5 Ways to Uncover Strategic Account Revenue
Revenue growth in B2B enterprise accounts has always been challenging. Now, with the economic uncertainties of 2020, sales teams of all sizes are desperate for a more strategic approach to building dependable and ongoing opportunities to optimize customer revenue in their most strategic accounts.
Customer revenue optimization (CRO) is achieved through the processes and enabling technologies that help organizations identify the optimal path to revenue growth and enable them to capture and realize that revenue predictably and at a lower cost of sales. The Revegy Customer Optimization Wheel outlines the common practices we have identified that make leading companies successful at securing bigger deals over shorter sales cycles with more predictability.
Uncovering untapped revenue demands that organizations rethink outdated methodologies, processes, and technologies that don’t focus specifically on optimizing revenue in strategic accounts.
Success requires streamlined, silo-shattering processes that highlight the optimal path to revenue and enable the right high-value activities to efficiently, predictably and strategically drive growth.
Organizations that understand the true value of account planning, identify untapped revenue potential while delivering strategic customer value. To uncover hidden revenue in your key accounts, focus on these 5 strategies that great companies get right.
1. Deepen Customer Insights
Companies have to reorient themselves by prioritizing the customer’s business success as the core of the strategic account lifecycle. This requires an in-depth understanding of how the client’s business operates and the alignment of your products and services to their goals and metrics.
Revegy and Finlistics, a B2B sales leadership company that promotes insight-led selling, collaborated on a content series detailing the critical ways in which delivering impactful insights to your customers and prospect positions sales and strategic account teams to develop strategic partnerships. The investment of time and energy is critical to uncovering potential revenue because, according to a Gallup study published last year, vendors that make a significant impact on their clients’ business can earn a 31% higher share of wallet.
Furthermore, a thorough understanding of the challenges your client faces is especially important as economies continue to reopen and enter the recovery phase. Companies are trying to understand for themselves what their new competitive landscape will look like and they may be grappling with how to overcome the financial setbacks that they’ve suffered in the first half of the year. This time presents an opportunity, if not a necessity, to dive into your clients’ problems and actively demonstrate business value as a strategic partner.
Gaining client insights is also a powerful advantage in the acquisition of new logos. Analyze industry trends and product gaps within your current customer base to target companies grappling with similar pain points. Your research and experience delivering value will position you to enter the conversation well-versed as a strategic partner.
Developing a deep understanding of your customer’s organization by synthesizing customers’ strategic priorities and where your organization’s products and services can support them is critical to uncovering hidden revenue.
2. Manage Relationships More Strategically
Managing the delicate nuances of relationship building can ultimately determine the success or failure of a net new or expansion opportunity. The challenge of navigating the maze of changing relationships is exacerbated in large enterprise accounts where there is an average of ten decision makers, each with their own goals and priorities, involved in purchasing decisions.
One way teams are being more strategic is by leveraging technology to establish relationships and reinforce connections that are key to identifying hidden revenue potential.
Account managers are able to make intentional connections by using relationship mapping tools that map key stakeholders and their influence on the buying decisions at their organization. By visualizing information that is traditionally stored as text in a CRM, teams can enrich the relationships they already have and focus on the influencers with whom they NEED to establish a relationship.
Beyond relationship mapping, the most sophisticated organizations are using technology to gain insight into how their networks integrate with those of their customers. Contacts+, an advanced feature exclusively offered in the Revegy CRO platform, is an integration of your Microsoft Office 365 Outlook email and Revegy. With Contacts+ you can get contact suggestion to help you build your relationship maps, get intelligence to quantify your relationship strength and see the level of email communication you have with your contacts.
This is a dramatic shift from backward-looking, record keeping activities to revenue-driving strategic thinking. Smart teams use this insight to turn the relationships they have into direct pathways to the relationships that they know they need to secure the next deal.
3. Identify and Develop Revenue Growth Ideas
Why do so many sparks of genius end up on cocktail napkins?
It’s 2020. If your team neither has an efficient way of capturing new, pre-funnel revenue growth ideas nor has a reliable way to evaluate, track, and realize the revenue potential of these potential opportunities, you’re not positioned to succeed.
Having visibility into all of the possible paths to revenue is paramount to identifying those that will ultimately deliver the highest return – first to the customer and then to your organization. Building this roadmap to revenue demands that organizations enable account teams to document and develop pre-funnel ideas systematically and then turn the highest value ideas into opportunities.
While this is the most critical phase of the account planning process, it is also the most overlooked and under-measured. Incorporating a more strategic approach to revenue growth ideas is a critical area where most programs and technology solutions fall short. Ideas may be getting recorded in emails and in CRM meeting notes but the lack of comprehensive visibility, senior-level transparency, and measurement means that sub-par performance and unrealized revenue is inevitable.
Effective account planning ultimately results in revenue growth ideas that, when captured and developed, result in your highest potential funnel opportunities. Driven by deep customer insights and cross-functional collaboration, revenue growth ideation will make the optimal path to revenue clear.
4. Replicate Success Across Your Portfolio
Companies that have a customer-centric strategic account program can optimally leverage their deep customer insights and knowledge as a strategic partner to draw similarities between goals and obstacles across their portfolio of accounts.
The secret is that success in uncovering revenue potential is directly connected to how well your team knows and can empathize with the problems that your clients are working to overcome. It is an exercise in strategic extrapolation that will differentiate the true partners from the players. Sharing patterns and insights across the team can uncover revenue potential across the entire portfolio.
This strategy for revenue optimization also depends on your ability to prove past success. Constantly measuring and reporting on where your products and services are doing well within an account – specifically, where clients are seeing measurable value that aligns to their goals – is essential to demonstrating your ability to deliver on a similar opportunity in another strategic account.
5. Collaborate Beyond Sales
In too many organizations, account planning is treated as the exclusive domain of sales. But, the best ideas for revenue growth may not always come from the sales team.
Perhaps your marketing team is noticing some new market trends, your customer success team identifies additional client business needs, or your product team is inspired to develop a new offering.
Cross-functional account planning uncovers hidden revenue by shattering organizational silos and reframing revenue growth as a company-wide initiative and responsibility.
The power of understanding your customers’ business environment, the key stakeholders and their priorities is amplified when it is accessible to the full team of cross-functional collaborators, but collaboration is often inaccessible at-scale because companies don’t facilitate the cyclical nature of account planning.
Instead of thinking about account planning as an annual initiative done by a handful of people, develop a living account plan enabled by technology.
A fully optimized strategic account lifecycle builds on itself and regularly produces new revenue opportunities because it empowers forward-looking thinking across the entire organization.
Companies that consistently uncover hidden revenue use resources across their whole organization to manage the full account lifecycle.
They are the companies that have the right technology, right infrastructure, and the right perspective to maintain a strategic account program over the long-term.
Uncover hidden revenue by leveraging a comprehensive strategy that focuses on the key stages of account development to deepen relationships and drive strategic alignment.
When done successfully, new revenue growth ideas emerge as the culminating outcome of a client-centric account planning program.
President, CEO, Revegy
A 25-year veteran of the software industry and the founder of Revegy, Mark is responsible for the strategic vision of the company and its solutions. Managing Revegy’s day-to-day operations, he applies decades of experience gained in the leadership position of notable technology firms. Before establishing Revegy in 2005 Mark served as president of MediZeus, Inc., a provider of medical software solutions designed to assist physicians in the diagnosis of complex diseases. Mark founded the startup Novient, Inc. and was the driving force behind the company’s vision, culture, market direction and service offerings.