few days clients leave with confidence and clarity your revenue growth strategies and sales and marketing motions to make your number.
Photo Source: Glynnis Jones / Shutterstock.com
POCONO MANOR, PA – APR 28: A man crawls through water under electrified wires at Tough Mudder event on April 28, 2012 in Pocono Manor, Pennsylvania. The course is designed by British Royal troops.