Customer revenue optimization (CRO) is changing the game for sales professionals by bringing the entire revenue team together through consistent strategy, methodology and technology to deliver more value to customers and ensure higher close rates. CRO automates and augments CRM data with insights and coaching to determine the right path to success in any given deal.
How does CRO transform selling?
1. CRO provides repeatable processes
Too often, sales teams face an inconsistent sales approach. CRO seeks to establish a more stable approach. Our closed-loop Smart Account Planning process covers all critical steps for sales leaders to ensure their teams are strong across the board.
Think – Which customers are most at risk? Which have the most upsell potential? How to take both company & customer objectives into account?
Plan – How can customer teams develop integrated customer plans in an efficient way?
Act – How to sell the plan to the customer? How to monitor the sales & implementation progress of planned actions.
Review – Are the actions delivering according to expectations? Can you show results & prove your value?
In the coming weeks, we will provide answers for the above questions as we will deep-dive into each of the stages of our Smart Account Planning process.
2. Revenue growth is a company wide strategy, not just for sales
Sales is no longer the domain of only the sales team. Engaging your full customer success team is the secret weapon for revenue optimization. Optimizing revenue is a long game, and it requires everyone on the team to be connected and aligned to deliver customer-centric outcomes and revenue.
Building a long-term customer relationship will take a deeper level of company knowledge and more touchpoints than ever before. Revenue teams also need to align on each customer interaction to maximize impact. In doing so with CRO, revenue teams will acquire a deep understanding of the customer’s organization and objectives.
3. CRO balances leveraging Artificial Intelligence (AI) and meaningful human interactions
There are many tasks in sales that can and should be dominated by AI. Getting data into systems, combing through it for insights, monitoring customer interactions for clues – these are all potential AI applications to support revenue teams.
In doing so, AI can free up the bandwidth of the most powerful asset a sales team has – the human mind that can read and relate to the emotional states of the humans making the buying decisions. It’s important for companies to find a “sweet spot” between leveraging AI technology and instilling trust in their customer interactions.
Future of CRO
According to a recent report published by Aragon Research, the market for CRO is expected to grow from $431 million in 2018 to $3 billion by 2024. Moreover, by the end of year 2022, it is predicted that roughly 40% of enterprises will institute a CRO platform. Companies who deploy a CRO platform are seeking to improve their customer engagement rates while closing more deals, growing accounts & maximizing revenues.
Coming up next
In the upcoming posts, we will deep dive into CRO by explaining each of the stages of our Smart Account Planning process. Navigate to the next articles in this series:
Do you want to know more about Customer Revenue Optimization, contact us.