Change and uncertainty have reshaped the revenue landscape. The best performing companies will be the ones that continuously adapt their revenue engines to capture new opportunities, as well as mitigate any downturns, says TMT Chief Commercial & Revenue Officer Raul Martinez.
Martinez will dive deeper into this topic at a presentation that will be part of the Revenue Acceleration Festival scheduled for March 24 and 25. His session is entitled “How To Adapt Your Revenue Engine In Uncertain Times.” Here’s a taste of what you can expect to learn.
Q: What leadership traits would you say are crucial for driving revenue growth – particularly in today’s uncertain environment?
To be able to drive sustainable revenue growth, a leader first needs to be able to set a clear vision with aggressive but achievable targets. Second, they need to be a great coach to lead teams to achieve these targets. In today’s uncertain environment, three traits become very important: adaptability, resilience and resourcefulness to be able not only to manage negative crises but to find and capture new growth opportunities.
Q: How do you drive consistent team performance that ensures success amongst those key teams that are involved in driving revenue – sales, leadership, marketing, customer success and enablement?
The key is client centricity and strategic alignment. This is done through communication, collaboration and accountability. Everybody needs to be on the same page on strategy/tactics and what is happening, and everybody needs to be willing to collaborate and able to contribute. Finally, everyone has to be accountable to deliver their individual output that achieves the business goal.
Q: Can you share an example of when and how you’ve adapted your value proposition over the past year to meet uncertain market conditions?
The pandemic has accelerated the need for mobile network operators (MNOs) and retailers to move to online/digital sales compounded with financial constraints. When I was at Upstream, we reshaped our value proposition to quickly address this pain point with a revenue share model that allowed fast deployment of a digital sales solution without the need to commit any CAPEX (capital expenditures) or OPEX (operating expenses).
Q: How have MNOs/telcoms fared in comparison to other sectors since the pandemic hit? How have they adapted/pivoted?
The telco industry has been less impacted than others given the need for people to communicate and to be online when working remotely. The decline is driven by a reduction in roaming revenues and, most importantly, the impact of lower economic activity reducing consumer spending. The industry had to accelerate investments to cope with the increase in demand for bandwidth, with 4G and 5G on the mobile side and accelerating the number of fibre homes passed. On the customer experience side, going fully digital has been key.
Q: Do you feel businesses should shift more focus to retention, cross-selling and upselling as a means of revenue generation, rather than new customer acquisition?
With reduced mobility and travel, the go-to-market approach for hunting new clients needs to be adapted. That can (initially) cause a deceleration in new opportunities. It’s not a shift of focus, but I would start by making sure not to lose any existing valuable client relationships. Given you already are a trusted provider, it’s also smart to accelerate upselling and cross-selling opportunities. Having said that, building the funnel is key. The sooner you adapt your go-to-market approach, the more you will be able to revitalize your future revenue.