The Daily Briefing - May 7, 2020 - The Impact Across Sectors of the Economy & How Companies Adapt
In today’s Daily Briefing, Jim Benton was joined by Tom Boccard, SVP Sales at GlobalData. They explored ways that teams are staying motivated, how they’re experimenting with new tactics, and the metrics that are most essential in this new normal. Before diving in, they discussed the makeup of Tom’s team at GlobalData, and how they are adapting to the current climate. “At GlobalData,” said Tom, “We have about 400 sales people globally.” Of that, Tom manages a handful of verticals. “About 90% of my team is inside sales.” Inside Sales has had to adapt quickly, and there have been surprises along the way. “Time management has been really crazy,” he said, “A 5-minute conversation is now a 30-minute Zoom. You didn’t know how much you missed when you can’t feed off of the energy around you. You miss the competition style on the floor.” So, like we all are, GlobalData is experimenting with new ways to bring out the excitement and share the energy. Tom said that two things have worked well for them so far: Sharing and celebrating small wins, and incentivizing. “We have daily team standups, group chats, and Zoom meetings,” he said, “Trying to get as close to communication as you can in the office.” And, when you get in those group chats or Zoom calls, the key is to celebrate wins. Every win, no matter how small. “We put a big emphasis on small wins,” Tom said. “What was the talk time for the day? Who booked those meetings or closed those deals? I’m a huge advocate for the idea that success builds momentum. Small bricks build big houses.” When it comes to incentivization, it’s just making sure everyone is capitalizing on the energy of those small wins. “We’re mixing up the teams and running multiple incentives at the same time. Try to get those competitive juices flowing.” Tom’s team runs competitions around opportunities generated in the pipeline, proposals on a daily and weekly basis. They tend to run for a month. “We’re also doing streak bonuses. If you close a deal every week you get bonus points.” *Use laser focused micro-campaigns to create your own secret sauce* To stay ahead of any dips in the market, Tom’s team is refining their process so that they’re targeting the right people in the right way. “We’re bucketing targets together to focus on micro-campaigns,” Tom said. “Here are the companies we want to target, and here are the people you should be talking to. With this particular micro-campaign, we have booked more meetings in the past 2-3 days, than in the last two weeks combined.” Micro-campaigns are where the magic is. “You have to identify the markets you’re servicing. What are the events that are happening in their verterical? We have the data at our fingertips, but anyone out there can do it,” he said. This is a different kind of empathy, a “commercial empathy” or “business empathy” as Tom calls it. “People are working,” he said. “Who are the people whose roles are being impacted right now? It’s about understanding your ICP at a level you never had before. Leaning into them and their objectives at that role, then going to the company angle.” It’s about providing support to help them get their jobs done, especially in this time. And they’re testing everything. Messaging, angles, what challenges they are hearing in the market - these are all soft metrics that have increasingly become more essential.as sales teams adapt. “You have A/B testing with marketing campaigns,” Tom said, “well, we’re at A/B/C/D/E/F testing.” *Microsupport, not micromanagement* Like most leaders Jim has talked to on The Daily Briefing, Tom is joining more calls. “We’re on the front lines to make changes across the group and to share what I’m hearing,” said Tom. “For me, it’s important to know what’s working at these companies. Not just how we can help these companies and they’re sales campaigns, it’s also how we can make our company better. It’s not micromanagement, it’s microsupport.” Listening to what’s happening in the market is essential to adapting your sales strategy. “We need to talk daily about it and see what’s working. I know they are working and making calls,” he added, “it’s not about that. It’s about the conversations that are happening.” *Non-scripted, commercial empathy* Everyone is asking “How are you?” or “Are you okay?”. It’s a sign of where we are as a society. But people are working, and they don’t want to be offered scripted empathy. “We should be asking not because it’s in a script,” said Tom, “we should ask because we truly care. It’s about taking empathy to a business level. How are you achieving your objectives now that you’re at home and not on the road meeting clients? Where are you pivoting to? These questions show you care.” Business is still being done. People are still working, as Tom said. And goals still need to be hit. Those objectives have changed. “Everyone’s pitches have changed by this point, lean into those changes and challenges,” he said.