Inside Sales Experts Blog

Time 2020-07-07 17:04:42

Web Name: Inside Sales Experts Blog

WebSite: http://blog.bridgegroupinc.com

ID:21778

Keywords:

Sales,Inside,Blog,

Description:

LinkedIn has been hard lately. I’m sure you are seeing the same thing - post after post from friends and colleagues about layoffs. While the impact has been enormous in people terms, the scale has been hard to gauge. Are we over the hump? Is the snowball still rolling downhill? So I decided to do some research. I built a list of 200 B2B SaaS companies that: Had 100+ employees Took venture funding since 2018and Are HQ’d in the US or Canada I then used the amazing crowdsourced resources of layoff.fyi’s tracker and Candor’s hiring/freezing/layoff data to track which companies are still hiring, which have frozen hiring, or which have done layoffs. Here’s what I found. Point 1: Funded B2B SaaS was hit hard From our broader B2B tech data, we know that roughly 30% of companies laid off AEs through late April. For my VC-backed SaaS sample, that number is 41% with another 18% having frozen hiring. Those selling into Massively Affected Industries (MAI) were the hardest hit. We define MAI as advertising, hospitality, HR recruiting, live events, medical practices, real estate, travel, and so on. What a year April 2020 was. Record breaking unemployment news, record setting fiscal and monetary reaction, positive (?), and ever-changing epidemiological models make it hard to trust the ground underfoot. We wanted to quantify the evolving impact on the B2B tech space so together with RevOps Squared, we surveyed 110+ revenue leaders. We asked: What actions they have already taken Future actions they are considering and Their outlook for the remainder of calendar 2020 Finding 1: Roughly 30% of leaders report reducing the number of AEs (Note this data is as of April 24th) The median reduction was 40% - a huge number! A further 35% report concern over possible future reductions. I think I’m starting to understand why the phrase “may you live in interesting times” is considered a curse. A global health crisis, an unscripted pivot to work from home, and an accompanying economic fallout--times are certainly interesting. If you’re like me, you're keenly interested in what this all means for outbound prospecting today and tomorrow. One of the best sources of real-time data is Chris Beall, CEO of conversations on demand company ConnectAndSell. He is (and has been for years) sharing data on dials, conversations, and meetings. Earlier this week, he shared their “top couple hundred customers' results since mid-Feb 2020.” I’ve taken the liberty of charting out the data. Conversation to Booked Meeting Rate Over the past 4 days, I’ve seen a lot of amazing work from home content from the broader Sales community. I particularly want to call out GitLabs Guide to All-Remote, this post from Laura Guerra (ringDNA Sales Director), and Matt Heinz’s how to work from home (when your kids are there too). We wanted to share a few thoughts targeted to the SDR leadership community. Note: this isn’t an all or nothing platform - you take pieces and leave others as you see fit. Steps you can take over the next 20 days for SDR teams working remotely Step 0- close your office.If you have not, please do it now. Social distancing is highly effective at flattening the curve. If you have 25+ people in a room and/or a large number of your reps take public transit to work, closing your office will have a huge impact on flattening the curve of infection. Step0(b)- take a moment to appraise where we are….and breathe.We’re in uncharted waters here. Many on LinkedIn are treating the situation as if a bunch of companies, by sheer coincidence, decided to adopt work from home - with little to no planning. This is a public health crisis combined with a supply-side and demand-side shock. It doesn’t seem likely that, in the near term, work will be “like before, but at home.” Don't forget to be kind to yourself. Sales leadership is a hard job in the best of times. Take care of yourself, your team, your family, and your community.We're committed to protecting and respecting your privacy.By clicking subscribe above, you consent to allow us to store and process the personal information submitted to provide you the content requested.

TAGS:Sales Inside Blog 

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