It’s all in the Title: Part 1

April 26th, 2010 by

By Pat Hinds

I have been working with a customer on a project to validate the viability of implementing an inside sales team based on a sales 2.0 structure. I prepared a project charter defining the success criteria; listed below is the model I use to set the expectations of a sales 2.0 outbound call campaign:

40 hours of calling, 7 calls per hour, 280 calls in total, 12% connect rate.

33 connections, 50% interest rate resulting in 17 prospects that are considered a probability to close rate at 25% or higher.

Close rate of 20% of the 17 accounts resulting in 4 closed deals.

After you have completed the process of defining your market (market model) and establishing your call list (territory) to support the outbound call rate the focus turns to the connect rate. The key to achieving a connect rate of 12% is contacting the person within a targeted account that has a vested interest in the value proposition you are positioning.

I would like to share a couple techniques to help with you to help with the process:

As the title of the blog indicates it is important to have an idea of the title of the person that you are targeting and the best way to do this is to analyze the data that you already possess. If you have that data in a CRM you can build a report of titles based on the contacts in your database. If your campaign is focused on a particular market segment or vertical, try and filter your title report based on this information. If you do not have a CRM use the PST file from MS Outlook and build a report in excel.

A typical report will provide 3 or 4 most common titles to target while calling; use this information to target multiple people within an account – this is often referred to as a 3×3 model.

Use referral selling and give the option to the person to refer you to a different contact within the account. If you can get a prospect to provide you with a contact name your connect rate goes up considerably.

Avoid bottle necks, try to target people that do not receive as many outbound prospecting calls. The first objective is to get a person on the line, when you have them on the phone you start the process of asking questions, listening to responses which allows you to score the opportunity based on need, budget, completion, people and timing. If the opportunity scores high you know that it is potential project and the bottleneck contacts are more likely to respond to your call.

It is important to build a report to measure your success. I build a report that reflects the total number and name of the accounts called, the contacts within the account and the connect rate with the contacts. When reviewing the report look for trends that will help you achieve the desired connect and interest rate.

I will write a blog next week on some of the sales 2.0 techniques that I use to find contact names and numbers.

Topics: Business Intelligence