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The Art and Science of Forecasting | Sarah Lash - 1544

The Art and Science of Forecasting | Sarah Lash - 1544

FromThe Sales Evangelist


The Art and Science of Forecasting | Sarah Lash - 1544

FromThe Sales Evangelist

ratings:
Length:
30 minutes
Released:
Mar 28, 2022
Format:
Podcast episode

Description

We've learned multiple perspectives in our series over forecasting that help create a more accurate and beneficial forecast. But how can you take your efforts to the next level? In this episode of The Sales Evangelist, Donald is joined by the Director of Enterprise Sales at Envoy, Sarah Lash, to discuss proper forecasting techniques from both a selling and management perspective.  There are significant forecasting issues: Some people rely too much on the map and aren’t listening to what’s happening in the business. On the flip, some people listen too much to intuition without diving deep enough. From a management perspective, sales reps might provide you with a shadow pipeline (data entered into an incorrect pipeline), forcing you to identify those issues. There is also the problem of the intraquarter revenue - opportunities that open and close in the same quarter. How should we factor those into forecasting? Whether you’re a rep or a manager, lack of communication will distinguish the most accurate forecasting. Don’t just focus on the data; focus on the right data: The “I need X amount of pipeline to get to this number” mentality has positive and negative effects. Similarly, a purely cause and effect mentality does not do justice to the nuances of selling. Instead of waiting for a prospect to say a specific phrase to indicate the likelihood of purchase, integrate information beyond your personal experiences with the selling process. Have a mutual action plan: Creating an example that establishes a “good’ reference point is essential for sellers to understand what actions result in the most buy-ins. When creating a mutual action plan, start backward. For example, what is the timeline the prospect would like something to be implemented?  Then, ask what steps need to be taken before that date to reach the end result? Remember, it’s not just evaluating pricing but determining if there are technical, legal, or security issues that need solving.  Create a calendar based on these milestones, and as a seller, you can use this to gain information. Finally, determine what could go wrong and establish how to address those. Forecasting involves a balance of data and intuition:  It’s a combination of 50/50, but it’s never so explicitly balanced. The beauty is the combination of the two, in whatever capacity each deal necessitates. To practice intuition with her team, Sarah conducts a large-deal review call with her organization each week to hear sellers talk about deals to learn and grow with one another. When interacting with a prospect, set expectations from the beginning. For example, ask someone if you can ask multiple questions. Disarm the prospect as much as possible. You want to understand why milestones, behaviors, and expectations are the way they are. Sarah’s final takeaway for sellers? Be confident you know your craft because confidence is your ability to be the partner your customer needs. To find more content and information from Sarah, connect with her on LinkedIn or visit Envoy’s website to learn more about what they do. This episode is brought to you in part by LinkedIn Sales Navigator. The Great Resignation has become the Great Reshuffle, meaning it can be difficult for sales professionals like you to find leads and close deals. Luckily, Sales Navigator from LinkedIn is here for you! Sales Navigator from LinkedIn is the only tool that uses real-time alerts and up-to-date insights to help you know when prospects are ready to buy. And, with over 30 advanced filters, sales professionals can quickly find genuine leads with the intent to purchase. Gain the advantage of accurate, quality lead generation data from LinkedIn Sales Navigator. You can get a 60-day free trial of Sales Navigator at www.LinkedIn.com/TSE.  This episode is brought to you in part by Skipio. Are you sick of crickets? As a salesperson, the pain of reaching out with phone calls or emails and not receiving a response is real. But all text messaging i
Released:
Mar 28, 2022
Format:
Podcast episode

Titles in the series (100)

Just like most of you, I am a real life B2B sales professional hustling in the world of software sales. If you were like me, you had no clue how to really sell when you started in sales. Over the years I’ve received training/coaching from some of the industry’s leading experts. I applied what I was learning and started seeing a significant difference in my performance and income. I started doing “BIG THINGS”! I personally feel that when you find something of value you should share it! That’s why I love sales so much. I became very passionate and started “evangelizing” about sales. A good buddy of mine, Jared Easley, then dubbed me “The Sales Evangelist”. He recommended that I further my reach by sharing sales tips to others through the medium of a podcast. Today I interview some of the best sales, business and marketing experts. They provide invaluable training of how you can take your career, business, and income to a top producer’s status. I know you will enjoy it. Welcome to The Sales Evangelist!