Chief Sales Officer - HONEYCOMB
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HONEYCOMB
THE SALES TRANSFORMATION COMPANY
Chief Sales
Officer
7
CHALLENGES AND PRIORITIES
TO
PREPARE FOR 2022
prepared by:
JOSEF REISZ & ELISABETE GARCIAINTRODUCTION
THE CHIEF SALES OFFICER
7 challenges and priorities to prepare for 2022
By 2022, the role of a Chief In addition to that, growth in
Sales Officer is going to be very changing market dynamics
different from traditional where globalisation trends are
responsibilities. The challenges prompting organisations to re-
and expectations for a Chief jig their go-to-market strategy
Sales Officer will have changed will have an impact on priorities
significantly. Priorities would not of CSOs too.
be just revenue generation but
moving towards value creation The other factors that might
across the entire organisation. influence priorities include
At present, product or service Talent Acquisition and
differentiation being done Development, Interdisciplinary
through digital transformation Alignment, Sales People
or technology innovation is what Productivity and Mental Health
has been earmarked as the main for Sales Reps.
challenge for C-level executives.
HoneyComb provides strategic and ethical sales training for account-based marketing focused
organisations. The company's key strength is their ability to provide large scale sales training
programmes that meet the requirements of a global marketplace. HoneyComb is a leading
strategic sales training company specialising in ABM - Account-based Marketing - and have
developed their methodology based on real-life results. This methodology includes a combination
of 1:1 coaching and group learning, resulting in immediate improvements for regional and global
sales organisations.
HONEYCOMBHONEYCOMB THE SALES TRANSFORMATION COMPANY Organisational Structure
ORGANISATIONAL
STRUCTURE
Introduction
Chief Sales Officers would be required to
change the organisational structure of their
sales teams into a task-based model from a
functional set up.
In other words, there will be an increased
emphasis on direct work from managers and
less emphasis on indirect supervision, which
would enable each team member to add more
value by working directly with customers.
As far as career pathing is concerned, the
increased focus on
focus would move from traditional sales roles collaboration across
to customer success leaders, who could not the entire
only increase retention rates but also nurture
organisation
new potential revenue accounts.
A Chief Sales Officer must also ensure that
there is an increased focus on collaboration
across the entire organisation, which will help
aligning with product teams and other
stakeholders to increase revenue generation.
This will ensure that revenue and profitability
is not only improved but the entire business
grows.
HONEYCOMBORGANISATIONAL
STRUCTURE
Organisational Mindset
It is important for a Chief Sales Officer to
adopt an outcome-based approach as
opposed to activity-based approaches.
In other words, instead of measuring output
(number of calls, meetings held), the focus
would shift towards outcome (increase in
customer base, retention) which will have a
positive impact on profit margins and also
improve brand value over a period of time
driving accountability
In addition to that, CSOs would need to drive culture across the
a culture where sales reps take ownership for sales force
their own results by being accountable for
their own pipeline development efforts.
This means they should be able to calculate
their win rates accurately and come up with
actionable insights for improvement.
The Chief Sales Officer needs to take care of
driving this accountability culture across the
sales force by communicating the company's
core values and ensuring that there are
structured development programmes to help
reps grow their skill sets.
HONEYCOMBORGANISATIONAL
STRUCTURE
Digital Transformation
Digital transformation has already impacted
several business models in today's world; be it
retail, travel, education, media or automotive.
Companies worldwide have reaped benefits
through digitalisation of their products and
services.
Now that organisations are shifting towards
becoming "software-led", digital innovation ensure that sales
would play a critical role in future sales
teams embrace
strategies as well, since customers want faster
access to products and its related information digital innovation and
at lesser costs. technologies
As per a research, 47% of CEOs believe that
technologies like cloud, social media and
mobile technologies will be the key to future
growth of their companies.
This would mean that there is a strong need
for Chief Sales Officers to ensure that their
sales teams embrace digital innovation and
technologies like cloud-based solutions in an
innovative way with appropriate training.
HONEYCOMBORGANISATIONAL
STRUCTURE
Digital Transformation
The role of Chief Sales Officer or Head of
Sales has evolved over time, from being
focused on acquiring new business to now
doing business in the context of an entire
digital transformation process.
This means the entire focus is back onto
customer acquisition, upselling, etc..
And, along with it come newer challenges like
dealing with disruption created by innovative
doing business in the
start-ups, managing CX to improve loyalty, context of an entire
adopting advanced communication channels digital transformation
(social media), strengthening analytics
process
capabilities (Big Data) and having impeccable
mobile enabled infrastructure for accessing
data & information anytime and anywhere
during meetings/presentations, and so on.
For example, an age-old challenge of sales
teams has been to make more face-to-face
contact with existing customers, increasing the
number of meetings per week, along with other
factors.
HONEYCOMBORGANISATIONAL
STRUCTURE
Digital Transformation
However, there is a paradigm shift in this
approach as today's savvy customer can easily
Google for information on products and
services before meeting the sales person, thus
negating the need for extra meetings or
interactions, i.e. Buyer Enablement /
Empowered Buyer.
This creates new challenges that must be
addressed by Chief Sales Officers who need to
embrace advanced form of analytics (e.g. data
science) capabilities to address these Informed and
challenges, improve conversion rates and Empowered Buyers
develop predictive intelligence tools.
Questions that need answering:
What kind of organisational structure
enables sales executives to meet their
growth goals, while incurring the lowest
possible customer acquisition cost?
Should a sales leader invest in quota-
bearing vs. support functions to enhance
growth and meet the targets?
What is the best approach to market, in
order to acquire consumers?
HONEYCOMBHONEYCOMB THE SALES TRANSFORMATION COMPANY Talent Acquisitions & Development
TALENTS
Talent Acquisition and Development
As new avenues for revenue generation open
up, new hires would be required with skills such
as data science, business intelligence and
analytics.
There will be a high demand for new-age sales
leaders who can guide their teams in making
the right business decisions in line with their high demand for new-age
company's mission. sales leaders who can guide
their teams in making the
Equally important would be hiring top talent right business decisions in
at all management levels that could play key line with their company's
roles in implementing highly successful mission.
strategies.
Another area where companies need to focus
on is developing customer success managers
who can assist prospects in realising value
from products/services sold to them, ensure
they are retained over time and also provide
relevant feedback to further improve product
offerings.
HONEYCOMBTALENTS
Talent Acquisition and Development
As per research, every company hires more
than 75% of their sales workforce from within
while for the remaining 25% they rely on
external recruitment efforts.
Hence, it's imperative for CSOs to not only
come up with a winning sales process but also
make sure they have enough bench strength at building the capabilities of
all levels. existing employees through
learning & development
This means acquiring newer skillsets as well as programmes
building the capabilities of existing employees
through learning & development programmes.
In addition to traditional training methods
such as in house training or e-learning
modules, companies should consider digital
resources, as well as external Training & Sales
Education Partners with an objective, fresh
perspective on sales tactics and strategies.
HONEYCOMBTALENTS
Talent Acquisition and Development
Talent Acquisition and Development will
continue to be a challenge, as such the C-suite
is expected to address this by developing
talent acquisition processes, which can be used
across all organisations irrespective of their
geography or industry.
It's just not about sourcing better talent but
also ensuring that these talents are capable bringing in talent who
enough to keep up with evolving technology have skillsets beyond
trends. selling
Keeping in mind that clients expect
personalised solutions, CSOs are tasked with
bringing in talent who have skillsets beyond
just being able to sell.
Hiring for sales enablement roles will bring in
subject matter experts who could help
formulate go-to-market strategy, along with
building modern sales forces, where cross
departmental collaboration plays an important
role in increasing productivity levels.
HONEYCOMBTALENTS
Talent Acquisition and Development
According to Forbes, 55% of sales people lack
basic sales skills, while pointing out that $1
invested in Sales Training returns $29 in
incremental revenue. 84% of Sales Training is
lost after 90 days
Furthermore, Spotio found that 84% of sales
training is lost after 90 days.
These numbers show clearly that the
challenges and priorities for Chief Sales
Officers in 2022 will have to include:
1. Ensure the sales workforce is adequately equipped to meet customers'
needs and demands with regards to changing technology trends.
2. Enable non-sales employees such as marketing teams to help add value
to the customer's journey throughout their life cycle, by facilitating cross
functional collaboration.
3. Train existing sales people in new skillsets such as data science, business
analytics, new sales methodologies such as buyer enablement, or
develop a hiring process that attracts top talent at all levels, who can
play important roles in effective implementation of strategies. This
would not only ensure continuous revenue generation but also lower
customer churn due to poor service post-sale.
4. Identify and address the issue of high attrition rates among sales teams
by preparing them for future challenges through training programmes
on soft skills, such as emotional intelligence, effective communication
and understanding the customer needs.
5. The Chief Sales Officer of 2022 will have to be up to speed with the
changing business environment, new technology trends, involving
customer needs and behaviours, as well as workforce capabilities in
order to make their sales function efficiently and augment revenue
generation.
HONEYCOMBHONEYCOMB THE SALES TRANSFORMATION COMPANY Interdisciplinary Alignment
INTERDISCIPLINARY
ALIGNMENT
Interdisciplinary Alignment
While at present there might be some overlap
between roles of Head of: finance, marketing
and customer experience, it is critical for Chief
Sales Officer's success in 2022 to ensure
alignment across all these functions as a top
priority.
In other words, customer facing organisations
will have to ensure that all departments are
working in unison to generate revenue growth.
battle ready and quick
This would be a stupendous challenge for C-
suite executives who must have the ability to
to switch gears
devise strategies, allocate resources and get
buy-in from all allies within the company.
In a slowdown scenario, we need an
organisation which is battle ready and can
quickly switch gears from cost management
mode to revenue generation mode.
Hence, to ensure this, it is important for the
Chief Sales Officer to build a strong case for
going all out on revenue generation.
CSOs will have to consider re-deploying
resources, taking some risks and thinking of
new ways to generate revenue.
HONEYCOMBINTERDISCIPLINARY
ALIGNMENT
Interdisciplinary Alignment
While the role of Chief Sales Officer might not
be considered sexy or glamorous, it is indeed
one of the most essential roles for driving
growth in any organisation.
A lot is riding on the CSO's shoulders as they
are tasked with getting their sales teams to
meet business goals, while also ensuring that
all customer touch points are handled
optimally, leading to enhanced customer
experience. technologically driven clients
replacing human interactions
With technologically driven clients replacing in buying decisions and
human interactions in buying decisions and evolving into 'self service'
cultures
evolving into 'self-service' cultures, the chief
sales officer's responsibility will be even
greater in 2022 than what we can see today.
Not only will the Chief Sales Officer have to
align sales and marketing, but also
IT/Technology, HR, Customer Services, Top-
and Bottom Line expectations, and all other
departments within the organisation.
This will be a huge challenge for the Chief
Sales Officer who has to balance all these
interrelated factors: (next page)
HONEYCOMBINTERDISCIPLINARY
ALIGNMENT
Interdisciplinary Alignment
Tracking emerging technology trends and
their impact on business models
re-orientation to embrace
Building relationships with C-level new challenge
executives in order to align with company -
strategy/vision outdated sales function is
remain untenable in the
Identifying high potential individuals for future.
hiring or development of talent pipeline,
etc.
The chief sales officer must provide vision and inspiration inter-departmentally
by articulating how individual roles can add value to achieving revenue
targets, while ensuring that the customer experience is not compromised along
the way.
In 2022, chief sales officers will need to redefine and strengthen internal and
external relationships, while ascertain that customers remain at the centre of
everything they do.
With changing customer dynamics, buyer behaviour & expectations, and
increasing focus on differentiation, an outdated sales function is remain
untenable in the future.
HONEYCOMBINTERDISCIPLINARY
ALIGNMENT
Interdisciplinary Alignment
The C-Suite must re-orient themselves to
embrace new challenges, while ensuring that
an organisation's best asset - its people - are
rewarded accordingly.
This will require a transformative approach
that secures client loyalty, while also creating
value for shareholders.
continuously push boundaries
Chief Sales Officers are expected to be agile, in order to find new
zealous, and guarantee business growth by strategies and avenues for
fostering innovative ideas within their teams, revenue generation given the
by being an early adopter of any technology increased customer
or process which enables them to scale up sophistication
operations.
They must continuously push boundaries in
order to find new strategies and avenues for
revenue generation, given the increased
customer sophistication and market volatility
triggered by rapid technological
advancements.
HONEYCOMBHONEYCOMB
THE SALES TRANSFORMATION COMPANY
ProductivityPRODUCTIVITY
Sales People Productivity
Sales productivity is expected to grow at over
nine percent annually over the next decade.
However, despite companies realising the
importance of having an engaged workforce,
this is yet to be translated into concrete gains
on the ground.
A survey highlighted tactical business decisions
for short-term objectives often outweigh
strategic considerations, thereby affecting roles will become even more
long-term value creation. critical than they are today.
Specialised roles will become even more
critical than they are today.
Top performers will be drawn to industries that
value their skills and offer them the greatest
opportunity for learning. Cisco unveils the new
CSO role with an objective to build on
demand for services in conjunction with
solution selling & entrepreneurship skills.
With companies looking to increase their
margins by cutting costs, it is imperative that
they look at optimising sales functions in order
to grow revenue without spending too much.
HONEYCOMBPRODUCTIVITY
Sales People Productivity
The Chief Sales Officer will have to be in sync
with the company's business strategy and align maintaining competitive
strategies accordingly. differentiation while
reducing cost through
innovation and process
This requires a thorough understanding of
integration
best practices followed globally as well as
industry insights about how one can maintain
competitive differentiation while reducing cost
through innovation and process integration.
How to increase the productivity of sales people:
1. The Chief Sales Officer can create a more supportive environment
by building strong teams, celebrating successes and fostering an
inclusive culture.
2. Encourage managers to set clear goals for their team members- this
will raise performance expectations and provide higher supervision
levels through regular check ups on targets being met or exceeded.
3. Provide superior training for employees- this will help them keep up
with changes in technology, adapt to industry specific needs as well
as maintaining updated skills required in today's competitive
business landscape, which are constantly evolving at rapid pace.
4. Ensure that sales teams are aligned with company objectives- this
will help them have a clear understanding of company goals and
target customers.
HONEYCOMBPRODUCTIVITY
Sales People Productivity
Ways to improve upon a sales organisation's
productivity must be diverse, wide-ranged, and
focused on deep-knowledge transfer.
Managers must possess the ability to deeply $20 billion per year is
inspect and analyse their sales teams, while spent on sales training
also implementing improvements, re-skilling with a 353% ROI on
and up-skilling where necessary. average
Sales Training has been proven to provide a
353% ROI whereby $20 billion per year is
spent on sales training. This clearly indicates
that quality training will increase productivity,
thus, resulting in revenue growth.
The requirement of the modern day sales force is different from that 20 years
ago as customer buying behaviour has changed significantly during this time
period as well as between generations.
Today's customers and B2B buyers expect a high level of interaction with their
suppliers and to be involved in the decision making process even though they
may not know what they need yet.
They also expect products and services to be customised specifically for them -
a clear indication that sales people must possess the ability to listen,
comprehend, anticipate needs and create solutions accordingly.
This requires a certain degree of expertise which can only come through
experience - an asset greatly appreciated by customers - consequently, creating
a great opportunity for sales organizations to differentiate themselves from
their competitors.
HONEYCOMBPRODUCTIVITY
Sales People Productivity
While the role of technology in marketing and
sales continues to evolve, companies have
been quick to adopt AI and intelligent
automation as a means of maintaining a
competitive edge.
There is a huge amount of data which needs
to be managed by the Chief Sales Officer -
some gathered through traditional sources
such as field reps, others via digital channels understanding new
technologies and derive
including social media, webinars and other
actionable insights from
forums.
a wealth of information.
This makes it necessary for CSOs to
understand new technologies and how they
can help them derive actionable insights from
this wealth of information.
The changing face of customer relationship
management has led companies across
different industries to adopt new strategies
with respect.
HONEYCOMBHONEYCOMB
THE SALES TRANSFORMATION COMPANY
StrategySTRATEGY
Sales Process, Strategy and Methodologies
Another critical area where chief sales officer
would have an impact is about changing go-
to-market strategies which would mean that
there will be more emphasis on proactive
rather than a traditional reactive selling
approach.
Strategic decisions would have to be made at
the right time through collaborative efforts.
AI may result in
While identifying new market opportunities,
disruption of current
collaborating with business partners and
managing customer relationships are few of
sales strategies and
the areas that will require critical insights from methodologies
Chief Sales Officers, the need for proper
planning and forecasting will require CSO's to
build a strong foundation.
The potential of emerging technologies like
artificial intelligence, machine learning,
augmented reality, etc., may result in
disruption of current sales strategies and
methodologies - requiring appropriate
planning by Chief Sales Officers.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
Buyer Enablement
Buyer Enablement has become a significant
part of sales organizations today, with the
customer buying process becoming more
complex due to a myriad stakeholders, buying
process workflows and approval levels.
Buyers are no longer willing to be passive partner closely with their
participants in this process but now expect buyers, facilitating the
vendors to actively engage in the buying buying process, helping
process using modern sales enablement tools buyers and their
which have the capability to turn potential stakeholders through the
customers into loyal ones. purchasing journey,
facilitating the process
This greatly changes the role of today's Chief
Sales Officer - from just being an individual
who is focused on driving sales growth through
familiarising sellers with prospective customers,
they must now partner closely with their
buyers, facilitating the buying process, helping
buyers and their stakeholders through the
purchasing journey, facilitating the process for
everyone involved.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
As well as teaming up with product managers
and marketing teams towards identifying
buyers make their own
appropriate products or services for specific
target markets, to ensure that these products choices and expect sellers
are marketed correctly at the right time. to not only meet their
needs but also exceed
The era of digital customer engagement expectations
continues unabated - making it necessary for
Chief Sales Officers to adopt a personalised
approach for each customer - as buyers make
their own choices and expect sellers to not only
meet their needs but also exceed expectations.
This change has come about at a time when sales organizations are facing
challenges such as increased competition and the need to maintain and retain
their competitive edge, which requires that companies hire talented individuals
who can lead through influence rather than authority.
This calls for effective leadership by Chief Sales Officers which in turn would
support them achieve maximum results from sales teams.
The role of Chief Sales Officer is considered one of the most important
positions within any company today with an average tenure of just 18 months -
making it all the more important for companies to find the right candidate
who possess leadership skills, willingness to embrace disruptive technologies,
ability to quickly adapt to ever-changing markets and have an innovative
mindset.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
Social Selling
Chief Sales Officers need to embrace changes in
less about "selling" and
the era of social selling if they intend to succeed.
more about "engaging"
Technology has evolved drastically and it is in the era of social
necessary for CSO's to make significant changes selling.
in their strategy to lead their teams.
As technology evolves, companies will be able to
learn more about their customers and tailor
products and services.
The role of CSO's will be less about "selling" and
more about "engaging" in the era of social
selling.
Although it is important for CSO's to implement
new technologies, they must not forget that their
most valuable asset is humans and that
technology should augment them and not
replace them in the long run.
Social selling is evolving and with the adoption
of new technologies we can expect major
changes in Social Selling strategies in 2022.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
For instance:
Customers will be able to buy products/services directly from Sales reps
through live chats on social media channels like LinkedIn, Facebook, etc..
Video chat applications such as Skype or Zoom will help teams cut down
time spent on meetings by enabling effective communication
Collaborative tools will be used by salespeople to increase productivity,
share best practices and reduce wastage by avoiding repetition of work.
Artificial intelligence will allow sales reps to recommend best solutions
according to customer needs.
The implementation of chatbots or virtual assistants are already gaining
popularity amongst companies, as they are able to respond rapidly without
being hampered by heavy workloads.
The implementation of these technologies help enhance the efficiency of
social selling activities which in turn helps increase productivity among
sales teams.
It is important for Chief Sales Officers to
technologies help
incorporate Social Selling strategies within their
enhance the efficiency of
organisations as early as possible. social selling activities
CSO's must identify relevant prospects based on
customer behaviour analysis, to nurture
relationships with high-potential customers, through
personalised messages.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
Digital Prospecting
Prospecting in the digital age is radically
different to what sales organisations have
been used to for decades.
Digital prospecting is about gaining access
to relevant prospects and converting them
into loyal customers through digital
channels.
Prospecting...radically
This requires an in-depth understanding of different to what sales
digital channels, customer behaviour and has been used to for
analytics to gain visibility on where the
decades
information is located, what type of data is
available and which channels can be used
for finding the best prospects.
Chief Sales Officers must leverage
technology such as Artificial Intelligence,
Machine Learning and Big Data Analytics
to improve their reach and ensure that sales
teams are reaching out to high quality
prospects.
HONEYCOMBSTRATEGY
Sales Process, Strategy and Methodologies
Digital prospecting requires different skill
sets, mindset and sales approach, as well as
it needs to become an integral part of the
overall strategy.
Digital channels such as LinkedIn have
become more and more important to
identify, connect and engage with potential
buyers.
Digital
Chief Sales Officers must identify the need Prospecting...different:
for change in talent acquisition and hiring, skill sets, mindset and
as well as pre-sales support.
sales approach required
Also, a lot of time should be invested in
training sales professionals on social selling
skills to achieve success.
Also, CSO's can work closely with marketing
departments to develop new digital
marketing strategies that will help them
reach their target audience more effectively.
HONEYCOMBHONEYCOMB THE SALES TRANSFORMATION COMPANY Mental Health
MENTAL HEALTH
Mental Health for Sales Reps
As per a recent survey, 21% of people in sale roles
experience high levels of psychological distress,
while 35% feel unsatisfied about their career
prospects.
Another study highlighted 10 different mental
health issues which are faced by people working
in sales jobs, such as depression, anxiety, attention
deficit disorder (ADD), bipolar disorder etc.
The other factors that affect mental health are
job security concerns linked to automation, highest stress levels
performance pressure linked to compensation, due to job security
self-esteem issues and a general lack of job concerns
satisfaction.
As per a study, in 2020, sales jobs will have
incurred the highest stress levels out of all
occupations due to multiple factors such as job
security concerns linked to automation and
performance pressure and to compensation.
Chief Sales Officers must offer mechanisms to reduce stress in high-pressured
roles by providing flexible working hours and allowing individuals in sales
teams to adopt to hybrid or work-from-home/remote working in order to
improve mental health and well-being in the workplace.
CSO's must work closely with HR departments to ensure that psychological
assessments are implemented properly so as to identify issues early on and
provide the required support with actionable goals.
HONEYCOMBHONEYCOMB
THE SALES TRANSFORMATION COMPANY
A.I.A.I.
Implementing AI into Sales Processes
Besides implementing skills programmes for
their workforce, Chief Sales Officers in 2022
would have to play a critical role in the
implementation of artificial intelligence
(AI) tools into the organisation to automate
routine tasks thereby freeing up time within
the organisation.
The rise of automation technologies like AI
will lead to major restructuring of the
workforce leading to creation of new jobs major restructuring of
while eliminating menial yet labour intensive the workforce
tasks.
However, AI tools are still in their infancy
and are far from perfect. This may lead to
some employees potentially losing their jobs
when AI replaces menial tasks within the
organisation.
Thus, Chief Sales Officers need to focus on integration of AI into sales
processes in a way that allows them to free up time in order to carry out more
strategic roles rather than focusing on low-grade tasks.
In order to ensure success of AI implementation within organisations, Chief
Sales Officers would also have to work closely with HR departments, training
and development teams, in order to develop a culture of change management.
HONEYCOMBThe Sales Transformation Company
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The Sales Transformation Company
About HoneyComb
HoneyComb provides strategic and ethical sales training for
account-based marketing focused organisations.
The company's key strength is their ability to provide large
scale sales training programmes that meet the requirements
of a global marketplace.
HoneyComb is a leading strategic sales training company
specialising in ABM - Account-based Marketing - and have
developed their methodology based on real-life results.
This methodology includes a combination of 1:1 coaching and
group learning, resulting in immediate improvements for
regional and global sales organisations.
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