{"id":625,"date":"2018-12-07T16:41:25","date_gmt":"2018-12-07T16:41:25","guid":{"rendered":"https:\/\/sellingsherpa.com\/?p=625"},"modified":"2018-12-10T01:39:05","modified_gmt":"2018-12-10T01:39:05","slug":"bowery-capital-sales-summit-2018-trip-report","status":"publish","type":"post","link":"https:\/\/sellingsherpa.com\/index.php\/2018\/12\/07\/bowery-capital-sales-summit-2018-trip-report\/","title":{"rendered":"Bowery Capital Sales Summit 2018 (trip report)"},"content":{"rendered":"<div class=\"nolwrap\">\n<h3 class=\"wp-block-heading\">The Best Demand Gen Strategies from 2018<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speaker: <a rel=\"noreferrer noopener\" aria-label=\"Speaker: Wendi Strugis, Chief Client Officer - Yext (opens in a new tab)\" href=\"https:\/\/www.linkedin.com\/in\/wendisturgis\/\" target=\"_blank\">Wendi Strugis, Chief Client Officer &#8211; Yext<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>&#8220;Party of 5&#8221; Demand Gen strategies<ul><li>AE outbound<\/li><li>Upsells<\/li><li>Partnerships &amp; strategic alliances<\/li><li>Marketing<\/li><li>SDR\/BDR<\/li><\/ul><\/li><li>Set goals each quarter by pipeline by source &amp; territory (ex: Upsells + Enterprise + North America). Measuring &#8220;influenced pipeline&#8221; and &#8220;influenced ACV&#8221;<\/li><li><a rel=\"noreferrer noopener\" aria-label=\"&quot;Party of 5&quot; Demand Gen strategies\u2028AE outbound\u2028Upsells\u2028Partnerships &amp; strategic alliances\u2028Marketing\u2028SDR\/BDR\u2028Set goals each quarter by pipeline by source &amp; territory (ex: Upsells + Enterprise + North America)\u2028Yext Scan has been a huge inbound driver - allows prospects to see how their business appears online\u2028&nbsp; (opens in a new tab)\" href=\"https:\/\/www.yext.com\/resources\/business-scan\/\" target=\"_blank\">Yext Scan<\/a> has been a huge inbound driver &#8211; allows prospects to see how their business appears online<\/li><li>&nbsp;Large company AEs with established brands (ex: Google) struggle with Challenger selling<\/li><li>SDR playbooks are very different in Europe and Asia<\/li><li>Working with Barry Rhein (<a rel=\"noreferrer noopener\" aria-label=\"&quot;Party of 5&quot; Demand Gen strategies\u2028AE outbound\u2028Upsells\u2028Partnerships &amp; strategic alliances\u2028Marketing\u2028SDR\/BDR\u2028Set goals each quarter by pipeline by source &amp; territory (ex: Upsells + Enterprise + North America). Measuring &quot;influenced pipeline&quot; and &quot;influenced ACV&quot;\u2028Yext Scan has been a huge inbound driver - allows prospects to see how their business appears online\u2028&nbsp;Large company AEs with established brands (ex: Google) struggle with Challenger selling\u2028SDR playbooks are very different in Europe and Asia\u2028Working with Barry Rhein (Selling Through Curiosity) on sales training and enablement (opens in a new tab)\" href=\"http:\/\/sellingthroughcuriosity.com\/\" target=\"_blank\">Selling Through Curiosity<\/a>) on sales training and enablement<\/li><li>When establishing yourself in a new market, place your bets on (niche) conferences that all you to get close to early innovators<\/li><li>5 Demand Gen Lessons Learned<ol><li>Demand gen&nbsp;is most scalable and predictable down-market (i.e. SMB)<ul><li>SMB: Paid search<\/li><li>Enterprise: Webinars; Events; LinkedIn; Direct Mail<\/li><\/ul><\/li><li>Focus thought leadership on #1 top of mind issue. Ex: For B2C marketers, Yext focused on &#8220;voice search&#8221; and sent Alexa devices in a highly successful direct mail campaign. Also, hold a customer conference earlier than you would think (perhaps when you can get at least 50 people)<\/li><li>Hand raises (ex: Request a demo) are the best leads<\/li><li>Website optimization pays off<ul><li>Yext reduced form fields from 9 to 6 and saw a 200% increase in leads without any change in traffic<\/li><li>CTA front and center above the fold<\/li><li>no carousels<\/li><li>&#8220;Get Started&#8221; was the best CTA rather than &#8220;Schedule a Demo&#8221;<\/li><\/ul><\/li><li>Nurture prospects with valuable content if they are not ready to speak to sales<\/li><\/ol><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3 Lessons Learned from Scaling Enterprise SaaS Teams: Build Talent, Focus on your Plan, Understand the Math<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.linkedin.com\/in\/markjosephson\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speaker: Mark Josephson, CEO - Bitly (opens in a new tab)\">Speaker: Mark Josephson, CEO &#8211; Bitly<\/a><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Right Talent<ul><li>Hire people that have done \/ can do the job (ex: Enterprise AE != Freemium AE)<\/li><li>Hire people who bring solutions, not problems<\/li><\/ul><\/li><li>Focus on Your Plan<ul><li>Pick a customer &amp; a pitch<\/li><li>Pick a product, price, and GO! (do not do 5 ideas at once)<\/li><li>Empower sales ops to measure everything<ul><li>Know what your assumptions are<\/li><li>Be dispassionate about the numbers but passionate about your strategy<\/li><li>Sales ops&nbsp;should be responsible for (a) systems (b) compensation (c) strategy<\/li><\/ul><\/li><\/ul><\/li><li>Understand the Math<ul><li>(# AEs) x (Deals\/AE) x (ACV\/deal) = capacity x productivity x pricing<\/li><li>Raising quota does not necessarily raise performance; in fact, the oppositive my be true (editor&#8217;s note: Set quota such that 70% of AEs are at or above plan each period)<\/li><\/ul><\/li><li><\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strategies for Expanding Into New Geographies<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speaker: <a href=\"https:\/\/www.linkedin.com\/in\/jamesallgrove\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speaker: James Allgove, Head of Growth, US East Coast - Stripe (opens in a new tab)\">James Allgove, Head of Growth, US East Coast &#8211; Stripe<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>It takes 5 years to achieve positive ROA from international investment (Source: HBR)<\/li><li>Ringfence resources for each international location (otherwise, they will get deprioritized)<\/li><li>Empower your local team. Solid line reporting to the local leader and dotted line back to HQ.<\/li><li>OK to outsource PR &amp; marketing in the early days; not OK to outsource sales or product or hiring<\/li><li>Build a playbook for how you launch in new markets<\/li><\/ul>\n\n\n\n<ol class=\"wp-block-list\"><li>Decide where to go<ul><li>Don&#8217;t just assume <g class=\"gr_ gr_358 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-ins replaceWithoutSep\" id=\"358\" data-gr-id=\"358\">UK<\/g>; look for the signals aligned specifically with your domestic product\/market fit<\/li><\/ul><\/li><li>Patiently work toward product\/market fit in your new market<ul><li>Year 1 should be about learning not blind pursuit of a #<\/li><\/ul><\/li><li>Build the right team<ul><li>Start with end-to-end generalists and specialize gradually<\/li><li>Do not lower your bar on ability or culture relative to whom you would hire domestically<\/li><\/ul><\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Evolving from Founder-Driven Sales to Hiring Your First Sales Team<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speakers:<a rel=\"noreferrer noopener\" aria-label=\"Speakers: Jordan Wan, CEO - CloserIQ; Jennifer Etherton, Head of Sales - Klara; Rachel Kaplowitz, CEO - Honey; Alex Adamson, Director of Talent - Bowery Capital (opens in a new tab)\" href=\"https:\/\/www.linkedin.com\/in\/jordanxwan\/\" target=\"_blank\"> Jordan Wan, CEO &#8211; CloserIQ<\/a>; <a rel=\"noreferrer noopener\" aria-label=\"Speakers: Jordan Wan, CEO - CloserIQ; Jennifer Etherton, Head of Sales - Klara; Rachel Kaplowitz, CEO - Honey; Alex Adamson, Director of Talent - Bowery Capital (opens in a new tab)\" href=\"https:\/\/www.linkedin.com\/in\/jenniferetherton\/\" target=\"_blank\">Jennifer Etherton, Head of Sales &#8211; Klara<\/a>; <a rel=\"noreferrer noopener\" aria-label=\"Speakers: Jordan Wan, CEO - CloserIQ; Jennifer Etherton, Head of Sales - Klara; Rachel Kaplowitz, CEO - Honey; Alex Adamson, Director of Talent - Bowery Capital (opens in a new tab)\" href=\"https:\/\/www.linkedin.com\/in\/rachelzisserkaplowitz\/\" target=\"_blank\">Rachel Kaplowitz, CEO &#8211; Honey<\/a>; <a href=\"https:\/\/www.linkedin.com\/in\/alexandraadamson\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speakers: Jordan Wan, CEO - CloserIQ; Jennifer Etherton, Head of Sales - Klara; Rachel Kaplowitz, CEO - Honey; Alex Adamson, Director of Talent - Bowery Capital (opens in a new tab)\">Alex Adamson, Director of Talent &#8211; Bowery Capital<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sales Learning Curve: Initiation &#8211;&gt; Transition &#8211;&gt; Execution (<a rel=\"noreferrer noopener\" aria-label=\"Sales Learning Curve: Initiation --> Transition &#8211;> Execution (see HBR) (opens in a new tab)&#8221; href=&#8221;https:\/\/hbr.org\/2006\/07\/the-sales-learning-curve&#8221; target=&#8221;_blank&#8221;>see HBR<\/a>)<\/li><li>Set realistic goals aligned with business objectives<\/li><li>During initiation phase, sales leaders are doing much more than selling. Start with a higher base instead of 50\/50. In addition, use MBOs.<\/li><li>Yes, you can offer equity, but take the time to explain what it really means. Most comp should come from base+commission.<\/li><li>Career paths are highly motivational. Create scorecards for what is needed to be eligible for next role and update scores frequently.<\/li><li>Run monthly town halls even if you are you bootstrapped.&nbsp; Share goals and performance against goals.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Building an Enterprise Sales Playbook within a Freemium SaaS Company<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speaker:<a href=\"https:\/\/www.linkedin.com\/in\/juliemaresca\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speaker: Julie Maresca, Head of Enterprise Sales, East - Slack (opens in a new tab)\"> Julie Maresca, Head of Enterprise Sales, East &#8211; Slack<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Be user-obsessed; measure NPS!<\/li><li>Your first sales hires are critical<\/li><li>Slacked launched sales with no commission and no quota. Just &#8220;do great things for customers&#8221;<\/li><li>Fair billing: You only pay for active users<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">10 Data-Driven Ways to Increase Pipeline<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speaker: <a href=\"https:\/\/www.linkedin.com\/in\/jeremeydonovan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speaker: Jeremey Donovan, SVP Sales Strategy - SalesLoft (opens in a new tab)\">Jeremey Donovan, SVP Sales Strategy &#8211; SalesLoft<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/sellingsherpa.com\/wp-content\/uploads\/2018\/12\/Bowery_Donovan_Final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Here is my presentation (opens in a new tab)\">Here is my presentation<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Building a Culture Around Sales Velocity<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Speakers: <a rel=\"noreferrer noopener\" aria-label=\"Speakers: Matt Roy, Head of Business Development &amp; Strategic Partnerships - InsightSquared; Andrew Oddo, Director of Growth - Bowery Capital (opens in a new tab)\" href=\"https:\/\/www.linkedin.com\/in\/matt-roy-96ba617\/\" target=\"_blank\">Matt Roy, Head of Business Development &amp; Strategic Partnerships &#8211; InsightSquared<\/a>; <a href=\"https:\/\/www.linkedin.com\/in\/andrew-oddo\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Speakers: Matt Roy, Head of Business Development &amp; Strategic Partnerships - InsightSquared; Andrew Oddo, Director of Growth - Bowery Capital (opens in a new tab)\">Andrew Oddo, Director of Growth &#8211; Bowery Capital<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sales velocity = (# <g class=\"gr_ gr_16 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling\" id=\"16\" data-gr-id=\"16\">opps<\/g>) x (avg. deal size) x (win rate) \/ (sales cycle time)<\/li><li>The 4 components are interrelated. When you make strategic decisions, take time to understand the impact on each of the 4.&nbsp;<\/li><li>Coaching: Ask your rep, &#8220;Why do YOU think you are not hitting your number?&#8221; instead of telling them why.<\/li><li>The sales velocity equation allows you to drill down to understand what is and is not working<\/li><li>To reduce sales cycle days: Break do pipeline by duration in each stage. Attack the low hanging fruit. Ex: InsightSquared so deals getting stuck in negotiation. Worse, prospects were taking control of pricing and forcing higher discounts.&nbsp; IS created a deal-desk (in sales ops). Now AEs honestly say, &#8220;I cannot give you a price yet. Our deal desk requires (a) signed Ts &amp; Cs (b) timeline.&#8221;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Best Demand Gen Strategies from 2018 Speaker: Wendi Strugis, Chief Client Officer &#8211; Yext &#8220;Party of 5&#8221; Demand Gen strategies AE outbound Upsells Partnerships &amp; strategic alliances Marketing SDR\/BDR Set goals each quarter by pipeline by source &amp; territory (ex: Upsells + Enterprise + North America). Measuring &#8220;influenced pipeline&#8221; and &#8220;influenced ACV&#8221; Yext Scan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_import_markdown_pro_load_document_selector":0,"_import_markdown_pro_submit_text_textarea":"","_monsterinsights_skip_tracking":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-625","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.4 - aioseo.com -->\n\t<meta name=\"description\" content=\"The Best Demand Gen Strategies from 2018 Speaker: Wendi Strugis, Chief Client Officer - Yext &quot;Party of 5&quot; Demand Gen strategiesAE outboundUpsellsPartnerships &amp; strategic alliancesMarketingSDR\/BDRSet goals each quarter by pipeline by source &amp; territory (ex: Upsells + Enterprise + North America). 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