Consultancy
Service Revenue Generation
Maximising recurring services revenue, from lead generation and sales prospecting through to yield management and revenue optimization.
SRG
Creating a frictionless renewal landscape is vital to optimizing recurring revenue growth, but the associated challenges can often derail that success. The association has a research and advisory practice dedicated to helping you create compelling offers, sell them effectively, and renew them seamlessly.
The Service Revenue Generation membership provides focused, data-driven research on the sales and marketing capabilities that drive revenue growth. Whether you are a traditional technology, IT and services company or an industrial equipment manufacturer, the association's insights and service revenue best practices can help you exceed your goals.
The association also helps companies gain a comprehensive understanding of their customers and develop the right sales and marketing strategy to reach different customer segments, aligning people, processes and technology so that you have the right people in the right roles.
Top service revenue challenges addressed
- How to build premium and platinum support offerings
- Benchmarking recurring services revenue against industry peers
- Implementing service revenue best practices for launching new service offerings
- Successfully connecting offers to customer business value
Where a revenue shortfall usually originates
- Your customers, including changes in the customer's environment or buying preferences.
- Your offerings: do the products and services you design and field fully meet your customers' current budgets and needs, are they sharply differentiated from the alternatives, and does your business model need adjusting?
- Competitor activities, or other changes in your external environment such as macroeconomic factors.
- Your own structures and systems: your own performance or that of partners and channels to market, the integration between sales and marketing systems, or a failure of critical market intelligence and early warning systems.
Lead generation
Lead generation campaigns put you in front of your best prospects, educating them on the issues they are experiencing and that you are capable of solving. The best campaigns combine a mix of activities such as emails, events, calling and social media into one integrated communication strategy, using both a lead generation and a nurturing approach.
The association's lead generation philosophy is centred on connectivity: linking multiple activities together that keep you in front of your target market without annoying them. The most effective lead generation engages a variety of activities, targets specific micro-segments of your client base, and employs a focused message on the business issues your prospects are experiencing. These activities have to fit your organisation's resources and culture just as much as the micro-segment you are targeting.
Sales prospecting, hiring and onboarding
Sales prospecting is more than cold calling. It is about having the right approach to grab a prospect's attention, and the confidence to reach out to people you do not know and set more first sales appointments. Prospecting keeps your sales pipeline full, and salespeople who do not see it as part of their responsibilities are a hindrance to their company, especially if the lead generation pipeline dries up.
A successful sales hiring process provides your company with the salespeople and sales managers it needs to grow and win more customers. Sales hiring is tricky: if you hire the wrong salesperson you lose the time and money invested and start again, and if you hire the wrong sales manager you may lose the salespeople you had. It can take nine to twelve months to discover the mistake, which is a lot of lost potential revenue.
Customer analysis and yield management
The association works with clients to deliver robust, data-driven segmentation of their customer base, and to identify strategic opportunities to develop new products or enhance price differentiation. Where clients want to capture new information on their customer base, it has considerable experience working with specialist market research agencies on bespoke quantitative and qualitative research.
It also has extensive experience analyzing the relationship between price and demand, and developing pricing strategies that maximize revenue given different customer segments, competitive pressures and regulatory constraints, then translating that analysis into detailed demand forecasting models and considering different pricing and distribution strategies to maximize yield across each customer segment.
Five areas of a revenue growth infrastructure
- Prospects and customers: deepening your understanding of what motivates them to do business with you, and creating detailed buyer persona documents that flesh out their pains, motivations and questions.
- Communication and differentiation: developing overarching and tactical messaging that goes beyond surface-level unique value and selling propositions, so your business is established as genuinely remarkable.
- Storytelling: creating compelling and emotional stories prospects can identify with, since building trust and overcoming sales objections requires powerful storytelling.
- Buyer's journey analytics: identifying gaps and friction along the entire journey, mapping the current state and the desired future state, and creating a plan to fill the gap.
- Sales and marketing alignment: taking a full view of all your tactics, determining where they align and where there is discord, and threading them together to avoid dissonance.
The association can also help you
- Use research to build effective strategy
- Know your members and customers through quantitative research
- Understand issues and opportunities through qualitative research
- Understand your strategic position through environmental scans and competitor research
- Strategically set a research agenda
- Make informed decisions through strategic analysis and understanding
- Use technology tools effectively for data collection and decision-making
