Overview
Revenue is the lifeblood of any organization. Without sales, no organization can exist for long.
Revenue enablement is a strategic approach that focuses on aligning and equipping sales and marketing teams with the necessary tools, resources, processes, and knowledge to maximize revenue generation and growth for a business. Depending on the organization, Revenue enablement may be called Commercial Excellence, Sales Excellence, Sales Enablement, Growth Organization etc.
Revenue enablement is key to sustainable growth. It requires end-end solutions covering market outreach, lead funnel management, competency-based onboarding, empowering and skilling partners and effective use of analytics to ensure continuous improvement. It also aims to break down silos between sales and marketing teams and enhance their effectiveness in acquiring, retaining, and expanding customer relationships.
Here are some of its key components.
Market Outreach and Lead Generation
Market outreach involves a multifaceted approach that utilizes various strategies and tools to connect with and engage the target audience and generate leads.
- Well-crafted compelling campaigns that resonate with the audience’s needs and interests attract and engage prospects through compelling messages and offers, driving them to act.
- Events provide valuable face-to-face interactions and networking opportunities, often resulting in direct leads.
- Website tools such as contact forms, pop-ups, and landing pages gather visitor information for future outreach.
- Blogs establish authority and draw organic traffic by addressing audience pain points and answering questions.
- Social media marketing leverages platforms to showcase products or services, engaging with potential leads and guiding them toward conversion.
Targeted marketing employs data-driven precision, ensuring the right content reaches the right people at the right time.
By orchestrating these lead generation techniques, businesses can effectively broaden their reach, build brand awareness, and create meaningful connections with their audience, ultimately driving growth and success in a competitive marketplace.
Data Enhancement
Yes, you heard it right! This is often overlooked or pushed down in importance. You would likely agree that data is a basic building block for strategy, execution, performance and all the simple to sophisticated business and AI models. What we do not is the situation of Garbage In = Garbage Out.
For Revenue Enablement, some of the critical questions to answer and be confident about are:
- Is your data on leads really leads or branches of existing accounts and need to be approached in a different way than new leads?
- Do you have enough information to segment the leads to make appropriate plans?
- Which leads are close to your ideal customer profile, adjacent or not relevant?
- Is your data clean? Current, correct, relevant?
- What should be your refreshing, purging cycles?
- What other data fields are available now which can enhance insights regarding your leads and customers?
The more robust and relevant your data, the better would be your insights and outcomes. ILET can help you in executing data enrichment in a comprehensive way.
Effective Onboarding
Most often your broader sales organization will have some or all these roles:
- Pre-sales
- Field Sales
- Inside Sales
- Customer Success Team
- Service Teams
- Account Managers
Having well trained folks by role is critical to running your sales machine effectively.
Depending on the industry, customer segments, offerings, sales approach, you will need a custom set of competencies for each role and levels within them.
Some questions to ponder over are:
- Do you have your competency maps clearly laid out for each role?
- What do your ideal rep competency scores look like?
- How would you measure current scores for the competencies of all your team members?
- How have they changed in line with your markets and business conditions?
- What will be targeted training/skilling per job role?
- Can you customize it based on the baseline of each team member?
- How do you use live and self-paced training effectively?
- How to make the content relevant, engaging, and conducive to consumption devices, situations?
- Do you incorporate knowledge checks, role plays, simulated scenarios, and other tools to provide contextual learning?
- How do you measure learning outcomes at the end of the courses?
- Do you have milestone certifications as a strategy? How do you assess with assurance of learner authentication, and interaction?
- Do you capture feedback and constantly tune your training?
- Are you capturing relevant metrics on engagement with your platform, adoption of your content, learning outcomes, and ideas on continuous improvements?
Partnering with us will help you address all the above and more.
Partner Enablement
A lot of companies stop at revenue enablement with their internal teams. However, most companies work with partners. These could be on the sales side as well as supply side. To put in perspective, there could be your channel partners such as resellers, distributors, system integrators, suppliers such as product and service vendors, and influencers and consultants. A lot of points mentioned earlier apply to partners too with relevant customization. We should also be aware that some partners may need additional assistance in getting on-board with your training tools and infrastructure.
Reports & Analytics
To make the initiatives in Sales Enablement strong and sustainable, data needs to be collected and analyzed constantly regarding:
- Lead generation
- Team training and skilling
- Partner enablement, and of course,
- Actual sales achievements versus targets.
Relevant metrics and dashboards need to be captured and made available to all the relevant stakeholders to provide insights on the current status and areas for improvements. This is most times easier said than done. Data may exist on multiple systems, with varying formats, refresh intervals, access levels etc. Some of the data may need to be generated using appropriate surveys, forms, and other tools. Some questions may need qualitative input from senior stakeholders.
A strong Reports and Analytics capability along with engagement with key stakeholders at regular intervals, helps bring the entire Revenue Enablement initiative from drawing boards to the core of the organization and provide the benefits intended.
How can ILET help your Sales Enablement Initiatives?
A handful of organizations can offer experience in leading and building sales teams, business teams, digital learning accelerator, marketing outreach, reporting & analytics, and many other aspects relevant for Revenue Enablement. We understand your accomplishments, your growth areas, and your pain points.
We can immediately help you with digital campaigns, data enrichment, targeted sales training content, platform management, custom reports, and enabling data-driven decision-making.
We will be pleased to collaborate and provide wings to your sales excellence journey, where every step and intervention, helps you build a world-class sales and business organization.
Connect with us to get started or propel your journey!
