How an ABM model can increase deal sizes by 25% - Darryll Praill, CRO at Vanilla Soft tells all!
The latest stats say it takes anywhere between 9 and 12 attempts before we finally give in and agree to a meeting with a sales rep.
It's a common problem in sales that reps aren't reaching out via enough channels, making enough attempts to connect, frequently enough! How do you make your SDRs make those 12 minimum attempts?
That's where Vanilla Soft comes in, by providing a powerful cloud based sales management software designed for reps to live in, made for outbound call centers and inside sales teams in the SMB world, it helps your SDRs increase productivity and close more leads.
We spoke to Darryll Praill from Vanilla Soft about how they weren't getting big enough deal sizes, how they weren't selling enough seats and weren't selling long enough contracts.
Darryll came to the conclusion that it was because they were a historically, inbound driven sales organization.
Marketing did a great job of generating 1000s of leads, from all sources, with a high intent level from the buyer who was only settling for just 3 seats, month to month and that's it.
So, ASP (Average Selling Price) wasn't where it should be.
The plan was to transform the company model from an inbound driven sales organization to an outbound centric, account-based sales and marketing (ABM).
The goal was to aim for a 25% lift by the end of 2020, doubling it to 2X in 2021.
Moving from inbound driven to an outbound model wasn't without its setbacks, these were the steps Daryll and his team took.
Rolled out ABM (Account-Based Marketing)
To do all this properly they had to organize teams and verticals.
Revisit and cut down their ICP drastically.
This meant investing in additional tech stack. They brought in Terminus and Salesforce CRM for all reps to be able to manage their accounts and prospects.
Now part of the ICP requirement was that they have to already work with Salesforce so that further down the sales cycle there were no objections.
Sales teams had to adapt to an outbound centric organization.
The reps would now have to take the time to research their ICP accounts and think for themselves, manage time better and use their initiative with the objective of increasing deal sizes and winning longer-term deals, annually if possible.
Additionally, reps had to make an effort to bond with prospects on social media and restrain themselves from asking for business right away to avoid short term contracts.
They were now responsible for making much more deposits over 30-60-90 days before finally asking for a withdrawal from their prospects.
Improved work culture drastically.
Vanilla Soft Invested in competency skills, tools and evaluations to make sure they hired the right sales reps who ticked all the boxes and fit the profile.
They brought in Dan Disney, who was engaged to work with reps to turn them into social media rockstars.
Vanilla Soft provided work improvement programs to help existing reps transition to the new outbound model and be comfortable enough in their new roles to focus on the task at hand.
Resources such as childcare, psychologists and schedules to fit different needs, were all provided.
Focusing on the right person became extremely important whether it be the ICP or the right sales rep for the job.
They set the goal in August, aiming for a 25% lift before the end of 2020.
After a few setbacks Vanilla Soft managed to achieve that 25% lift by Feb 2021.
Darryll explained that for the first few months results were delayed.
I overestimated how quickly we could roll out technology, overestimated how quickly the reps would adopt, and take advantage of that technology. I overestimated a lot of things.’
Saying that, now they have established the changes they are on a roll and the objective is to double results for 2021.
Darryll’s advice for other sales leaders
If you're a CRO, and you come from a sales background, do not assume you understand marketing, do not assume you understand success. If you do that you will just default back to what you know, which is sales.
You have got to practice the craft of those other disciplines, so you truly understand how to leverage them.
Challenge your own assumptions of how they (reps) can contribute, give them stretch goals, approach them with an open ear, help, ask them to mentor you and educate you.
‘’Park your ego as a CRO.’’
Leverage the skill of the people and look at the whole picture and how you can move money, people, skill sets, tactics and campaigns, from group to group to achieve the revenue goal.
All of these people contribute to revenue, not just sales.