During my absence from writing, I have heard plenty of tales about how companies face significant distress because sourcing new business is challenging, and this is from companies led by seasoned entrepreneurs.
It is true that the environment could be more stable and that business can be hard to come by. However, CEOs can take steps to drive rapid growth.
Implementing digital buyer engagement
The article points out that the world’s most successful brands don’t have much in common, but one thread that knits most of them together is a knack for engaging their prospects. Today, that engagement largely occurs in a digital space. Leaders without clear visions for digital engagement and the right personnel to implement those visions risk losing market share.
At the heart of any digital buyer engagement strategy is data. Brands need to know who their customers are, where they’re located, what problems they’re trying to solve, how they’re trying (or think they should be trying) to solve them, how much they can afford to spend to solve them, and what solutions they’ve tried previously.
Gathering this data is one thing; using it effectively is the real goal. According to a Twilio engagement study published last year, customer engagement leaders who have achieved the highest level of maturity in implementing personalisation initiatives, utilizing first-party data, and executing omnichannel customer engagement witnessed a remarkable average revenue surge of 123% upon the implementation of comprehensive digital customer engagement programs. Additionally, newcomers to the digital engagement arena experienced a substantial two-thirds revenue increase following initial investments.
The article adds that to get started with digital buyer engagement, start by gathering high-quality data about your target audience. This can involve website analytics, surveys, and social media engagement metrics. Then, use this data to personalise your marketing and retention campaigns across different digital channels like email, social media, and your website. Remember to prioritise data privacy and security to protect your customers’ information.
Going from a service to SaaS business model
The article points out that the 20th-century service model, where humans are both gatekeepers and producers, is all but obsolete. Humans can and should still be the face of service organisations, but much of the real work now happens behind the scenes and is directed by the end user.
That’s the essence of the service-to-SaaS transition, which is unlocking an unprecedented surge in productivity alongside deep, lasting declines in overhead.
Image By: Canva
“As we witness the digital transformation of industries, enterprises are seeking solutions that offer better efficiencies, reduce the total cost of ownership, and help future-proof them,” says David Burns, CEO of Vitech, a pension and benefits administration platform that grew from a services-based to SaaS business model. “SaaS emerges as a strategic enabler for businesses, empowering them to navigate the evolving landscape with confidence, efficiency, and a focus on customer satisfaction.”
The article adds that enterprises transitioning from service to SaaS successfully can do far more with the same resources—or less—without compromising the customer experience or choking off growth opportunities. They reach more prospects, close more sales, and ultimately have a greater impact on the world around them.
To begin transitioning from a service to SaaS model, identify core functionalities of your service that can be standardised and automated into a software solution. Then, develop a pricing and delivery model that allows customers to access your SaaS offering through subscriptions.
Building a methodical sales process
The article points out that today’s sales professionals and business development leaders have incredibly powerful tools at their disposal, from intimidatingly smart customer relationship management systems to rich, deep wells of user data. However, they still rely on their wits and intuition to close deals.
Yet human sales teams can learn something from software: that logic and repetition drive outcomes. High-growth sales teams are discovering this principle independently and deploying it with impressive results.
“Our sales process is very specific and repeatable,” says Todd Walsh, CEO of Alpha Cubed Investments, a rapidly growing investment advisory firm that attributes much of its growth to a well-honed approach to systems and team-building. “It has three components: Listening and asking questions, showing them something they didn’t know in a way they can understand it, [and] asking them if it makes sense along the way at each step.”
The article adds that, to build a methodical sales process, start by outlining the key stages of your sales funnel, such as prospecting, qualifying leads, presenting your offering, and closing the deal. Then, define specific actions and milestones for each stage to ensure consistent and replicable success.
This sales methodology works in virtually any high-touch setting with relatively high transaction values. It may need to be tailored for the particularities of the product or service on offer or the specific needs of the sales team, but that’s what good leaders do.
Image By: Canva
Growing thought leadership
The article points out that many CEOs treat thought leadership as an afterthought. This is more likely for B2B leaders in relationship-driven industries, where a small number of loyal buyers account for an outsize share of sales and revenue.
That works just fine until it doesn’t. Shifting markets or changing counterparties can threaten those relationships and, with them, company- and job-sustaining revenue.
Thought leadership is, first and foremost, a hedge against such downside risk, but it’s also a powerful growth engine for thoughtful, charismatic leaders who can leverage the full breadth of their organisation’s expertise and project their insights outward.
The article adds that, to begin cultivating thought leadership, identify a niche area of expertise within your industry where you can establish yourself as a credible voice. Then, consistently share valuable insights and perspectives through various channels like blog posts, articles, or social media engagement.
Where do we go from here?
If CEOs focus on these interventions, they can achieve rapid growth and may well move beyond their current distress.
The Mystery Practitioner is an industry commentator focusing on the shifting dynamics and innovative thinking that BRPs and turnaround professionals must embrace to achieve business success.
