Recently, an article I wrote was featured on MarTech Advisor, a marketing technology publication, called, "Why Marketing Technology Platforms Need New Innovations to Drive Revenue and Growth," about how Expand Selling and TSIA's LAER model applies to the role of marketing. In this post, I explain how important it is for marketers to focus on finding the right technology innovations that will enable them to better drive ROI for their business and cost-effectively re-ignite revenue growth. Here's an excerpt from that article:
Expand Selling resides within the Expand phase of the LAER Model, and involves technology companies embracing new practices regarding their people, process, and technology to be successful. Although marketing technology platforms exist today that help enable expand selling, TSIA sees the need for technology companies to explore these technology platforms a bit deeper in the context of how they can enable providers to more effectively drive revenue growth with existing customers.
However, prior to technology platform exploration, we see a more immediate challenge in the industry, which is the commitment companies currently have to identifying, tracking, and analyzing new metrics that will help drive more effective revenue growth with existing customers. This commitment must come first, with investment in technology platforms following close behind.
The following provides a view into where the technology industry currently stands based on industry surveys we’ve conducted. As for marketing’s role in expand selling, we asked companies, “What best describes Marketing’s role in helping your company expand revenues with existing customers?” Only 18% of the companies we surveyed indicated that marketing was both involved in expand selling AND held accountable to specific metrics related to expand selling.
Topics discussed in this post