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All of us have pesky and persistent things that we swear we’ll get to when we get time. At home, it might involve cleaning the garage or scanning old photos into digital format. You say you’ll do it, but never actually get the time.
As the initial shockwave of COVID-19 subsides, there’s a chance you’ll have some time to focus on those types of items in your work life that you know you’ve been neglecting because they didn’t have immediate priority or payback. While we acknowledge that sales leaders will never actually admit to having extra time or cycles, there’s a chance you may have some underutilized resources or people who could use a project to work on.
Consider this short list of things you might want to start tackling if you find you have some extra cycles (or have people on your team who are looking for something to do). It’s a better use of time than binging another TV show.
This post is the last in a series called “The COVID-19 To-Do List for Revenue Leaders,” and will compile and present some of the top insights from TSIA researchers and members, as they deal with the problems of the moment, and look to emerge stronger on the other side.
If you go into your CRM, you’ll find a laundry list of typical loss codes for reasons that you couldn’t close the sale or lost the renewal. These options are often vague, and include options such as “budget” or “priority.”
As sales leaders are under so much pressure to hit the monthly, quarterly or annual number, they don’t often circle back and get to the bottom of what really happened. This pandemic provides an opportunity to dig deeper.
Is there a failing with the value proposition? Was there a disconnect between the promised outcome and what was sold or delivered? Did the customer never adopt the technology, jeopardizing the renewal? Those who don’t study history are condemned to repeat it.
On the flip side, now is the time to look at your successes, beyond the marketing case studies. Look for common attributes in your successful customers.
Are there any patterns in the customers that bought from you(other than, of course, your outstanding salesmanship)? Are there verticals or market segments where your value proposition really seemed to connect?
This sort of honest, self-focused analysis will help you shape your priorities and sharpen your message as you emerge from the crisis and the green flag goes up for the race to restart.
We understand that our member companies, the technology industry, and the world at large have been impacted by COVID-19. Now, more than ever, we need to work together to get through these challenging times. TSIA is committed to providing visibility as quickly as possible into the changing industry trends and practices that come as a result of COVID-19. Visit our Rapid Research Response Initiative resource page for more information.
If you have any questions related to how COVID-19 is impacting your organization, we’re here to help.
This blog is taken from TSIA’s report, “The COVID-19 To-Do List for Revenue Leaders.” It is available for both TSIA members and non-members.
Post Date: May 20, 2020
Steve Frost is the vice president and managing director of revenue research and advisory for TSIA. He also serves as TSIA's vice president of subscription sales research. Throughout his career, he has held various leadership and business development roles at companies like Google, Netscape, and Loudcloud, helping them define their go-to-market strategy and business development tactics. Steve is dedicated to helping technology organizations grow their services, subscription, and XaaS revenue by optimizing their practices for growth throughout the customer lifecycle.
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The Technology & Services Industry Association (TSIA) is dedicated to helping technology and services organizations large and small grow and advance in the technology industry. Find out how you can achieve success, too. Call us at (858) 674-5491 or we can call you.