Revenue Enablement, Analytics &
"It doesn't matter how we got to here.
What matters is how we're going to get out of here."
RevenueTEK's Telemetry RT3 Advanced Revenue Analytics & Enablement platform helps organisations see the future, react faster, and adapt more quickly to the "new normal" by defending the revenue they have, and recovering more of what they have lost.
Thanks to COVID-19, the world we knew a few short weeks ago is gone – probably forever. We’re all now headed for a spell in the hurt locker.
But as Albert Einstein and many others have said, adversity brings opportunity. Adversity also reveals character. Extreme pressure – after all, is what creates diamonds.
Together we now face a darkness the likes of which few of us have experienced before. Misery, hopelessness, despair; we’ll almost certainly feel them all and more at some point in the coming months. But for those who can hang together, stay tough and refuse to give up, opportunity awaits when we begin emerging from the other side.
To help clients prepare and be stronger when we do come through the COVID-19 pandemic, RevenueTEK has launched a series of video based workshops that clients can call upon. These are typically 3 to 4 hours in duration and held collaboratively over video conference
Typical topics include:
Client segmentation – Ideal Client Profiling / client mapping
Client adjacencies – leveraging core competence
Competitive positioning towards Ideal Clients
Lead generation and lead nurturing
2020: The Start of a Global Revenue Reset?
When the smoke eventually clears from all this COVID-induced craziness, people will look back with a sense of nostalgia and talk fondly of the good ol' days when most of us thought a Coronavirus was something associated with too much Mexican beer. But the truth is, there wasn't a lot about the old world of marketing and sales to look back fondly on. The whole process of producing revenue was really so broken as to have been almost zombified.
From around the dawn of the Internet age in the mid-late 1990's, buyers in industry after industry along with their buying processes, began to evolve at an ever increasing rate driven by ubiquitous global communications and instantaneous access to information. Over the same period, most sellers and their processes unfortunately remained firmly anchored in the dark ages.
If you don't believe that, consider the following global benchmarking data from November 2019, just as the Coronavirus pandemic was preparing to take off in China:
Corporate revenue pipelines converted less than 2% of sales opportunities - and that number had declined by 48% since 2006.
62% of sales rep's failed to make quota and 61% of companies failed to make target.
CRM Wasn't Helping
The global CRM market was increasing by 18% per year. In 2019 companies spent $48B on CRM. Yet sales conversion and output continued to decline.
Training Didn't Work
87% of training content was being forgotten withiin 30 days. Companies spent more than ever on new training models, to little if any effect. Rep performance had never been worse.
Longer Sales Cycles
By November 2019, B2B sales on average took 34% longer to close than they had in 2015.
Anaemic Lead Flows
80% of CEO's questioned whether marketing made any meaningful contribution to acquiring or retaining customers. 74% of CSO's agreed.
Leading into the COVID-19 crisis, organizations around the world invested more money year after year trying to improve their sales results. Few were successful and even the lucky few invariably found it impossible to sustain that success for more than a few years in a row. Up until a few weeks ago, sellers of medical masks, ventilators and toilet paper were in the same boat. In spite of more than two decades of staggering investment, sales pipelines - production systems for revenue, were less productive, less resilient and less reliable than they had ever been. Coronavirus has killed some and governments around the world are trying to put the rest into enforced comas, hoping they can be brought back to life when the health crisis has passed. The truth however, was that most sales organisations were struggling for survival long before COVID-19 came along.
In 2018 $US113 billion was collectively invested by businesses globally on some aspect of revenue improvement; an increase of approximately 7% on 2017. Rather than improving however, total pipeline yield in 2019 i.e. sales productivity, declined by a further 8%. In the previous 15 years, it had fallen by 48%.
RevenueTEK is a specialist revenue risk, analytics and enablement company. We help organisations significantly and sustainably improve their revenues and profitability. By using combination of advanced data analytics, 15 years of accumulated consulting IP and what we call Marginal Gain Theory, we give our clients the technology and insight to
continually interrogate and analyse their revenue systems, isolate and prioritise their issues and respond optimally.
Between 2005 and the start of 2020, some of the world's leading and most innovative companies delivered average year-on-year increases in their sales output of 24% - the equivalent of doubling revenue every three years. In many cases their profits trebled or even quadrupled. Click here to see how.
From mature businesses in commoditised industries looking for profitable new revenue streams; to early stage businesses seeking to leverage their first successes in one region into others; to Fintech's and other startups with great ideas but uncertain or non-existent revenue models; to some of the world's most successful companies looking to get every last ounce of "juice" out of their marketing and sales machines. RevenueTEK has worked with them all.
"We won't go back to normal, because normal was the problem."
In the decade preceding COVID-19, organisations around the world invested countless billions of dollars every year on training, CRM and all manner of other sales-improvement technologies and methods. Between 2006 and 2017, $US210 billion and $US260 billion respectively were spent on CRM systems and sales training, and at least that combined amount again on a combination of Marketing Automation, sales and marketing analytics, recruitment and revenue-related consulting. In the last 15 years, something approaching $US1 trillion has been invested by companies around the world in repeated attempts at improving their revenue and margin performance.
Most of that money had disappeared down the toilet long before COVID-19 came along. Over that same period, revenue conversion - the effectiveness of pipeline or funnel conversion, declined by 48%. From 3.7% in 2006 to 1.9% in 2019 - a 6.2% year-on-year reduction, which is staggering compared against the 17% and 8% compound annual increases for CRM and training respectively. While the CRM and sales training industries expanded by factors of seven times and three times respectively, the very problem they were and are supposed to be addressing got worse, not better.
Of course the Coronavirus pandemic will now leave businesses around the world facing a commercial equivalent of nuclear winter. But as with the systematic decimation of public health and other essential systems, it matters little how we got to where we are now. Inquiries and post-mortems can assess the causes and allocate blame in due course. What really matters, is what we're going to do now - to dig our businesses, our livelihoods and ourselves out of the hole we've found ourselves in. How we got here is far less important now than how we get out of here!
Marketing and selling won't be any different. While most external risks such as environmental degradation, cyber-attacks and political instability have been pretty well researched for some time, the risks to corporate revenues remain nowhere near as well understood or adequately measured or managed. Many say that the disaster we now have on our hands courtesy of COVID-19 could not have been imagined much less predicted, but even that's not true. The signals have been blinking red for some time, from the increasingly woeful marketing and sales benchmarks to Bill Gates now famous speech to TED in March 2015. Marketing and sales organizations have employed more and more technology, but still relied on "experience", semi-educated guesswork and gut-instinct for decisions on how and where that technology was deployed. And serially ignored signal after signal that the system was in danger. In spite of access to more data and advanced analytical tools than at any time in history, analysis and understanding of revenue risks or the true cause-and-effect relationships between tactical interventions and customer reactions remained almost non-existent, still largely driven by subjective interpretations of what customers and clients appeared to do rather than objective data-informed analysis of what they actually did do, when they did it – and more importantly, why.
COVID-19 is going to change so many aspects of our lives in ways we could never have imagined even a few short weeks ago. Many businesses - even whole industries, will disappear forever, to be replaced by we know not what just yet. But one thing we do know is that for businesses to survive beyond this enforced hibernation period governments around the world are trying to engineer, we will still have to sell. But we will have to do it a whole lot better than we used to. Those that do will not just survive - they might even thrive. Those that don't will perish.