After a whirlwind, jam packed, non stop last week and a half, the final day of the 2016 elevate61 trip has arrived!
The participants are now all splitting ways; some heading home back to Australia, some staying on in the US for a much needed holiday, and some continuing their planning with expanding their companies to the US. The final seminars aptly wrapped up the learnings of the last 10 days, and have left the companies in an incredibly advantageous position to grow and expand.
9:15am: How To Sell Like Salesforce | Colin Lau, Salesforce.
- Very hard to get good sales talent so having a robust process helps to back this up and the cost of a poor performer in a rapidly growing business can be high impact – 3 months to work out they don’t work and 3 months to manage the performance issues = 6 month impact on growth
- Qualification process needs to be handled delicately especially in relationship based selling
- Find, Win and Keep – customer process – develop, acquire, retain customers through the use of technology to automate intelligently
- You need to know who your customers are, your niche, product and market fit – no matter what sales process you use without this you won’t be able to win
- Salesforce looking to hire 200 sales people this year – new revenue, SMB – 200 customers and 1000 prospects in the portfolio and a $1M incremental revenue target and segments are by zip codes
- Incentive models – 50% salary and 50% commission – 0-75% 75%-100 and then 100% =100% OTE and need to hit 125% plus to drive real earning
- #1 hire piece is cultural fit, people work hard and have fun, staff retention was good and team building was important
- Channel incentives are also important – can also use special performance incentives
- Good service is critical to customer retention – cost of keeping a customer is a lot less than the cost of acquiring a customer
- Reference customers are very important to winning business and do the selling for you
- Sell on value before talking price and discounting
10am: Pitching to an early stage US VC firm
- Unlocking phones + media advertising play that saves money off phone bills … plan to be seen before Facebook / Google … distributed by the telecommunications carrier and increasing the amount of full-screen inventory available
- Started out as a professional cricketer and moved into start-ups at 21 years of age
- How do you get great businesses in Australia into global markets
- Unlockd – started 18 months ago – start up life:
- It’s hard work but so rewarding – it takes huge effort and huge passion - has spent more than 200 days away from home travelling in the last year
- You’ll grow and grow quickly – both personally and professionally … great environment for learning
- Don’t be scared, no one is the ultimate expert, be prepared to make mistakes – we value speed over certainty …
- Be comfortable being uncomfortable … it’s how you react to this that matters – what you do, how you behave and support each other when we get those feelings that will be the difference
- Seize the opportunity, you never know where you will end up as a result
- Smell the roses and enjoy it – it’s meant to be fun!!
- Took private money and found the doors that opened were greater than what the VC firms could open – connections to telco’s and CEO … not enough time to raise money in the state’s everyone thinks you go to sand-hill road, click your fingers and it falls from trees … that’s just not how it works.
- 19 in Australia, 8 here and 6 in London and other elsewhere. Brains and IP in the business. Isobar have 16 people working on the model and poaching terms agreed between the firms.
- Currently burning $1m a month and could save $300k a month just by turning Isobar off. Isobar on a retainer per month to achieve particular discount rates
- My focus is to make sure we capture the opportunity – hiring policy is go above not under – get the best experienced person and hire under them not above them. Head of HR was number 8 … looking to the future … so acting like you’re growing … turned off all email notifications, all social communications, to keep a strategic focus and focus on the key things.
- The more tools you use the more inputs you get … you need to focus on your agenda … every notification has an emotional response attached to it and you find you go there when you see it.
- Our vision – “let’s give free phones to people who can’t afford them”
- Biggest risk to the business is being unable to execute … it’s not burn it’s an investment and needs to give a better capital return back to the shareholders
1pm: Lunch & Goodbyes