The pressure to improve returns on technology, deliver a single customer experience, and sell remotely is forcing owners, CEOs and growth leaders to transform their commercial models and reconfigure their sales, technology, and growth assets. There are six forces driving this reconfiguration of sales, marketing, and services to become more digital, data-driven and measurable.
THE SIX FORCES TRANSFORMING THE COMMERCIAL MODEL
The confluence of these dynamics will accelerate the digital transformation of selling. And the constraints they impose on sellers will force them to reimagine their technology portfolios and management schemes in ways that unlock the full potential of digital technology and advanced analytics to increase firm value and improve firm financial performance. For example:
- The growing size, complexity, and cost of the sales and marketing technology portfolios are forcing businesses to reconfigure, rationalize, and connect them to value. This will lead to interconnected growth technology ecosystems that focus previously siloed technologies on supporting value creating sales and marketing activities. This focus on value will dramatically improve the return on selling assets.
- The challenges of managing displaced, digital, and disconnected revenue teams is accelerating investment into technologies that improve the visibility, speed, engagement, of remote revenue teams. This will lead to lower selling costs and improve the digital customer experience.
- A new generation of digitally savvy and data-driven growth leaders is emerging. They will be tasked with forging sales, marketing, and service silos into high-performing revenue teams that focus on growing customer lifetime value. This will compel them to reconfigure their organizations, incentives, workflows, and technology strategies from the top down to facilitate the change needed to make that vision a reality.
- Expanded work at home policies and the elevation of millions of millennials into management and buying roles have pushed “new school” digital buying behavior into the mainstream. This is forcing traditional face-to face selling teams to shift engagement to digital, social, text, and online collaboration platforms and deliver faster answers, better content, and more personalized solutions.
- Boards and CEOs are demanding their managers prove and quantify the financial contribution of expensive and often underperforming digital technology investments to the business. 60% of CEOs are putting pressure on their CMOS to prove the value of marketing.23 This is forcing growth leaders to reconfigure their technology and data strategies in ways that increase firm value and financial performance.
- A revolution in advanced sales analytics and the rapid emergence of huge sales engagement data sets will make advanced analytics the primary driver of value creation and sales productivity gains over the next decade.
These six dynamics will compel business leaders to finally transform their commercial models. And the financial, performance and behavioral constraints they impose on sellers will force them to reimagine their technology portfolios and management schemes. This promises to unlock the full potential of digital technology and advanced analytics to increase firm value and improve firm financial performance, and will lead to a golden age of selling technology
You can learn more about the six forces transforming the commercial model and ways your organization can accelerate growth and transform selling by reading the entire the 21st Century Commercial Model study.