The internet is a rich source of information and is used by buyers to research new applications and offerings well before ever engaging a vendor and salesperson. Along with massive growth in offerings, this is a major reason why sales teams are facing increasing challenges to successfully sell and attain targets.
With the emergence of multiple selling channels and the rise of the subscription model, the need for a unified approach to revenue planning and execution should be a priority for every organization. As I have written about in my analyst perspective Revenue Management: The Opportunity for Innovation and Optimization, this need to unify the approach and focus on alignment across all revenue supporting teams in furtherance of an organization’s objectives and targets is of key importance to ensure that teams handle different aspects of a customer’s journey and experience. And, as I will further discuss, this alignment between groups is rarely a happy accident but rather the result of forward-looking, continuous planning.
The annual Ventana Research Digital Innovation Awards showcase advances in the productivity and potential of business applications, as well as technology that contributes significantly to the improved processes and performance of an organization. Our goal is to recognize technology and vendors that have introduced noteworthy digital innovations to advance business and IT.
As mentioned in my Analyst Perspective, Revenue Performance Management: Leadership and Operations for Optimal Outcomes, there is continuing pressure on sales leaders to deliver against sales targets in increasingly competitive markets. Among the various levers that sales leadership can use to support these efforts, are applications and processes that best position sales teams to achieve targets, such as planning and allocating territories, establishing quotas and devising incentive compensation plans supportive of organizational revenue goals. Once in place, continuous monitoring of lead-to-opportunity progress and pipeline health can aid in identifying areas for improvement as well as solidifying sales forecasts to better indicate gap-to-target issues and necessary adjustments to territories and compensation incentives.
There has been a lot of market activity around vendors offering sales-forecasting products (or functionality to address sales forecasting) as part of a wider technology offering for sales and revenue management. As I have discussed in my Analyst Perspective: The Art and Science of Sales from the Inside Out, the pandemic accelerated the prior trends that are now forcing sales leaders and sales teams to reexamine traditional notions of how B2B sales are conducted. In addition, with the rise of the subscription business model and digital e-commerce, a more holistic approach to identify where revenue is coming from and how to manage and optimize a predictable revenue stream is becoming a pressing need. I cover the basic premise of this management of revenue streams in my Analyst Perspective: Revenue Management: The Opportunity for Innovation and Optimization.
As laid out in my recent Analyst Perspective, Revenue Management: The Opportunity for Innovation and Optimization, revenue management is a new way look at generating and managing the top line. It unifies multiple sources: the traditional focus on new customers to existing customers as well as all types of revenue from new, additional channels. This could include customer retention, upsell and cross sell, in addition to other selling channels such as through partners or digital sales channels like e-commerce and subscriptions.
As I have discussed in my Analyst Perspective, The Art of Sales, from the Inside Out, the challenges facing direct sales leaders are not going away. Declining quota attainment, lack of visibility into deal health and difficulty in forecasting quarterly sales remain a challenge for sales leaders, resulting in a continuing reduction in duration of tenure.
The current pandemic has disrupted many of the traditional sales methods used by field-sales organizations to engage, and sell to, buyers. In an effort to provide help, many vendors have recently announced new features that focus less on the management of sales organizations and more on tools to help salespeople sell. This has been coupled with a renewed interest in using data to help with the science, alongside the art, of selling, as referenced in my AP: The Art and Science of Sales from the “Inside Out". Oracle has called this new emphasis “Responsive Selling,” with an aim to harness data and machine learning (ML) to aid sellers in this new, challenging environment.
Ventana Research recently announced its 2021 research agenda for the Office of Sales, continuing the guidance we’ve offered for nearly two decades to help organizations realize optimal value from applying technology to improve business outcomes. Chief sales and revenue officers are experts in their respective fields but may not have the guidance needed to employ technology effectively. As we look to 2021, we are focusing on the entire selling and buying journey and the applications that simplify interactions throughout the customer experience.
Topics: Sales, Analytics, Internet of Things, Data, Sales Performance Management, Digital Technology, Digital Commerce, AI and Machine Learning, mobile computing, subscription management, extended reality, intelligent sales, partner management
Although historically there has been a hard divide between what are colloquially called “Inside and Field Sales,” changes over the last 10 years have narrowed the distinction. The pandemic has only accelerated the path to unifying sales activities commonly performed to engage buyers and customers. Characterized by a very disciplined and controlled endeavor, inside sales teams have been heavier users of technology. This has enabled more productive engagement including emails and calls, as well as provided techniques such as gamification to set competitive internal dynamics that help motivate sales professionals.
Topics: Sales, embedded analytics, Analytics, Business Intelligence, Collaboration, Internet of Things, Sales Performance Management (SPM), natural language processing, AI and Machine Learning, intelligent sales, sales enablement