Modern Revenue Teams Require A Modern Platform

In a recent survey, 69% of company board members said their companies had accelerated digital business initiatives due to COVID. The world of B2B buying and selling is no different. The challenges posed by the coronavirus have accelerated the digital transformation that was already underway.

As we move towards the “next normal” we find ourselves in an environment full of challenges and uncertainty but one where there is no ceiling for innovation.

The selling environment today is very different from what it was just two years ago. With millennials now making up half of the global workforce, the demographics of both buyers and sellers have changed. Although buyers are digitally savvy and self-directed when starting an evaluation, they bring many stakeholders into the buying decision, and require many personal touch points before making a deal.

These and other factors force sales organizations to change the way they enter the market. Sellers must shift from selling based on experience and intuition to approaches based on insights; First and second line sales managers must rely on data to inform their training actions, and revenue operations practitioners must rely on quantitative forecasting methods rather than qualitative and qualitative forecasting methods.

All of this begs the question – how is our class, as a whole, shifting to accommodate these changes?

Learn more about how to use engagement and intelligence to become a revenue innovator

I’ve spent the past few months doing qualitative and quantitative research with industry leaders. My goals were to get to the heart of how these leaders were thinking about current market dynamics and how they plan to prepare their organizations for success.

The most important challenges
Go to market factors

A new group of leaders has emerged to embrace the changes coming their way.

Revenue innovators are those leaders, managers, and delegates who put buyers at the center of their strategies, who take advantage of the most innovative sales techniques, and who rely on data to inform their business decisions.

Leader manager representative

Revenue innovators deliver predictable and efficient growth

All revenue leaders strive for effective and predictable growth – but even those with strong quantitative skills struggle to do so without access to accurate and complete data.

Unfortunately, many sales organizations take a lonely approach to pipeline generation, opportunity management, and forecasting. They use a mix of disparate systems and processes to manage the revenue cycle, letting vendors, managers, and leaders manually compile a picture of everything that happens in their pipelines.

With this approach, once the data is collected, it becomes outdated. Guessing results in errors in prediction and inability to take corrective actions to improve results. Human error and inconsistency between individuals and teams further confuse the problem.

So what is the alternative? Revenue Innovators know that your entire revenue team needs one unified platform to manage workflows, gain insights, and navigate an increasingly complex procurement process.

forecasting approach

In a study commissioned by Forrester in August 2021 on behalf of Outreach, nearly a third of B2B sales leaders said their forecasts are derived by selecting key deals and adding qualitative analysis to arrive at their final count. Unfortunately, this static and unscientific approach to forecasting makes it impossible to manage your business dynamically and accurately.

Actors and managers need analytics in easy-to-use dashboards that help them understand data, identify patterns, and take action. Revenue operations practitioners need the ability to drive, measure, and report results at every level of the organization. Finally, revenue leaders need a 360-degree view to improve decision-making and provide accurate forecasts.

The truth is that in 2021 and beyond, B2B organizations that lack a centralized engagement and intelligence platform will be in a weak competitive position.

Want to learn more about how to use engagement and intelligence to become a revenue innovator? Download the full report.

Resources

[1] Gartner Press Release, “Gartner Says 69% of Boards of Directors Accelerated Their Digital Business Initiatives After COVID-19 Disruption,” September 30, 2020

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