Companies across the globe are grappling with the need to transform their business processes to be more customer-centric, and no business unit is feeling that pressure more than Sales. A holistic, customer-centric approach to selling has the ability to change the game for the sales organization much like SEO did for the marketing world more than a decade ago. The statistics are pretty compelling when you look at how many deals are lost because the sales team was either not prepared or not aligned with other departments. According to a Qvidian 2014 Sales Execution Survey, 88% of missed opportunities were caused because sales couldn’t find or leverage internal resources. Furthermore, when it comes to leveraging content and selling tools, a staggering 90% of selling content is never used in the selling process.
Companies are Struggling with Sales Execution
According to market intelligence firm IDC, nearly 57% of B2B prospects and customers feel that their sales teams are not prepared for the first meeting. An informal survey of our own customers suggests that two of the main reasons organizations struggle with sales execution are (i) a suboptimal relationship with the technology systems they have adopted, and (ii) a costly and inefficient sales training process.
As a result, many companies are re-evaluating their marketing and sales automation systems (aka Lead to Revenue Management or L2RM platforms), specifically seeking higher adoption, adherence to standards, and inter-departmental workflow improvements. They are also re-evaluating their sales training processes looking for faster, lower-cost ways to keep their salesforce at peak productivity and performance. In both cases, the use of video is emerging as a crucial tool to transform productivity and ROI.
Video can transform L2RM
In the case of L2RM platform improvements, video can be a game changer for a sales rep’s ability to close deals. KISSmetrics reports that consumers are up to 85% more likely to buy a product after watching a video. Video can also be a game changer for sales reps’ ability to learn and adapt quickly to changing market conditions when used in conjunction with sales enablement and training teams.
Video Can Transform Sales Enablement and Training
In the case of Sales Enablement and Training, the rapid rate of change in customer tastes and preferences is outpacing organizations’ ability to respond in a timely, accurate and winning way. Thus, the old modes of training a salesforce – infrequent, in-person workshops; documents and written briefs – are less effective in today’s always-on world of real-time communications. A better way of training the salesforce – one that is nimble, responsive and ‘just-in-time’ such as video -- is clearly needed.
Video Can Help Resolve Sales Execution Challenges
Video is a medium that is easy to digest and allows the corporate market to communicate large amounts of information simply and efficiently. The benefits of using video technology to convert leads or to train sales teams are well documented. Some of the advantages include:
- Speed: Video can be a major time and cost saver, allowing you to update your product information, promotional offers or sales training in a “just-in-time” fashion
- Reach: Digital video can travel more efficiently than people can, and it can be digested more easily than printed materials. Video gets information anywhere it needs to go – to any person, device, or viewing platform – so that you can communicate instantly wherever your customers are – during sales meetings, trade shows, or online. It can also impart knowledge to multiple teams at the same time.
- Suitability: Video as a medium works well for many use cases in which sight and sound work together to simplify complex information into a consumable format. This makes video suitable for teaching and training, product information and demos, service and supports messages, how-to’s, and more.
- Efficacy: Video is a powerful medium and has been proven more effective at increasing knowledge retention than instructor-based training.
- Productivity Gains: Video can increase sales velocity and performance by decreasing sales training time, speeding time to market, and allowing reps to sell more, faster.
- ROI: Video is a highly trackable medium at both the video file and individual viewer level. This equates to better data as to which content is being watched, by whom, and which content is best achieving its intended purpose. For example, did your sales team learn from the training video you sent them? Or, did your lead convert deeper into the funnel after viewing a product video?
Leveraging Video in L2RM and Sales Training
Clearly, video can be a powerful addition to an L2RM platform or a sales training program. However, for a truly transformative experience, organizations should consider the power of video-based training directly inside their L2RM platforms. For companies who have struggled to build responsive, customer-centric sales execution practices, video-based sales training gets you close to the ‘just-in-time’ execution that you need. But publishing those same training videos directly inside of your L2RM platform gets you that much closer.
Context-switching is a notorious productivity killer. The American Psychological Association states that “brief mental blocks created by shifting between tasks can cost as much as 40 percent of someone's productive time.” For maximum productivity, video should be available directly inside of sales reps’ native L2RM platform and should encompass 100% of their sales execution needs from training to marketing and communications, minimizing the costs of context-switching. Marketing professionals should be able to provision sales reps with video directly inside the platform, so the sales rep never has to leave the platform to send a video to a Lead or Contact. Training professionals should be able to publish training video and supporting materials directly inside of platform, obviating the need to find materials in a separate portal.
Video is Highly Trackable
The other major advantage of integrating sales enablement and training videos directly into your L2RM platform is that all of your analytics can live in one, highly-trackable place. Sales reps can see which leads and contacts are watching which videos and make informed decisions about whom to call on when. Sales enablement and training teams can receive real-time feedback on the net effect of the communications materials they are designing and producing. In this way, every member of the team who influences sales execution stays better informed, quickly and easily, and can adapt fluidly.
This type of fully-integrated, video-based approach to L2RM and sales enablement can yield significant productivity gains, accelerate time to market, and bring transparency to ROI. This is nimble, responsive, just-in-time selling at its best, all thanks to video. This is the transformation that sales operations need to undergo to stay competitive.