Energy Ventures recently partnered with Mike Trice, former Schlumberger VP, and Jeff Pace, co-founder of sales process consultancy PACE, Inc., to host several sales training sessions designed to help its portfolio companies integrate more strategic sales methodologies into their business. These sessions, termed "The Art of Sales Execution," have already been held with portfolio companies in Stavanger and Houston and there are plans for a session in Aberdeen later in 2010.

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Many years ago, Geoffrey Moore wrote a very influential book called Crossing the Chasm, Marketing and Selling High-Tech Products to Mainstream Customer . He was referring to the technology adoption lifecycle, and he revised the bell curve to include a “chasm” that exists between the innovators and early adopters. It is a recurring challenge within the oilfield service sector - getting early stage technologies over the technology chasm as fast as possible and speeding up the adoption curve.

To help its current and future portfolio members overcome this hurdle, Energy Ventures called upon former Schlumberger Vice President of Global Sales Mike Trice and Jeff Pace, co-founder of sales process consultancy PACE, Inc., to create a customized Energy Ventures’ sales program. The program, coined “The Art of Sales Execution,” includes initial training and follow up reviews and has already started with portfolio companies in Stavanger and Houston. There are plans for a kick-off session in Aberdeen later in 2010.

Mike holds more than 30 years of experience working in energy and with Schlumberger. During his last 10 years at Schlumberger, Mike was given the opportunity to define and deploy methodologies aimed at better managing the company’s global sales efforts. His partner in developing “The Art of Sales Execution,” Jeff Pace, established PACE, Inc. in 1999 to help companies deploy sales best practices. Jeff is a well recognized expert in the areas of complex sales opportunity and account management and has led several successful consulting engagements with companies including IBM , Microsoft , Kimberly-Clark and Dell .

“Any large company will admit that sales functions are the last ones that are standardized and globalized, and far too often this is done on an ad hoc basis when it should be a priority,” says Mike. Over time, this philosophy has been the catalyst that has transformed his passion for selling into a dynamic coaching program created to help organizations realize their potential value. The sales principles of PACE, Inc. combined with Mike’s oilfield expertise give Energy Ventures’ program a strong foundation from which its portfolio of technology companies can improve their sales.

In partnering with Energy Ventures, Mike notes that each portfolio company faces the same problem: technology does not sell itself. To help portfolio companies overcome this challenge, Mike and Jeff’s curriculum teaches specific tactics for streamlining sales efforts and closing new opportunities. “I am firm believer that the sales process in oilfield services, especially on the technology side, is similar to the sales process of high tech IT sales,” says Mike.

The Energy Ventures process, taught by Mike and Jeff, coaches portfolio members on how to better qualify the most appropriate opportunities without wasting time pursuing fruitless leads. One of the fundamental tenets of the program is to know your customers’ needs and understand how your solution can most effectively address those needs. They also cover the four basic elements of sales progression: opportunity pipeline, gap analysis, opportunity creation and opportunity management.

Most importantly, the program teaches how to tailor this fundamental progression to any business cycle, while specifically stressing opportunity management. “These companies understand the technology they are trying to sell very well, but they need a chance to gain more insight into the fourth stage of the sales process, which is opportunity management. We bring a structure that helps them analyze their opportunities and communicate where they are and what needs to be done next,” Mike says.

It has always been Mike’s philosophy that by repeating a smart, standardized process, companies can apply strategic sales techniques to their businesses and generate substantial revenue. “Throughout the course, participants learn a proven, repeatable methodology for winning sales opportunities, and their managers become familiar with a coaching process that will help their sales force move those opportunities from identification to close.”

Often the most challenging parts of any sales training is the implementation. “Very often there is a risk of just returning to business as usual,” says Mike. “One of the things we teach is the opportunity review process.” These reviews begin approximately two weeks after the initial course and are conducted by the participants internally to help analyze their existing opportunities and make key decisions about which ones to pursue. This committed approach is how a company will ultimately make a difference moving forward.

The program’s tailored approach demonstrates that, while entrepreneurial companies have a wealth of industry and technical expertise at their disposal, a streamlined and disciplined focus on sales is often overlooked. Being able to measure how individual leads move through a sales cycle and effectively acting on key opportunities is a crucial element to increasing company revenue. Mike and Jeff’s combined expertise, with the support of Energy Ventures, has provided each portfolio company with a solid framework that allows them to incorporate valuable industry knowledge with a proven sales method in order to generate revenue and support future development efforts.