In this series, we ask tech executives to describe the why and how of their solution. We call it Sales Tech Simplified.
Nancy: Why does the industry need your solution?
Mohit: In the digital age, sales organizations need an agile way to keep their reps up to speed and fully prepared. There are three industry trends that are driving this need:
- Buyers are well-informed: The way people purchase has changed. Buyers are much further down their purchasing journey before they even come into contact with a salesperson. They’ve conducted their own research and are more demanding, so the traditional approach of selling products and features is no longer effective;
- There are fewer opportunities to establish relationships: As buyers are already close to the end of their purchasing journey by the time they meet a rep, the sales process has changed. Sellers have less opportunity to meet with buyers, and when they do, they have less time to communicate the value they offer. As there are limited opportunities to build relationships sales reps need to change how they communicate with customers;
- The velocity of offerings: Competition is moving at breakneck speed. Sales teams need to move just as fast to keep up with what’s happening in their industry. This in turn raises challenges about how reps stay up to date, absorb information, and incorporate it into how they communicate value.
Each of these trends gives rise to several enablement challenges. In order to be effective, technology can’t solve just one piece of the enablement challenge, it must address all of it. MindTickle’s sales readiness platform addresses these gaps by tracking the entire lifecycle of a sales rep. It gives reps the ability to develop knowledge through learning, hone their skills through role play, and build a cadence through repetition and updates. MindTickle is the only platform that brings all of this together. It’s the fully equipped gym that lets salespeople work out and hone their entire knowledge and skill base.
Nancy: Why should it be prioritized above other options?
Mohit: At a certain stage and scale organizations start heading towards sustained growth. When this occurs traditional enablement tools that focus in on efficiency, like dialers, email trackers and other activity centric tools, start reaching diminishing returns. For organizations to face the next frontier of sustained growth their sales teams need to be more effective.
The conventional approach of reacting to lagging indicators such as revenue and margins is now insufficient. In order to stay ahead of the growth curve companies need visibility of sales effectiveness and efficiency indicators so they can be assured that their reps have the requisite knowledge, sales skills and capabilities for their customer conversations anytime, anywhere. These indicators span every aspect of the sales process from how effective their elevator pitch is to coaching on the finer aspects of closing the deal. As sales reps receive less of their prospects time and mindshare, it is crucial that management knows they are prepared for every interaction.
Nancy: What are the symptoms that indicate an organization would benefit from your solution?
Mohit: The symptoms that indicate a business would benefit from MindTickle’s sales readiness platform fall into three categories; Onboarding, coaching, and ongoing readiness. Often an organization demonstrates several of these symptoms at time.
Sales onboarding symptoms include:
- The current onboarding program is not dynamic or agile enough to respond to industry changes;
- The reps’ knowledge or readiness is not able to be tested or assessed;
- The onboarding program is not a repeatable or structured process;
- Reps are still not ready for customer conversations after completing their onboarding;
- Ramp up times are very long or inconsistent; and
- Reps are not engaged or are based in classrooms for much of their training;
Symptoms that there is insufficient coaching readiness include:
- Coaching requires a lot of admin or personal effort from managers and / or reps;
- There is no formal coaching process in place;
- It’s difficult to scale coaching as the team grows;
- Coaching results are inconsistent regardless of the time spent;
- Less than 30% of reps are meeting quota;
- Most reps need help to close or move deals forward;
- There is a high turnover of sales reps; and
- Despite significant training investment, it’s not having a positive impact on performance.
Common symptoms that indicate ongoing readiness can be improved include:
- Reps lack information about competing products or are not able to differentiate solutions;
- Reps are not certified on how to articulate their competitive messaging;
- Reps complain of not being aware of new product features or enhancements;
- There’s infrequent or no standard communication process between the sales team and other parts of the organization, such as Product Marketing and Senior Management;
- There’s no formal process to align the sales team on changes in strategy; and
- New sales managers or promoted reps do not receive formal training.
Nancy: Where does your solution fit in the Hierarchy of Revenue Needs™?
Mohit: MindTickle has the potential to impact each section of the hierarchy of revenue needs, but where it really excels is in “Developing, Coaching, and Onboarding.” It’s here that reps develop their foundation knowledge and selling skills that enable them to sell more effectively.
Nancy: How mature is a typical organization’s sales stack before adding your technology?
Mohit: Typically a B2B sales organization that has at least 10 reps or more is suitable. These organizations may have just a couple of tools in their sales stack or several.
Nancy: In what ways is your solution complementary to others that might be in someone’s sales stack now or in the future?
Mohit: MindTickle has been designed to complement other tools in the sales stack. In particular it has deep integration with SFDC and actually adds value to the CRM. It does this by enabling data from SFDC to be added directly to MindTickle dashboards, and vice versa. MindTickle also pulls content from a range of depositories including the SalesForce library, Dropbox and other CMS’s. This reduces replication and allows content to be easily shared.
In the future, I think there will be a significant consolidation in sales tools. That’s why MindTickle is committed to enabling interoperability as other clear sales stack leaders like SDFC emerge.
Nancy: What are some of the challenges your solution solves for Sales?
Mohit: As buyers and the selling process has changed, sales organizations need to ensure their reps are ready to have customer conversations anytime, anywhere. MindTickle helps sales organizations by:
- Enhancing sales reps’ ability to communicate value in their customer conversations by ensuring they have consistent and impactful messaging;
- Empowering managers to identify knowledge gaps and execute targeted coaching programs. It also drives accountability in the coaching process through the use of data and feedback loops; and
- Enables distributed teams to access communications and coaching in real time through mobile technology.
Nancy: What are some good resources if someone wanted to learn what questions to ask, what others are doing, or purchase considerations?
Mohit: There are three factors to consider when purchasing a sales readiness solution:
- Vision and approach: How does the solution’s vision align with your business’ readiness vision. Is the solution a disruptor or an innovation?
- Product & Roadmap: Does the business have a strong product and engineering team.
- Industry Validation: There are several factors to consider when looking at industry validation including:
- How closely the solution’s success stories align to your business stage and industry;
- How high the level of adoption is;
- How scalable is the solution;
- Does the solution collaborate with its customers to achieve success; and
- How does the solution support the success of their customers.
There are several resources that can help you determine if MindTickle is the right solution for your business. Our resources include insightful podcasts and webinars with customers and sales enablement experts who discuss their sales readiness journey. It also includes detailed eBooks on a range of topics from coaching to sales onboarding to effective sales enablement. The Sales Readiness blog includes detailed information and advice about how to develop and implement your own sales readiness initiatives. And if you’d like to hear what our customers think you can read their independent reviews.
We’ll also be doing live demos this week, 4/12 and 4/13, at the TOPOSummit 2017 in San Francisco. Book your meeting here http://ow.ly/vNZe30aLkoD