8/25/2016 Interview with Revegy
Let’s Get Real.
In this series, we interview sales tool providers and get real about the problems they’re solving and why you should care (or not).
Nancy: I ask guests to answer the first question using what I call the “You know how…” format. Tell us, what does your solution do?
Mark: You know how for most organizations 80 percent of their revenue comes from just 20 percent of their customers? Not properly managing these key customers adds significant risk of potential churn and inhibits the ability to have sustained revenue growth and predictability.
The problem is salespeople often do not understand the goals or objectives of these key accounts and how their products or services align to the customer’s unique business requirements. They try to sell whatever product is in their bag through a tactical, short-term sales approach, neglecting the fact that clients only fund initiatives that address their business needs.
The Revegy solution was purposely built to address this. Revegy helps sales teams visually align their solutions or services with key customer’s goals and objectives to improve relationships, uncover new opportunities, and increase long-term revenue potential.
Simply put, Revegy helps you better identify and close opportunities within existing customer accounts by enabling you to sell strategically and become a trusted advisor, not just another vendor.
Nancy: That sounds like a problem worth solving (and a worthy solution). But let’s get real, sales and marketing organizations have a lot of challenges and they have to make choices about which to solve first. Why shouldn’t they continue with things the way they are if they’re getting by? What are the ramifications of not solving the problems you outlined?
Mark: The ramifications of poor account planning includes; loss of key customer revenue, an increased risk of not achieving sales targets, and a lack of high quality sales opportunities. The only thing more important than securing short-term revenue through better opportunity execution, is securing long-term revenue potential through improved account planning. Both of which Revegy addresses.
In fact, Oracle’s Vice President of Strategic Sales and Marketing Programs, Denise Matalas, said it best; “Revegy helped us better understand what our customer’s goals and objectives are, which led to net new opportunities that we would have never thought about before.”
Nancy: What types of questions should sales leaders ask to decide whether solving this problem should be a high priority?
Mark: It starts with the obvious question:
- Is revenue growth and forecast confidence important?
- Are we maximizing the potential in our key accounts? (the top 20% generating 80% of our revenue)
- Are we aligned with our key customers goals and objectives in order to drive both short and long term revenue?
- Do we have visibility into which accounts have the strongest revenue potential over the next several years?
- Do we have strong relationships with each of our key customers?
Nancy: This question is your choice. What do you want to answer that I didn’t ask?
Mark: Question: Most companies have invested a lot of time, money and energy into their CRM systems. So, what does an account planning tool bring to the table that isn’t already available?
A customer-centric knowledge base is the cornerstone of a successful sales program that optimizes account management and deal execution. CRM tools were never designed to visually help salespeople gain a deep understanding of the customer relationships, business goals/objectives, and buying journey. Solutions, like Revegy, sit on top of the CRM platform and provide the needed capabilities to reveal the true health of your key account and determine where there are qualified opportunities for expansion and deeper penetration.
Nancy: What should people do next?
Mark: Check out our latest piece of content How Five Leading Technology Companies Power Up Their Account Plans to see the strategies that industry leaders are using to grow revenue and expand key account penetration. Or schedule a demo with one of Revegy’s experts.