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Addressable TV Ad Spending Expected to Grow to $3.3 Billion by 2020

New Video Advertising Bureau Guide Finds Majority of Addressable TV Advertisers Plan to Increase Investment

Six out of ten advertisers (62 percent) using addressable TV believe it is a valuable part of their media buy and are planning to increase their investment according to Address For Success, a new, comprehensive guide for marketers released today by the Video Advertising Bureau (VAB). Forty percent of U.S. addressable TV agency and marketing professionals say they are now making a significant investment in the platform. Seventy-one percent of these marketers have been buying addressable TV for less than one year, signifying a substantial growth opportunity for sellers. The new guide also projects Addressable TV ad spending to increase to more than $3.3 billion by the end of 2020, a 343 percent increase from 2016 to 2020.

In addition to analyzing addressable TV ad spending growth, the guide also examines the increase of addressable TV households in the U.S., how addressable TV precision targeting works, as well as other advantages for marketers who are considering including addressable TV into their media buying plans. New case studies from a variety of multichannel video programming distributors (MVPDs) evaluating the benefits of combining linear TV media buys with addressable TV to drive awareness, interest and action through product purchase path funnels are also including in the VAB guide.

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For the purposes of the Address For Success guide the term “addressable TV” refers specifically to the platforms and technologies available through MVPDs only and defines addressable TV as the use of technologies to enable advertisers to selectively deliver ads to individual households via cable, satellite, and Internet Protocol television (IPTV) delivery systems and set-top boxes (STBs).

Addressable TV Audience Growth

Addressable TV’s U.S. footprint has grown rapidly, increasing 30 percent from 2016 through 2018, eclipsing other streaming and OTT viewing options, such as Netflix, Amazon Prime Video, HBO, Roku, Sling TV and YouTube TV, among others. The report estimates that the U.S. addressable TV audience 2 years of age and older has grown 27 percent to 162.2 million over the past two years, a larger audience than Twitter, Instagram, Snapchat, MSN, LinkedIn, Spotify and many other digital platforms’ monthly unique visitors.

Advertisers’ Investment

There has been a recent influx of new advertisers integrating addressable TV into their media plans. An estimated $2.1 billion was spent on addressable TV advertising in 2018, on par with projected expenditures in ad-supported OTT during the same period. The majority of U.S. addressable TV agency and marketing professionals (55 percent) are planning to increase future spending. Fifteen percent of advertisers are including addressable TV in their buys on a regular basis, while 35 percent have experimented with it.

Linear + Addressable TV = Positive Business Outcomes

Address For Success includes more than 10 case studies from a variety of MVPDs featuring multiple advertiser categories, including travel and tourism, automotive, TV entertainment, financial, retail furnishings, appliances, beauty retailer and credit cards. Combining linear TV buys with the boost addressable TV offers delivered positive full-funnel outcomes for advertisers across the categories studied. The scale and attention plus emotional engagement linear TV delivers combined with addressable TV’s enhanced ad relevancy, precision targeting, advanced data capabilities, as well as its superior visibility trust and transparency within the digital advertising ecosystem, led to improved results and return-on-investment across the board.

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“The real-world cast studies in this guide illustrate how addressable can deliver not only bottom of the funnel results, but also higher-order metrics, such as brand awareness, ad recall and purchase intent,” said Sean Cunningham, president and CEO of the Video Advertising Bureau. “Through full-funnel activation, marketers can segment and target the right consumer, checking each stage of the purchase process.”

“Addressable advertising continues to gain tremendous traction in the marketplace, and is changing the way brands reach consumers on television,” said Jason Brown, SVP, ad sales partnerships for Xandr. “We also see advertisers using addressable technology to better reach ‘light TV viewer’ households in a more effective way, which is improving the efficiency of their TV buys. We are excited to collaborate with the VAB on ‘Address for Success, and to continue to share with the industry the advancements advertisers are making in the addressable TV space.”

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New Report: Advertiser Perceptions’ Latest Study Reveals 200+ Brand Marketers’ First-Party Data Use Goals and Significant Data-Confidence Divide

Most Marketers Clear on Goals and Intent. Only a Minority Very Confident They’ll Realize Potential in Time

In a new report released, Advertiser Perceptions, the leader in data-driven business intelligence for the advertising industry, and MightyHive, the leading media consultancy, share the findings of a recent survey of over 200 senior brand marketers. Titled “The Data-Confident Marketer,” the study examines marketers’ views on first-party data: how they’re using it, where it lives in their organization, and how soon they expect first-party data to start producing results.

Across the surveyed universe, the study found uneven progress and mixed optimism as well as a variation in how long marketers expect their data investments to produce results.

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THE BIG A-HA

  • Study Reveals a Significant Data-Confidence Divide: Only a small cohort of marketers surveyed put themselves at the head of this pack: fewer than one in 20 believe they have tapped more than 80 percent of the potential of their first-party data.

In terms of the survey’s implications, Advertiser Perceptions finds this confidence gap to be most significant.

“When you consider that 67 percent of respondents expect to realize their first-party data goals in an impressive 18 months or less, it seems a wave of data-confident marketers may be about to crest, significantly impacting the competitive landscape,” said Stuart Schneiderman, vice president, business intelligence at Advertiser Perceptions. “It would be wise for all companies that depend on data to drive their business to assess their data use readiness. Otherwise, the minority that feels very confident now could lengthen their lead.”

KEY FINDINGS:

INTENT, INVESTMENT AND USE PLANS

  • Marketers Reveal Four Primary Goals Driving First Party Data Use
    1. Improved performance/ROI
    2. Accuracy/data quality
    3. More precise targeting
    4. Improved measurement and attribution
  • Mobile Apps Analytics, Social Media Platform Data, Online Sales Data and Site Analytics Driving Increased First Party Data Spend Plans: The survey also uncovered several key areas in which marketers expect to increase their investment in first-party data over the next 12 months, with 64 percent of marketers expecting to increase their use of first-party data in mobile apps analytics, followed by social media platform data (55 percent), online sales data (52 percent) and site analytics (50 percent).
  • Most marketers (67 percent) anticipate realizing their first-party data goals in 18 months or less: Despite mixed confidence levels and the fact that first-party data initiatives are often complex and take longer than planned, most marketers surveyed were still optimistic that their data investments would render results within the first year and a half.

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CONFIDENCE AND CONCERNS

  • Only 40 percent of marketers are very “data confident” today: There is a clear split in marketers’ attitudes toward the immediate value of first-party data. The majority (56 percent of those surveyed) said they were “somewhat confident” in first-party data delivering a strong ROI. 40 percent of marketers were “very confident” in the value of first-party data. The report identified this second group as “data-confident” and found that marketers falling into this category tend to use more types of technology, are likelier to use partners, and show a heightened interest in certain types of first-party data.
  • Marketers Express Concerns About Under-Utilizing Use of First Party Data: Despite optimism around the benefits of first-party data use, marketers on average believe they have tapped only 47 percent of first-party data’s potential.

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“What this survey made clear is that leading marketers are unlocking first-party data to gain a better understanding of who their customers are, what motivates them, and how digital advertising plays a role in purchase decisions,” said Tyler Pietz, vice president of global consulting at MightyHive. “This report reveals key characteristics displayed by data-confident marketers as well as overall trends in the use of first-party data.”

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Leading Consumer Insights Platform, Suzy, Hires New Senior Vice President of Data and Insights

SVP, Data and Insights Joins Company’s Fast-Growing, Impressive Leadership Team

Suzy, a leading consumer insights platform that provides “actionable insights at the speed of culture,” announced the addition of statistical analysis expert Tanya Kolosova to the company’s impressive leadership team. In her new role as Senior Vice President, Data and Insights, Kolosova will oversee all of Suzy’s data analytics and statistical insights.

An expert in actionable analytics and software development, Kolosova has extensive knowledge of machine-learning, advertisement and audience intelligence, and design and analysis of statistical experiments, as well as survey analysis and market-mix modeling. She has worked across a variety of industries, including online and offline retail, telecom, finance, and fashion. She has also co-authored books on statistical analysis and metadata-based applications development with SAS, which are studied throughout universities worldwide and were featured in Forbes.

Kolosova previously served as a Senior Vice President of Analytics at IPG, a Vice President at Nielsen, and a Principal Researcher at Yahoo!

“The rich insights into data and statistical analysis that Tanya is bringing to Suzy will take this company to the next level,” said Matt Britton, founder & CEO of Suzy. “We are thrilled to add her expertise and enthusiasm for actionable insights to our growing leadership team.”

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Called the “Siri for brands,” Suzy is a consumer intelligence platform that unlocks critical consumer insights to help organizations make better and more informed decisions—faster. Like having a focus group right in your pocket, Suzy brings the voice of real consumers directly to brands within minutes, so they can better understand their customers.

The platform currently serves some of the biggest brands in the world, including Coca-Cola, Procter & Gamble, Johnson & Johnson, Citibank, Verizon, Nintendo and Nestle. These leading companies validate critical assumptions with Suzy, so they can focus on creating compelling new products, developing effective marketing strategies, and validating direct offers that increase conversions and drive growth.

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Kolosova joins the ranks of several new members of the impressive leadership team at Suzy, including:

  • Strategic Advisor Dr. Joel Mier, a seasoned marketing executive and advisor who started the market research group for Netflix
  • Senior Vice President of Growth Evan Kraut, a financier, programmer, researcher and growth expert who previously served as the Chief Growth Officer at MRY
  • Senior Vice President of Marketing Kyle Kim-Hays, a global, multicultural marketing leader and change agent who has led diverse teams at global companies including Microsoft, Verizon, American Express, and Warner Bros.

In addition, recent Suzy promotions include:

  • Chief People Officer Anthony Onesto, an expert in building people strategies and operations with a strong background in establishing and scaling innovative companies such as FreshDirect

“It is an honor to join the ‘dream team’ at Suzy,” Kolosova said. “This dynamic and visionary leadership team truly offers the best-of-the-best in each management role, and I am excited to take the company from 10 ‘up to eleven,’ on the statistics front.”

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Advertising Technology Leader Adam Heimlich Named President of Parsec Media

Parsec Media, the mobile ad network with advanced ad formats and cost-per-second metrics, is expanding its leadership team by adding media trailblazer Adam Heimlich as President. In this newly created role, Heimlich will focus on new revenue streams and products for the firm. He will report to Parsec Media CEO Marc Guldimann.

Heimlich led search marketing at Razorfish, and later at Horizon Media, he founded HX, the first tech and fee-transparent trading desk within a major TV agency. HX was named a Top Ten Programmatic Agency by AdExchanger in 2017. In his most recent role, Senior Vice President of Media at Gale Partners, Heimlich helped brand advertisers adopt new advertising technologies and data-driven strategies.

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“With a media veteran and creator like Adam on our team, Parsec will be positioned to thrive in the fast-approaching future of advertising, the one designed by direct-to-consumer brands, where optimization and transparent value is paramount,” said Guldimann. “His deep expertise, extensive technical knowledge and foresight makes him the perfect person to help us meet brands’ needs.”

“I am excited to join the team at Parsec,” said Heimlich. “What inspires me most is the company’s commitment to scientific-level accountability and transparency, which can be seen in their cost-per-second metric. I have long championed these qualities, because brands need to make decisions based on actual evidence –whether it’s about performance of an ad or performance of a partner.”

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In his spare time, Heimlich dedicates his time to a variety of charities including serving on the Board of Directors of CHIPs (Community Help in Park Slope), a local soup kitchen and women’s shelter in Brooklyn.

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TRIBE Brings Leading Content Marketplace from Down Under to the U.S.

The self-serve marketplace raises a $7.5M Series A round to support company and platform expansion

TRIBE, a self-serve marketplace connecting brands with micro-influencers, today announced their U.S. launch, as well as a $7.5 Million Series A funding round with multiple investors from around the globe, including Burch Creative Capital. TRIBE’s U.S. operations will be headquartered at One World Trade Center in Manhattan and will be overseen by the company’s CEO, Anthony Svirskis. The company has additional offices in Sydney, Melbourne, Manila and London, with over 70 global employees.

“With TRIBE we’re finally seeing influencer marketing done right,” said Chris Burch, Founder and CEO of Burch Creative Capital. “The U.S. market has been waiting for a tech platform like this for years and as soon as we heard they were launching stateside, we knew we needed to be a part of it.”

Founded by Australian TV & radio host, Jules Lund, in 2015, TRIBE’s platform already boasts eye-opening numbers. With over $250,000 of branded content generated by their network per day, creating over 20,000 pieces of content per month, TRIBE has already worked with 44 of the top 100 global brands, including Unilever, L’Oreal and Marvel, among others. On the influencer side, 20 percent of the 50,000+ influencers on the TRIBE platform hail from the U.S., despite never having a presence in North America.

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“As an influencer, I created TRIBE because I saw a gap in the industry and felt the process was broken,” said Lund. “There was too much back and forth between the brand and the influencer, and influencers didn’t know when, or if, they would get paid. I knew there could be a more efficient and dynamic way for both parties to work together.”

Influencers on TRIBE are everyday citizens – mothers, college students and those looking to express their creative genius. TRIBE’s app gives these creators access to the largest brands in the world, an opportunity that wouldn’t be available otherwise. Brands benefit from the marketplace’s seamless bidding process and the sheer speed of running a campaign on TRIBE, with campaigns completed in weeks, not months. Brands upload a brief to the self-serve platform and in a matter of days can receive hundreds of pieces of beautiful, original content from creators. Once content is approved, creators will publish the content to their social channels, or alternatively, brands can license the rights to the content to use for their own marketing purposes. TRIBE’s ability to produce bespoke content on demand is quickly being embraced as a replacement to the traditional stock image library model.

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“With TRIBE, we’ve created a tech model that finally drives authenticity within the industry,” said Anthony Svirskis, CEO of TRIBE. “We believe that if influencers don’t already own a product, or are not willing to purchase it, they have no right recommending their tribe of followers should. That authenticity coupled with the content upfront model delivers campaigns faster than all others in the industry, and it has really resonated with the thousands of brands and agencies we work with.”

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ActivePBX Partners with Technology Advisors, Inc.

CRM-Friendly Phone System Keeps Customers Connected

ActivePBX, a global provider of Cloud-Based Telephony and Contact Center Solutions has partnered with Technology Advisors, Inc., a leading software consulting firm out of Chicago to deliver Cloud Telephony Integration to Customer Relationship Management (CRM) users. Integrating a CRM with telephony helps personalize the sales experience by automatically looking up a customer’s information in the CRM while the rep clicks-to-dial on the phone number. The ActivePBX integration also routes incoming calls directly to internal reps, so the person already familiar with the customer can provide a more engaging and personal experience.

“ActivePBX has the Cloud capabilities our customers are looking for,” says Technology Advisors CEO, Sam Biardo. “These businesses need reliable, CRM-friendly telephony integrations that keep their sales teams mobile and their services teams in the loop. ActivePBX offers the features that deliver on those needs while saving our customers time and money, so we’re looking forward to our partnership with them.”

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ActivePBX integrates with major CRM providers such as SugarCRM, Infor, Zendesk, Zoho, Microsoft Dynamics, and Salesforce. The company’s global presence extends through Europe, Asia, and Latin America. Once the ActivePBX system is integrated with a CRM, it automatically records detailed call logs for both inbound and outbound calls, providing analytic reports for deeper insights. Features such as call monitoring and “whisper” mode allow users to monitor phone calls and communicate with fellow employees on the line without interrupting the customer. Call routing ensures the appropriate responder answers each call, while call recording and playback helps users maintain accurate records of their conversations.

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“By collaborating with the team at Technology Advisors, ActivePBX ensures a consistent onboarding process for clients to leverage all of the features and functionality of their CRM and Enterprise cloud telephony platform.” says ActivePBX CEO, Alex Gonzalez. “Our team provides the personalized white-glove experience needed for a successful CRM integration.”

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Vlocity Raises $60 Million Series C Funding to Accelerate Digital Transformation in Vertical Industries

Financing Will Fuel Rapid Growth, Accelerate Product Development and Expand Global Customer Service and Support

Vlocity, Inc., a leading industry cloud software company and Forbes Cloud 100 company, announced that it secured $60 million in funding to drive digital transformation and customer experience improvements across multiple vertical industries. The Series C financing was led by Sutter Hill Ventures and Salesforce Ventures, with participation from new investor Bessemer Venture Partners and existing strategic investors Accenture and New York Life. This latest financing brings Vlocity’s total capital raised to $163 million.

Vlocity has quickly emerged as a leader in industry-specific cloud and mobile software that helps companies transform their customer experiences. Vlocity customers include leaders and emerging players in five specific industries: Communications and Media; Insurance and Financial Services; Health; Energy and Utilities; and Government and Non-Profit. Vlocity applications embed deep industry-specific functionality, best practices and business processes, building on the omnichannel capabilities of the Salesforce Platform. This combination enables companies to achieve greater business agility and time-to-value in the cloud, while delivering unified customer experiences across channels and devices.

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The latest investment round will be used to accelerate and deepen product development in Vlocity’s portfolio of award-winning industry cloud applications, built on Salesforce, the global leader in CRM. It will also fund the ongoing growth of Vlocity’s global service and support teams and support infrastructure. Vlocity now has more than 700 employees in 20 countries around the world who are all rooted in Vlocity’s seven Core Values including “Customers First” and “People are the Core”.

“As entire industries are being disrupted, Vlocity is leading a trend in cloud software towards industry specialization with a deep product portfolio serving several massive vertical markets,” said Jim White, managing director of Sutter Hill Ventures. “We know founder and CEO David Schmaier from the early days of CRM, and we continue to be impressed with his proven leadership team, focused strategy and strong execution for driving massive value for companies as they go digital in their target industries.”

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“Vlocity is a perfect example of the incredible innovation occurring in the Salesforce ecosystem and how we are working together to provide customers in all industries the technologies they need to attract and serve customers in smarter ways,” said Jujhar Singh, EVP and GM, Salesforce Industries. “Vlocity continues to demonstrate the significant gains customers can achieve from deep, industry-specific capabilities, delivered in concert with Salesforce’s world-leading CRM platform and industry products.”

“I am delighted by the incredible success and transformation that our customers realize when they adopt our modern industry cloud and mobile applications,” said Vlocity Founder and CEO David Schmaier. “Their operational and financial benefits are exceeding expectations, proving that the best customer experiences are industry-specific and that the industry cloud enables unprecedented business agility and faster time to value. This latest investment will enable us to accelerate delivery of Vlocity’s industry cloud software by fueling the expansion of our product development, customer success and support infrastructure for our customers around the world.”

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SalesTech Interview with Dana Hamerschlag, Chief Product Officer at Miller Heiman Group

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Tell us about your role with Miller Heiman Group. What attracted you to the company?

I joined the Miller Heiman Group as Chief Product Officer about two years ago.

I was attracted to the company’s comprehensive portfolio of sales and service training programs, which continue to be unmatched in the sales performance industry. There is no other company in our category offering research-based programming — such as Professional Selling Skills, SPIN, and Strategic Selling with Perspective — that is changing the game as powerfully as we are.

Every year, we train more than 50,000 sales professionals, giving us an immense body of data about the road-tested sales strategies that are most effective in changing deal outcomes. With the major advances in Artificial Intelligence and Machine Learning, we have a new and unique opportunity to transform data into prescriptive recommendations that can help organizations change the trajectory of their active sales opportunities.

My role as Chief Product Officer brings together our longstanding, market-proven sales methodologies with specific investments in analytics and cloud technology to help sales teams perform better. This unique combination enables us to help clients build winning, world-class sales and service organizations now and in the future.

How different is Customer Experience for Marketing and Sales Technology products compared to other technologies, for instance IT SaaS and Cloud?

We strongly believe that the most powerful technology solutions are purpose-built for a specific audience. A salesperson is very different than an IT person.

At Miller Heiman Group, we’ve been serving the sales industry for half a century. We are a group of sellers committed to helping other sellers. This has been our mission since day one. Because we have a deep understanding of our clients, we know how to build solutions and apply technology in a way that will help them win.

Take CRM for example. Even though almost every sales team uses a CRM system, it was never designed with the front line seller in mind. Have you ever heard a salesperson say, “I never would have won that deal if it wasn’t for my CRM”? Instead, sellers constantly try to minimize their time on administrative tasks so they can maximize their time interacting with current and prospective customers to win more business.

This is why our solution, Scout, focuses on minimizing time in the application. This is what sellers need to succeed in today’s business environment. So, our success metrics are very different than they would be for another application. We actually want to decrease the amount of time our core audience spends in the app, whereas many other solution providers focus on increasing time spent on the platform.

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How do you differentiate Customer Success and Customer Experience? How have these definitions changed in the past 5 years with personalization?

In the CSO Insights 2018 Buyer Preferences study, which explores the growing gap between business buyers and sellers based on a survey of 500 B2B decision-makers, we discovered that most buyers want to discuss implementation plans before they’ve even signed a contract. While at the same time, sellers are invited into a conversation with buyers even later in the process. This means more and more of the sales conversation is about process for successful implementations before buyers even make a final purchasing decision.

This is one example of why customer success is the driving force behind any customer experience, even a sales experience.

At Miller Heiman Group, our customers come to us for support in driving a change in performance. This requires us to help them change their behavior. It can begin with something as simple as changing the questions a single rep asks when meeting with a prospect or it could be about refocusing a rep’s attention from one buying influence to a different one in the course of a pursuit. Other examples include sharing different information to change a client’s perspective in the course of a conversation.

Achieving these behavioral changes requires coaching around real opportunities and it can be difficult to scale. When done best, the learning happens on the job, instead of being carved out from the seller’s day-to-day schedule. These small changes, one rep at a time, add up to millions of dollars in additional wins. The ROI for sales teams to improve performance even marginally is enormous.

Looking through the lens of customer success sounds easy, but it is often not done well. This is why, for us, the customer experience has evolved from a two-day training class to daily, personalized coaching in the context of the real deals that sellers are actually working.

The sales coaching they receive is completely personalized to them. It’s in the context of the actual deals they’re working and the actions that will be most effective in moving their deals forward. It’s grounded in their talent and skills. Everything about the sales coaching experience is personalized and immediately actionable. It’s designed to actually help them win their active deals!

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Which sales technologies would you identify as most disruptive?

Much of the new sales technology being introduced in the market today focuses on adding more context to a deal. Unfortunately, additional context doesn’t always move the needle for sellers. Providing sellers with more and more information doesn’t actually help them decide what to do next to move deals forward. It can actually make it harder for them to distinguish what’s critical and what isn’t.

There is another category of technology that effectively calls into question a rep’s forecast. For senior executives and sales leaders, there is immense pressure to forecast accurately. So, reps are being dragged through bureaucratic processes and forced to use multiple technologies that are intended to help leaders with the forecast, but that steal reps’ time and attention away from real selling activities.

The insulting aspect is that some of these technologies just monitor reps’ calendars, emails and phone calls to try to build a more accurate forecast, ignoring the one that the rep has already entered into the system. Leaders are basically saying, “You need to spend more time forecasting. And, by the way, I don’t believe you, so I’m going to monitor everything you’re doing to develop a better forecast myself.”

Miller Heiman Group’s philosophy is fundamentally different. The only sustainable way to build better sales performance is to support and develop your salespeople. Our approach is to reduce noise for sales teams to help them focus their time and attention on the most valuable selling activities that will move deals forward and result in more wins.

The rep should be the hero—not the villain.

My Sales Magnifier 

Which events and webinars do you most occasionally attend and why?

I listen to a number of podcasts, including “Hidden Brain” and “Freakonomics.”

Your advice to Sales Performance and Enablement executives?

My advice to executives would be think of sales reps as heroes, not villains. Too often, when businesses are under pressure, leaders view the sales organization as an impediment to meeting goals. This makes many organizations quick to move sales reps out of the organization or work around them.

Sales leaders need to reframe their mindset to think about their sales team as one of their most valuable assets. If your only goal was to make your existing sales team more successful, what would you do differently?

Often, there are fairly straightforward, minor changes to sales processes that can lead to major improvements. Even though the changes are simple, they are often difficult to execute. And they boil down to coaching and supporting your front-line sales team, day-in and day-out.

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Tag a person whose answers to these questions would like to read from the industry.
  • Atul Gawande – Best-selling author of “Checklist Manifesto”
  • Reid Hoffman – Best-selling author, entrepreneur and principal at Greylock Partners

Thank You, Dana. We hope to see you again, soon.

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Miller Heiman Group is the global leader in providing organizations sales methodology plus sales technology to drive revenue and change business outcomes. The company’s training, consulting, technology and research solutions align process, people, tools, data and analytics to prepare sales and service organizations for the future of selling.

Dana Hamerschlag is a strategic technology leader with a track record of launching innovative cloud-based solutions for learning. In her role at Miller Heiman Group, Dana leads the global product organization and is driving the continued innovation of the company’s technology solutions.

Dana brings more than 15 years of experience in technology companies backed by venture capital and private equity, where she has run product management, product marketing, strategy and operations. Previously, she served as Vice President of Product Management at Ellucian, where she led the CRM business and significantly grew revenue from $0 to $38 million, paving the way for a $3.5 billion transaction.