Final Fucking Exam of College Flashcards
(36 cards)
What is Enterprise Selling?
selling to a Fortune 100 company or a subsidiary
Characteristics of Enterprise Selling
-global customers, multinational competitors,
-sales type: complex, strategic, multiple stakeholders, large budgets and high sales prices
-selling and customer team are bigger
-heavy on relationships
-heavy company collaboration
-customized sell
Big idea for enterprise selling
its long, $$$, and unique but can be used in other biz segments
What’s a sales op
data analytics, so stuff like territory planning, crm management, and win/loss analysis
biz development rep (BDR) or sales dev rep (SDR)
warming up leads for sales reps, cold calls, pipline development, seeing if leads are qualified
customer success manager
customer advocate for renewal, not like customer service which is support, assuring customer usage, customer “health score”
solutions engineer (SE) or technical sales
product or industry expert, demo products, collab with customers on best practices
account manager
existing customer managment, upsell/cross sell, renewals
account executive
the hunters, finding and closing new accounts
channel manager or strategic relationship manager
relationship management of high value customers, complex, co-opetition: a relationship thats a combo of a customer, competitor, and partner
variable
additional amounts you get by selling against your quota
OTE
on target earnings, what you make if you hit 100% of assigned quota
org - by region or customer
best for lots of diff products or when emphasizing territory and product effectiveness over cost of sales
org - by functional role
ideal when there’s not a big difference between products or territories, the focus is on cost of sales
How do you make a team collab work?
strategic plan, role clarity, hyper-communications
who makes money when new business is sold - commission?
Account exec., Business Development rep (BDR) , sales engineer (SE)
who makes money when an existing account is upsold? - commission
account manager, customer success manager, sales engineer (SE)
who makes money when there’s an existing account renewal? - commission
account manager, customer success manager
the performance curve for incentives
laggards - bonuses, social pressure, aka bullying
core performers - sales contests, multi tier targets
star performers - no pay caps, overachievement commission rates
common law of business balance
- good 2. fast 3. cheap - only choose two
three types of value props
- company
Tesla offers innovative, eco-friendly transportation options that
prioritize performance and technology, aiming to create a sustainable
future. - product
Walmart Equate health and personal care products offer lower prices
compared to national brand equivalents while designed to meet the
same quality standards. This affordability makes it an attractive option
for budget-conscious shoppers. - personal
How to sell to different people (3-2-1)
- Influencer (users or something like that)
-focus on features and functions - champions
-more strategic, use this as a way to advance their career - economic buyer
-gatekeeper, kinda douchebag
-focused on not making a mistake
Purchasing
-show your worth, need to negotiate, could override 1.
Pipeline Stages
- Marketing Qualified Lead (MQL)
- Sales Accepted Lead (SAL)
- Connect (discovery)
- Create Pitch
- Collaborate (Give pitch)
- Confirm (win or lose sale)
- Close-pending
- Close - won
Pipeline key takeaways
- win rates drive the amount of times you have to go through the pipeline
-Sales cycle time tells you if there’s enough time to close a deal before the period ends.
-Sales stage tells you how close a deal is to being done — so you know if you can include it in your forecast.
