Saas inside sales model for Life sciences

How to create outlook signature

god there's lots of toys happening outside right now they're really just like banging the moment I start filming they start banging a pipe money is one of the things that is a fundamental part of our society and if you're like me you like making money for me getting into sales specifically it didn't come to me naturally it was something I sort of learned down the road was really important to companies and you could make a lot of money doing it it took me some time to learn why that's even the case and it also was sort of a struggle for me to get out of the sort of pigeon-holed areas that I was in and make a move into enterprise software sales so in this video I'm gonna talk a little bit about why sales is so important to start off companies or to large software companies and how you can make the transition from wherever you are into a software sales role I've been working in sales for about five years now and I've done it for a couple of startup companies I've done it for a couple of really large software companies and so I've gained a lot of experience over the years and to be perfectly honest even the $150,000 sort of number I used for this video is pretty conservative for what's possible in software sales so let's talk about first how is that even possible and I'm gonna do my best to answer any questions you might have but if you do end up with questions that I didn't answer just ask them in the comments I will be answering all your questions in the comments best I can and you might even inspire a new video for me to upload so please go down there leave a comment if you have any other questions or thoughts the first thing I want to talk about is the idea of sass what is sass sales so if you're not familiar with sass it is software-as-a-service and the easiest way to think of it is just like you would purchase a consumer would purchase Netflix Spotify Apple music those are all subscription services you pay $10 month four for example in software were selling business-to-business and instead of a monthly subscription we're basically selling in a way annual subscriptions that's really the only difference and the deal sizes obviously are larger than ten dollars a month they might be like fifty thousand dollars a year also sometimes the deals take two days to close and sometimes they take like 300 days to close and it just depends but the sales cycle is can be a lot longer especially for the bigger deals to be honest fifty thousand dollars is sort of a low-end for enterprise sales often those deals can get up into the multi hundred thousand million dollar deals much much larger if you've been in the game a lot longer and you've got sort of a large clientele built up that's not what we're talking about today we're just talking about getting into enterprise sales for the first time software companies are thriving off of SAS sales and this is where you can start to understand why sales is so important to these companies when you sell for example a $50,000 deal you may feel as a sales rep like you just close 50k but to the company they look at it differently and they look at it differently because of two specific metrics one is called a RR and the other one is called LTV a RR stands for annual recurring revenue and in a SAS model like I mentioned it's sort of like a subscription on an annual basis so a company sees that $50,000 as potentially $50,000 this year and next year and then a year after that and it might even grow so maybe 50,000 this year a hundred thousand next year and 150,000 the year following that's one reason why software companies make so much money it's also boosting the influence that sales has within the organization because when they close a deal for $50,000 they're actually closing much more over time and that brings us to our second metric which is LTV lifetime value and that's a measure of the value of a customer so when you close a new deal on average how long is that customer going to stay a customer and how much money they are that are they going to spend over time and that can actually measure it an averaged out across all customers using a figure called churn and churn is just customers churning out of the product it means that they're cancelling essentially so if you have for example a 10% churn and you closed a $50,000 deal that's just gonna stay $50,000 not no growth well that means every year it has a 10% chance of churning so within 10 years on average that customer will cancel so instead of bringing in $50,000 this year you're bringing in $50,000 every year for the next ten years which is half a million dollars amortized over I'm not sure of amortize in the right word but spread over 10 years that deal was not $50,000 it was kind of half of a million dollars and if you combine those two things you can start to imagine how a software sales rep can make so much money doing this the second thing that I wanted to cover in this video is how to make a transition from wherever you are your career to software sales if that's something that you're interested in doing or curious on doing and I'm going to do that just by telling you how I did it and hopefully you can apply some of the tactics that I used to whatever your situation may be again if things aren't exactly making sense leave a comment down below and I will answer your specific question so for me I actually started in tech support and for those who have been in tech support or for those who haven't it's a field that can feel very pigeon-holed once you're in tech support it's really hard to move out I've seen a lot of people want to move out of tech support into development or into other departments and once you're in tech support you're kind of it can feel like you're stuck but you're not so I started in tech support and then I ended up moving into development and worked in software development for a number of years now neither of those two experiences have any direct sales experience one's developing its heavily internal to the company and the other one is it has nothing to do with bringing money and technically it's a cost center for the company because you're providing support which means it's after the sale and only when things go wrong is it's when you're on the phone so what I did was I took both of those roles and I focused on the selling aspects of each role and I combined them into my resume to present a sales experience and let me explain what that actually means on the tech support side I talked about the high profile customers that I had built relationships with so in my field I was I really was working with large brands within my industry and I had built multi-year relationships with these different executives so although I wasn't selling to them per se at least like not closing deals I was building relationships with high-level executives at name-brand companies that you would know and I used that I explained I have these relationships in place and although I wasn't bringing in revenue I just focused on those relationships on the development side I focused on revenue and the way I did that was I talked about how building products and bringing them to market unblocked deals and I actually added those up so I took for example a product that I brought to market and I calculated the revenue that when that product got brought to market based on letters of intent or customers who had agreed to purchase or purchased soon after let's say within the first six months of the product being released I attributed to my work so essentially I said I brought I helped bring in because even though I wasn't part of the sales cycle itself I did help bring in revenue by bringing a product to the market that did address a problem for a customer and contributing to that product being sold and in software sales a lot of times it can be just a feature or functionality that's holding a group of customers back like need to have a specific integration before they'll purchase so that that was an easy way for me to measure how I contributed to sales those are just two examples obviously you have to make this very specific to the work that you've done but think about the work that you're doing right now and what are the either the sales and relationships side that you can focus on or even if it's not a selling job what revenue are can you attribute to your work then you have to start applying for sales jobs and just to give you an idea of what that can look like it for me at least I applied for five jobs a day for about six months straight and I got a ton of rejection a ton of noes and I just wanna take a moment to remind you that you only need one yes which is to say it does not matter how many knows or ignores I will say you know people not replying how many of those it takes to get you to your one yes it's irrelevant once you get the yes you're done so the way to get to that yes is every time someone replies and says no hey hon 60 seconds of face hang back the way to get from the nose all the way to that yes eventually is by talking to the people who tell you no and you specifically have to ask and I know it's hurtful get all these rejection emails it sucks or if you go through screenings and then they the person emails you later and says hey look sorry we have a better fit it sucks it does not feel good and it feels like you will never get there I promise you you will you can get there you need to talk to those people and you said need to say what was I missing what specific thing be specific what specific thing was I missing that you were looking for and then you take that information some people will tell you and you take that information you need to circle it back and put it in your resume something that addresses the thing that was missing and you do that enough times and you end up with a resume that checks all the boxes eventually you will start getting more screenings you'll start getting more second or on-site interviews and eventually you will get an offer so that is how you break into software sales subscribe and like the video and we got to say hi to Coons [Music] so my first selling gig actually was selling leather jackets in a mall store believe it or not I was 16 and it really helped me break out of my shell so I really wouldn't recommend sales for anyone even if you don't feel like it's for you you never know it might surprise you [Music]