Sales Strategy 2024

Mission

In 2023, we exceeded our quota, secured the largest-ever ARR contract, and achieved record-breaking revenue in GlobalVision's 30-year history. Now, let's amplify our team's efficiency, sow the seeds of success, and continue to defy expectations and set new standards of excellence.

Strategy

Introduction: The Sales Strategy for 2024 represents a significant milestone in our ongoing pursuit of sustained growth. Aligned with our ambitious trajectory, this strategic framework builds upon the notable 30% quota increase realized in 2023. The primary objective is to empower our sales team and optimize our expanded resources with the goal of achieving a quota of ARR USD 5,250,000 in closed won sales —a 66% increase from the 2023 quota. Simultaneously, we aim to elevate our win rate from the current 15% to an ambitious 30%. This document delineates key initiatives and strategic shifts poised to propel our success in the upcoming year.

Diagnosis: Building on previous experiences, we've learned that a strategic approach yields results. Comprehensive training, meticulous planning, and diversified product approach are important for success.

Although Suppliers and Resellers were solely focused on GVD, our sales strategy in 2023 aimed to capitalize on 65% of the quota through Verify value and 35% through GVD value. Investments in personnel, quota increase, data and systems improvements have created a foundation for an equal split in product focus (50/50).

We've also realized the significance of leading indicators for proper ramp-up. In 2023, we did not focus on processes and track results. However, in 2024, more emphasis is needed on processes and trust in combining talent with focused behavior for desired outcomes.

Goals: The central objective for 2024 is the elevation of sales performance, manifested in a challenging 30% win rate. This goal is underpinned by key initiatives focusing on enhanced training programs, meticulous account planning, and strategic product focus and diversification.

Tenets: To realize our ambitious goals, we commit to the following tenets:

Enhanced Training Programs: Implementation of outsourced, tailored training programs to elevate the skills and proficiency of our sales team. This includes improvement in the demonstrations, aligning training with the diverse product suite, refining the sales qualification process, moving from sales to consulting experts and training sales leaders for more effective routines.
Increased focus
Meticulous Account Planning: Intensification of our focus on strategic account planning, particularly for tier one and targeted accounts. The introduction of mandatory Mutual Action Plans for all Brands sales opportunities aims to increase velocity and win rates.
Product Focus and Diversification: Shifting outbound focus from Verify to GVD, exclusively allocating Brands Business Development Representatives (BDRs) to promote GVD, and implementing precise systems and data controls in Salesforce to align with modern sales processes.
Strategic Geographical Expansion: Intensification of efforts to tap into the European business landscape. Equipped with a skilled team, we are poised to effectively communicate the unique value propositions of our solutions in this burgeoning market.
Systems & Data Enhancements: Implementation of changes to all sales stages in Salesforce to drive correct behavior, creation of a detailed success path in the CRM, and establishment of a link between LinkedIn and Salesforce for importing contacts that recently changed roles or companies, generating a significant number of new leads for our outbound efforts.

Strategic Priorities:

Sales training.
GVD sales increased focus.
Efficient short-term leading indicators.
Intensifying Account planning efforts.

Expected Outcomes: Anticipated outcomes from the implementation of these strategic initiatives in 2024 include:

Increase win rate to 30%.
Close 9 Enterprise deals, triple previous performance.
Diversify revenue: 50% from GVD, 50% from Verify or GVW.
Establish our organization as a formidable force in European landscape.

OKRs Brands

Objective How will we measure if your department moved the needle in the mission and strategy?	Key result What is the target state?	Baseline What is the current state?	Top 3 Initiatives What steps do you plan to take to make progress?
Calibrate Outbound focus	6 months Sales Cycles for Brands	8 months	Product Focus and Diversification: Shifting outbound focus from Verify to GVD will increase our win rate and speed up sales cycles. GVD sales has historically proven to be much faster than Verify and GVW sales. Allotting Business Development Representatives (BDRs) exclusively to promote GVD will unlock revenue streams from Incoming QA markets that had low priority and high demand in the past 2 years. This will lead to an increased win rate.
Calibrate Outbound focus	Average 30 GVD opportunities per AE (240 total) by end of Q2	5
Grow through Enterprise Accounts	All Enterprise opportunities with Mutual Action Plan (MAP)	zero	Meticulous Account Planning: Intensified focus on strategic account planning to navigate complex enterprise landscapes. Mutual Action Plans will be mandatory for all Brands sales opportunities, aligning customer, sales, and leadership throughout the cycle to increase velocity and win rates. Focus on tier one and targeted accounts to improve win rate and close more deals. Growing existing accounts is a more efficient strategy with faster deals and higher win rates than acquiring new customers. Increase customization on Outbound from BDRs for Enterprise Pharma prospecting. Modernize techniques with technology potential.
Grow through Enterprise Accounts	Build 30 Enterprise Opportunities with 30 account plans by end of Q1 (5 per EAE)	10
Develop high effectiveness	Outbound BDR Win Rate 30%	5%	Enhanced Training Programs: Complete focus on Incoming QA for BDRs Outbound Implementation of outsourced training programs tailored to elevate the skills and proficiency of our sales team. Alignment of training with the diverse product suite, ensuring comprehensive product knowledge and effective communication. Improve sales qualification process to outbound leads from BDRs. Training the trainers, heavy focus on training sales leaders to improve weekly routines and ensure
	Brands Win Rate 30%	15%
	Lead to Demo Conversion rate 7%	2.5%
EU Expansion	Close win 300k ARR	140k ARR	Additional BDR New EU AE Hyper focus on markets we normally win in North America (Incoming QA Pharma)

OKRs Suppliers

Objective How will we measure if your department moved the needle in the mission and strategy?	Key result What is the target state?	Baseline What is the current state?	Top 3 Initiatives What steps do you plan to take to make progress?
Shock the world with our efficiency	3 months Sales Cycles for Suppliers (25% faster)	4 months	Focus on quality FUP and fast progress towards payment. Improve the quality of our FUPs. Improve discovery calls to maximize opportunity sizes right from the beginning. Understand the full quality control workflow and act as a consultant to guide the deal. Take charge and inform customers about their requirements instead of having them tell you what they need. Improve the handover from Sales to CX to improve post sales routines and enable faster upsell and cross sell.
Shock the world with our efficiency	Increase Average Deal Size for ARR 15,000	ARR 10,500
Shock the world with Enterprise Account Expansion	All Enterprise opportunities with Mutual Action Plan (MAP)	zero	Meticulous Account Planning: Intensified focus on strategic account planning to navigate complex enterprise landscapes. Doubling down on tier one accounts and targeted accounts to enhance our win rate and increase deal closures. Mutual Action Plans will become mandatory to all Suppliers enterprise sales opportunities, increasing velocity and win rates. Increasing the level of customization on Outbound initiates from BDRs.
Shock the world with Enterprise Account Expansion	Build 9 Enterprise Opportunities with 9 Account Plans by end of Q1	1
Shock the world with high effectiveness	Outbound BDR Win Rate 30%	16%	Enhanced Training Programs: Implementation of outsourced training programs tailored to elevate the skills and proficiency of our sales team. Improve sales qualification process to outbound leads from BDRs. Training the trainers, heavy focus on training sales leaders to improve weekly routines and ensure
Shock the world with high effectiveness	Improve overall win rate to 35%	28%
Shock EU	Close Win 300k ARR	150k ARR	Drupa New EU AE Additional BDR

OKR Resellers

Objective How will we measure if your department moved the needle in the mission and strategy?	Key result What is the target state?	Baseline What is the current state?	Top 3 Initiatives What steps do you plan to take to make progress?
Transitioning successfully to the new Reseller program	90% Resellers transitioned without breaking the positive relationship with them.	zero	Work with legal in this transition Manage Resellers falling from the program
Training and Enablement	Have 24 contributors from Resellers completing the training. (2 per month)	zero	Clearly communicate the purpose and benefits of the scorecard. Involve resellers in the development process and emphasize the mutual goal of improving performance. Develop a robust training program for resellers, covering product knowledge, sales techniques, and customer support. Provide ongoing support to address challenges and ensure success. Align with PS to have authorized Partners helping implementation. LMS training adoption Formulate strategies for Sales, Marketing and Support and work closely with the resellers to execute in order to mentor them on best practices. Giving access to pre-release versions could be a benefit to them and us. They could have a sneak peak and also potentially find bugs/issues. Pricing feedback Map Bottle neck to sell more - Skill gaps
New Resellers inside our IRP	Find 10 New Resellers respecting our IRP	Zero	Redefine Ideal Partner Profile Establish clear criteria for selecting reseller partners. Consider factors such as reputation, market knowledge, sales capabilities, and alignment with your brand values.
Become a key player in Revenue Contribution	Deliver 15% of GV Revenue Target (Close Win 4M in Revenue, since Rev target for 2024 is 27M)	10% (2.2M sales out of 22M Revenue for GV)	Build a 2024 calendar with events: Webinars for ALL (Bronze) - 4x a year F2F visits to Gold - 2x a year Tradeshows' Ensure Silver are completing LMS training. Build Resellers to become thought leaders in their regions. Expose them in broad forums, co-present with them. Establish a cadence with resellers to gather insights into market demands, customer preferences, and potential areas for improvement.