2020 saw the biggest shift in B2B buying, selling, and marketing in recent history. What was originally speculated to be a temporary pivot ended up being a cataclysmic shift in how revenue is generated in B2B organizations. The trends and strategies that emerged have permanently altered the future of B2B buying.

The biggest change to the B2B landscape over the last year has been the move to digital selling strategies. Digital is now the preferred contact and buying method for B2B buyers to do research, order products, and schedule service. And like many of the changes we have seen arise in 2020, the digital trend does not appear to be going anywhere any time soon. In fact, 80% of B2B buyers want to stick with digital interactions (remote interactions and digital self-serve) in 2021 and beyond.

Does your company have a CRO?

If you answered “no” or “not yet” that likely means your organization simply does not have someone with the title of Chief Revenue Officer (CRO) right now. You see, asking whether you have a CRO is a trick question because even if a company does not have a formal CRO role, someone is acting in the capacity of a CRO.

Every for-profit company has someone overseeing sales and marketing functions at a high-level to control the overarching revenue strategy. So, let me rephrase: Who is the CRO at your company?

Executive leaders know there is always a push to generate more profitable revenue. However, the end of a fiscal year creates added pressure as companies strategize and plan for the coming year.

Your company’s success next year depends on the planning you are doing now.

So, what does your strategic revenue plan look like for next year? Ask yourself:

• Where will revenue come from?
• How will you prune your client base and modify offerings to increase profitability?
• Can you trust your forecasts and existing sales processes, or do they need to be updated?
• How will you encourage cross-functional efficiencies between sales and marketing?
• Who will provide unbiased advice to leadership when big decisions must be made?

An effective revenue plan answers these questions and more.

How is your company performing right now? How is your team handling challenges? How are you doing?

Are you hitting a slump?

Do you know you are not alone?

Aisha Ahmad, the highly acclaimed Professor of Political Science at the University of Toronto and global crisis expert, recently tweeted about something called the “six-month wall.” She gave a name to a phenomenon many individuals and businesses have been experiencing and a face to what we can expect moving forward. In case you missed the thread, here it is:

The 6 month mark in any sustained crisis is always difficult. We have all adjusted to this “new normal,” but might now feel like we're running out of steam. Yet, at best, we are only 1/3 the way through this marathon. How can we keep going?

Turning Market Disruptions into Strategic Growth

The pandemic has led us to ask many questions.

“Are we really more productive working from home?”

“If this is the future of work, how do we keep making sales and growing revenue?”

And mostly, “How are some businesses thriving right now when so many are struggling and failing? How are they turning barriers and disruptions into revenue growth, and how can we too?”

The answer is antifragility.

The conversation happening at most organizations right now is centered around pivoting strategy to make up for lost revenue in 2020. When this is the topic, the focus is on simply getting back to neutral – filling in the hole that the pandemic caused when it upset the market this year and hoping that next year will provide an easier opportunity for growth.

But what if these sweeping disruptions could be a catalyst for growth right now instead? What if the conversation were about how much your business could grow instead of whether it would survive?

A study on remote work from Xant summarizes its findings in saying,

“Sales teams are facing unique challenges – not only are they working from home, but their customers are too. They are adjusting to remote work, fighting distraction, and also facing an out of sight, out of mind mentality with their leads and potential customers.”

In fact, their research reveals that sales teams are reporting their top challenge right now as the “inability to communicate or connect with customers.”

But salespeople are not alone.

Remember, anyone meeting someone new right now is doing so virtually.

Everyone is in the same boat trying to navigate making virtual connections with new people both professionally and personally. And while some have felt natural, like messaging potential collaborators over social media, others have not, like going on a first date via video call.

Our current normal has changed how we connect with new people. For introverts, this shift has been a welcome change, whereas extroverts have typically found it harder to adapt. However, removing the in-person aspect of making a new connection does not change the reasoning behind connecting in the first place.

Ultimately, the methods to meet new people may have changed, but why we connect is still the same. New introductions require a genuine desire to offer something of value, listening, nurturing the connection, and following-up, whether the relationship is sales-related or not. The people that aim to engage, understand, and build trust will succeed whether they are connecting with other people online or offline.

Strategic revenue development is a function of assessing your company’s strengths and weaknesses; filling in the necessary gaps; and optimizing the alignment between core strengths, internal structures, people, products & services, and marketing strategy; followed by ongoing measurement and plan adjustments.

One of the 37 Foundational Questions (FQ) in our Revenue Development Action Plan, is:

“Describe what your company is in the business of:
Delivering… making… servicing… providing…”

In essence, we want to know there is clarity and alignment regarding products and services. In the B2B market, a sales team needs the support to ensure messages are aligned and services are delivered as promised. Though it may appear obvious, too often there are dozens of versions. Marketing takes the description one direction, sales another… and neither serve the customer well.

Every business owner and senior executive dreams about having a great company. And as an engineer, innovator, and business CEO Elon Musk said,

Great companies are built on great products.” (The same could be said about excellent services for service providers.)

Yet, there is something else that is essential to success, something that has a significant impact on revenue. That element is a great product or service description. A great product or service description is essential because every business must be able to articulate clearly and appealingly what it makes, delivers, services, or provides. Without that, how would a buyer find, understand, get excited about, or purchase what is being sold?

Plenty of marketing professionals will tell you that their team is often misaligned, misunderstood, or competing against the sales team at their organization. Unsurprisingly, many sales professionals echo this same sentiment. In fact, a 2019 survey commissioned by LeanData and Sales Hacker uncovered that more than a third of those surveyed (37%) do not believe that sales and marketing are properly aligned.