Applying technology to merely increase operational efficiency and slash costs isn’t going to cut it in today’s digital era. Business leaders need to get serious about generating top-line growth by ensuring that their front-office systems are optimized to maintain and extend customer relevance.
Today’s dynamic and hyper-competitive landscape is unforgiving. Decades of automation initiatives have boosted productivity and helped reduce costs, but additional technology investments may not continue to yield expected cost savings.
Customer loyalty is typically premised on the old “what have you done for me lately.” Competition is a click, call or drive away. For many companies, the price of failing to stay relevant can be extinction.
In this environment, business leaders need to focus on innovation to spark growth and support long-term competitive advantage. That means optimizing their organizations’ systems of engagement, which have primarily focused on delivering more cost-effective ways of reaching and serving customers.
In the past two decades, we have seen many clients’ sizeable investments in sales, marketing and training technology fail to return expected improvements in performance and growth. Sales technologies in particular have been a disappointment when it comes to moving the revenue needle, at least in part because of their narrow focus. A holistic approach to revenue growth blends technology with process optimization and a customer-centric approach focused on the measurement and management of sales, marketing and service.
Without Customer Relevance, There is no Growth
It happens every day. Big-name brands that had enjoyed success for years are suddenly wrecked on the shores of irrelevance. The details of each failure story may be different, but the fundamental fact is always the same: These organizations ceased to provide value to their customers. Unfortunately, keeping pace with what customers want and need is not a one-time deal; it’s an ongoing journey that requires continuous vigilance.
Knowing more about individuals and businesses — and acting upon that knowledge — is changing the way organizations can adapt to what customers want. The trick is to learn from customers’ Code Halos — or “digital footprints”— that surround their every digital interaction and transaction, and seize opportunities to generate greater customer value. Leveraging data and Code Halo™ thinking opens the door to a conversation about how to drive growth. This discussion starts with an evaluation of the company’s performance on customer relevance, along with identification of the market segmentation, channel strategy and value proposition that ensure a company’s products or services possess and maintain customer relevance.
After completing a thorough analysis of customer relevance, turn to an examination of your effectiveness in the domains of sales, marketing and service.
Any negativity within these results likely indicates that your front-office systems are not up to the task of creating growth.
A holistic approachto revenue generation encompasses the work of assessing relevance and optimizing sales, marketing and service processes and systems. The pressing task is to diagnose the causes of underperforming areas, track them back to the underlying systems and then figure out how to fix the problem. This work is not for the faint of heart. On the other hand, the alternative is highly unpalatable.
The struggle to grow revenue is real. It’s much easier to keep going for short-term gains and the last bit of cost optimization. But these moves are unlikely to carry your organization to a dominant market position, or to keep you there.
Dramatic revenue growth is powered by a clear understanding of strategic objectives and an effective diagnosis of the underlying causes of lackluster top-line performance.
This clear insight into performance must be attained before implementing any new technology. And only those digital systems that enable and guide marketing, sales and service professionals to the right behaviors, processes and tools generate significant results.
To learn more on how to drive revenue growth, download our white paper “Sales, Marketing & Services Optimization; Strategies for Accelerating Growth” at www.cognizant.com/Dreamforce2018, visit the Enterprise Applications section of our website, or join us at Dreamforce for our workshop:
Enabling Front Office Transformation – Fireside Chat
Thursday, September 27, 11:00–12:00pm, Mascone West, Room 2010
Learn how Salesforce and human-centered digital transformation approach enables transformation through growth. Find out about real-life top line value to drive transformation of sales and marketing capabilities —for our clients and ourselves. Front Office Transformation involves a value focus as the catalyst for tangible revenue growth.
Scott Hamerink, Vice President–Customer Experience & Digital, Comerica Bank
Jay Noble, AVP–Digital Systems & Technology, Cognizant