GUEST: Udi Ledergor, CMO of Gong.io
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Do you know who the true magicians are in the business world?
Salespeople. That’s right, and that’s all down to their forecasting abilities.
Historically, salespeople have relied more on gut feeling and opinions instead of data when forecasting.
But things don’t work like that anymore, and, as a result, sales forecasting is broken.
So how can we fix it? Why is it not working anymore? How can we fix mistakes and create better predictability?
Udi Ledergor, the CMO of Gong.io, joins us today to answer the questions and fix the problem.
Why is sales forecasting broken?
Even in good times, sales forecasting is difficult. Traditionally, forecasting has been based on gut feeling, emotions, opinions, and the number that the reps think their manager wants to hear, not necessarily their realistic expectation.
In the last six months, companies have missed their earnings because they have relied too much on historical data, which only works if there’s stability between the quarters.
But when markets become unpredictable, historical data becomes useless. We saw this happen two years ago during COVID when companies didn’t know what to expect, and they realized that what had worked in 2019 would not work in 2020. And we’re seeing that again now.
“If you are using historical data and linearity charts from peacetime quarters, and we’re now in wartime, those peacetime pieces of data are useless now. So replace that with understanding what’s happening right now, and throw out the old linearity charts because they are misleading you to the wrong forecast.”
Udi Ledergor, CMO of Gong.io
Less guessing, more data
Your forecast is only as good as the data that you get. If you look at professions like marketing and finance, they have been accustomed to using data to run their businesses for decades.
But salespeople have been left out of this model for far too long. Today, as a sales rep, you must digitally transform your organization and rely on facts and data to make your forecast, manage your pipeline, and coach your salespeople.
Four steps to get the right data and make better predictions
Number one, replace opinion with reality and gut feeling with data. Number two, replace some manual work with automated capture and insights. Number three, consolidate the multiple tools that teams use for forecasting. Number four, replace the past with the present and old data with new sets.
Does swearing on sales calls really work?
No joke, if used correctly, swearing on sales calls can increase your win rates by up to nine percent, which is a lot.
But here is the catch: don’t drop an F-bomb or the S-word in every call. Swearing on sales calls works by using the mirroring technique, which builds empathy with your prospect.
Take a cue from your prospect and if you hear some swear words, tactfully mirror that and start weaving similar vocabulary. As a result, you will create better trust and increase your win rates by up to nine percent.
“Marketing is really putting on a show for your audience and creating an experience, whether it’s an event, a webinar, a podcast, or a piece of content that helps people throughout their day and leaves something memorable with them.”
Udi Ledergor, CMO of Gong.io
Now that you know how to fix your broken sales forecasting learn to apply other tactics and tools for a disruptive B2B marketing and sales strategy. Check out the full list of episodes here: The B2B Revenue Executive Experience, and instructions on how to rate and review the show are here.