In our previous blog post, we discussed how the overall B2B enterprise landscape has become more complex with more decision makers and stakeholders involved, longer deal cycles, higher price points, and many competing channels. These companies are in dire need of advanced digital solutions to ensure not only efficiency, but also long-term revenue growth.
While many B2B companies have embraced the digital revolution, the majority of their efforts have focused on internal processes. It has become clear that real revenue growth will stem from digital, customer-centric innovations.
The Importance of Customer Intelligence
It’s no surprise that the modern sales landscape centers around the customer. According to Mark Kopcha, CEO of Revegy, “Buyers today are much more careful with where they invest their money, and as a result the buyer is becoming increasingly sophisticated. The cornerstone of sales success in 2017 and beyond is leveraging customer intelligence to align your products or services to the buyers’ business needs.”
The importance of customer intelligence and the value it delivers to your sales organization cannot be underestimated. A McKinsey Study found that technology to provide “consistent, high-quality customer interactions has become a competitive differentiator, no matter the channel.” Sales teams should no longer train around the product, but instead should use digital innovations to become students of the customers.
Revenue Potential of Customer-Centric Tools
B2B leaders who embrace customer-centric technologies in this new environment will experience long-term revenue growth. The McKinsey study found that by investing in these digital capabilities, enterprises can generate “8 percent more shareholder returns and a revenue compound annual growth rate (CAGR) that is five times greater than the rest of the field.” Moving up the digital curve translates into stronger financial performance.
Most of a company’s revenue potential lies within in its current accounts. Yet without the right digital capabilities, many sales teams lack the customer-centric insights necessary to capitalize on the untold revenue opportunities within these key accounts.
According to CSO Insights Sales Management Optimization Study, companies that engage in effective and ongoing key account planning have win rates nearly double that of companies without a formal process. Further, companies that use a solution designed specifically for account planning have an 11-point advantage over those using manual efforts and a 9-point advantage over those using homegrown or CRM applications.
When Oracle began using Revegy’s customer-centric technology, they uncovered “larger, more strategic deals that [they] would have never considered before…over $5M in incremental revenue in the first month.”
The organizations that invest in the technology necessary to get a complete and absolute view of their customer recognize the value of this untapped source of revenue growth and develop more strategic relationships with their most profitable accounts. The organizations that don’t are left on the outside looking in.
To learn more, download our eBook, Drive 5X Revenue Growth with Customer Centricity.