[Webinar wrap-up] 5 Keys to Accelerated Lead to Money
July 23, 2015
Peter O’Neill, Vice President, Research Director, Forrester Research and Laura Roach, Senior VP Marketing and Customer Success, OpenSymmetry shared valuable information on aligning the customer buyer journey for a holistic approach to accelerate Lead to Money in a recent live webinar.
Compared to a mere 65 years ago, our world, the marketplace and how customers navigate a purchase, is almost unrecognizable. We have moved from a very narrow channel environment, with limited products and services, offset by outstanding personalized customer service to today’s multiple channel purchasing options, unlimited products and services, yet distant, detached, if not sometimes-negligible customer service. It is no wonder companies often struggle to cover all the bases.
The answer is simple. As our world and marketplace becomes more global, our approach to meeting the expectations of customers must also become global. Organizations must look at their business processes holistically and examine the end sale through its entire journey.
The journey beings when customers are triggered to discover more about a product and/or service. In our global world of abundant information that is readily available, customers are able to explore brands, opinions, and purchasing options through a plethora of sources. As a result, this has allowed the decision-making and buying process to be more specific and more tailored to the needs and desires of the customer. The purchasers of the product and/or service then use and formulate initial and ongoing opinions and when questions arise, at any point in time, they may ask for help or support. Engagement is also a huge component, especially as the customer develops opinions and discusses those opinions with peers and colleagues.
Ultimately, this lifecycle represents every facet of your business from sales to marketing, customer service and support as well as operational and leadership processes and practices. In the end, allowing your organization to align the customer buyer journey.
How does your organization stack up?
On a scale of 1-5, with 5 being streamlined and automated processes, extremely efficient organization, consistently repeatable success, highly skilled people and self-improvement to a chaotic, unstructured organization, where does your business fall?
In other words, how does your organization stack up on the Sales Performance Management (SPM) maturity curve? It is not uncommon for most organizations fall between a 1.5 and 2.5, meaning they are still in that operational and survival state. What does this mean for you? It means your company has untapped potential for exponential growth and profitability.
Lead to Money is the holistic strategy that your organization can take to reach those goals and achieve your definition of success. Lead to Money aligns people, processes, and technology. It is a comprehensive and circular application that has the potential to impact every aspect of your business. If you take a siloed approach of maximizing the potential of one facet of the business, it will not be enough to sustain your business in this highly competitive marketplace. As a result, your organization must look at all areas to see how they can work together. It is building that peloton and working together to achieve a common goal. In the end, the peloton always wins. Achieve More, Make More – Sell Smarter, Sell Bigger.
The webinar dived deeper in components of a Lead to Money solution so your organization can grow and drive results. These components include:
- Marketing Automation: Generate high-quality leads with rich intelligence about what buyers are doing and when.
- Establish Quotas and Territories to Measure Performance: By defining a territory as a set of accounts within a certain industry and size, you establish which products are sold and how to set quota.
- Get New Hires Productive - FAST: How can you track progress, establish accountability and ensure success?
- Create Workflows and Processes to Ensure Productivity for New Hires: Workflows manage employees through each step until they are ready to contribute fully to the organization.
- Configure, Price, Quote & Contract Management: Automate proposal generation and cross-sell, up-sell opportunities for a positive impact on margins – all from a mobile device. One Forrester research report shows companies using a Contract Lifecycle Management system have seen an increase in customer renewals to 73%!
- Incentive Comp: Develop incentive programs that drive behaviors and revenue that lead to more closed deals while reducing errors in payouts.
All of this needs to be linked by a targeted incentive regime that drives it all together.
So, where should your organization begin? Start with your customer and understand their journey, which encompasses:
- Know your challenges
- Know where you want to go (Future Visions)
- Take a structured, holistic and integrated planning approach
- Understand what success is and how to measure it
- Engage key stakeholders early and often
- Understand communication and training requirements
- Know your change capacity and risk mitigation
At OpenSymmetry we have been working with clients for over 10 years dedicated on performance management. We have seen the benefits referenced by the analysts’ research and that be turned into real results from over 1500 OpenSymmetry solutions across 17 industries globally.
Leveraging comprehensive and robust technology like CallidusCloud and best practices on your business processes with OpenSymmetry’s Future State Road mapping, will put you on a trusted path to the top.
For any additional questions, please schedule a meeting with one of our experts. Click here to learn more about how OpenSymmetry and CallidusCloud can help you transform you business with the full Lead to Money framework.
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Webinar: 5 Keys to Accelerated Lead to Money