Three Ways Customer Revenue Optimization Will Transform Selling in 2020
CRO will change the game for sales professionals by automating and augmenting the data they already have in CRM. In 2020, business leaders will continue to realize that they can improve their sales process and will need to invest in adequate technology to do so, wrties, Nigel Cullington, VP of Marketing, Upland Altify.
Customer Relationship Management (CRM) systems can only take organizations so far. It gives the “who” and the “what’, but not the “how” and “what’s next”. Customer Revenue Optimization (CRO) has changed the game for sales professionals by automating and augmenting the data they already have in CRM with insights and coaching to determine the right path to success in any given deal. CRO brings the entire revenue team together through consistent strategy, methodology and technology to deliver more value to customers and ensure higher close rates. As awareness of the CRO category grows, business leaders are now learning that they can improve their sales process so that a larger percentage of the sales and/or partner organizations can make contributions to the revenue. In this article, I will provide three ways that CRO will transform selling in 2020 and beyond.
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1. Revenue Growth Will Become a Company-Wide Strategy, Not Just for Sales
Sales is no longer the domain of only the sales team. Your customer success team is the secret weapon for revenue optimization. As the subscriber mode of business dominates more and more industries, the value of customer success will continue to grow. Optimizing revenue is a long game, and it requires everyone on the team to be connected and aligned to deliver outcomes and revenue.
Revenue attainment within today’s B2B enterprises is also undergoing a massive change. The transition from selling products, features, and functions towards really enabling outcomes and delivering value to customers is changing the reality of sales. CRO refocuses the conversation to a true value-based and customer-aligned revenue approach. In 2020, sales teams will drive consistent revenue growth by moving away from CRM tools and making it a company-wide strategy by engaging the full customer success team.
2. Sales Teams Will Need to Find the Balance Between Leveraging A.I. and Having Meaningful Customer Interactions
Over recent years, there has been an increasing trend to pair A.I. and sales, and companies are looking to automate tedious tasks while optimizing revenue. However, along with this trend, the sales industry has developed a growing need for trust as it struggles to humanize its process. In fact, a recent Benchmark Study indicates that only 36% of customers trust the advice of employees in the company they are buying from. It’s important for companies to find a “sweet spot” between leveraging A.I. technology and instilling trust in their customer interactions.
It’s important to realize that nowadays prospect customers already know all they need to know. They have access to anything they want to know at their fingertips, whether it’s through internet searches or connecting with other customers on their experience. As a result, sales professionals should no longer actually need be selling products and/or services. They should be selling value. In today’s digital climate, sales professionals need to understand what problem a customer is trying to solve in order to sell them a valuable solution. In 2020, organizations will need to realize that trust and developing a meaningful relationship is at the core of good selling.
3. Building Trust in an Untrustworthy Digital Climate
Another emerging trend of late is a cryptocurrency with its new approach to online transactions. Its ingenuity was met with uncertainty by the industry and consumers alike. Data breaches have also become the norm; impacting a variety of industries and consumers. This, paired with access to endless amounts of information on the internet, has left vendors in the industry to deal with a high level of skepticism.
This leaves the sales industry with the daunting task of building a new level of trust with its prospects and existing customers. Building a long-term customer relationship will take a deeper level of company knowledge and more touch points than ever before. Sales teams also need to align on each and every customer interaction to maximize impact. In doing so with CRO, the sales professional will not only need to understand the customer’s organization in a more meaningful way but also have a vision into their long-term goals and objectives. Being able to demonstrate an understanding of the customer’s goals and speak their language will help to build the foundation of long-term trust.
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Sales is no longer the craft that few can master. The market for CRO is expected to grow from $431 million in 2018 to $3 billion by 2024. This represents a Cumulative Average Growth Rate (CAGR) of 39 %. CRO represents the next evolution in augmenting and automating the selling process so all members of the Revenue Team can deliver exceptional value to the customer. Sales is changing, and organizations need to change with it.
