Matt Dixon: evaluation

Transcript context

…I love insights that come from tons of data, so this is most excellent. This episode is brought to you by Enterpret. Enterpret unifies all of your customer interactions from Gong calls, to Zendesk tickets, to Twitter threads, to app store reviews, and makes it available for your product team. It's used by leading product orgs like Canva, Notion, Loom, Linear, and Descript, to accurately integrate the voice of the customer into your product development process, helping you build best in class products. What makes Enterpret special is its ability to build customer-specific adaptive AI models that provide the most granular and accurate categorization of all your customer feedback and also connect customer feedback to revenue impact, to help product leaders confidently prioritize things that will actually move the needle for your business. If you want a custom model built for your organization so that you can automate your feedback loops and prioritize your roadmap with confidence, get in touch with the team at enterpret.com.lenny. That's E-N-T-E-R-P-R-E-T.com.lenny. This episode is brought to you by Webflow. We're all friends here, so let's be real for a second. We all know that your website shouldn't be a static asset. It should be a dynamic part of your strategy that drives conversions. That's business 101, but here's a number for you, 54% of leaders say web updates take too long. That's over half of you listening right now. That's where Webflow comes in. Their visual first platform allows you to build, launch, and optimize web pages fast. That means, you can set ambitious business goals and your site can rise to the challenge. Learn how teams like Dropbox, IDEO and Orangetheory trust Webflow to achieve their most ambitious goals today at webflow.com. Let's dive into the insights from The JOLT Effect. The way that I understand is the big insight is that you're losing most of your sales deals not to competition, but to indecision. Basically, customers preferring to do nothing versus choosing something because they are afraid of making a mistake. Good summary. Yeah, [inaudible 00:08:25], if you're busy, you said it more succinctly. I've been doing this for a while now and you said it way more succinctly than I can. Just to back up for a little bit, I think one of the data points I always start with when I present the research on The JOLT Effect is that our analysis showed that anywhere between 40 and 60% of the average salesperson's qualified pipelines, these aren't just leads, sometimes bad leads that are thrown over to us by marketing, these are qualified opportunities. These are people we've met with, customers we've pursued, we've engaged, they're in the sales process, 40 to 60% of them will be ultimately marked as closed loss, no decision. That's actually, I think that number is actually on the rise, especially in places like SaaS and the broader tech sector over the past year and a half, but that's a really painful thing. If you think about as a salesperson, that for 46% of your deals, you're going to spend a lot of time, energy, resources, a lot of your company's money and their time and resources pursuing these opportunities where you eventually just get ghosted and you don't really know what happened, just like the customer, the opportunity evaporated on you, they ghosted you, they want radio silent. You don't really know what happened there. We decided to take this two and a half million sales call dataset, which you could have used to answer lots of different questions, but we were really fascinated by this question, maybe two, two questions. One is why do customers make no decision? Because you understand it's frustrating as a salesperson, but it's also puzzling for customers to do that. They go through the entire process to evaluate a solution, and many of those customers say, "Yeah, I want to buy," and then they ghost to the salesperson and it's so puzzling. Why would they waste their own time evaluating a solution than doing nothing? Then, the more important question is probably what are the very best salespeople do differently? What have they figured out to avoid that outcome? Cool, and we're going to talk about that latter part to help people understand why, because it sounds like, okay, I guess this happens, but help people understand why this happens. Why are people nervous to make a mistake and not make a decision at all?…

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