Despite changing markets, inflation, and a looming recession, revenue growth remains the number one priority for CEOs. However, the focus is on building sustainable revenue rather than high-risk strategies. According to The Alexander Group, 70% of sales leaders agree their organization is taking fewer risks. This has many leaders looking for revenue resilience.
What is revenue resilience? Simply put, it’s being able to identify top opportunities and potential threats to revenue streams to ensure revenue is stable during times of uncertainty. Many organizations adopt resilient revenue strategies to find ways to thrive in recessions and changing markets.
How can sales leaders leverage the right tools, relationships, and insights to build resilient revenue strategies? We’ve rounded up the top 5 ways to create resilient revenue strategies.
1. Invest time and effort into the right relationships
With so many hours in a day, sales leaders and sellers must prioritize existing client and prospect relationships that will deliver revenue. Loyal customers are most profitable and predictable. A repeat customer is more likely to buy with you again, having invested time and effort into your organization.
When it comes to new relationships, sales leaders must identify which prospects can be nurtured and developed to yield results and prioritize these relationships. To create resilient revenue, sellers and sales leaders need an optimal mix of most-important, longstanding clients and high-potential growth clients.
2. Leverage technology to improve processes
Creating predictable revenue is dependent on allowing the sales organization to focus on what matters. Implementing the right technology and tools allows sellers to prioritize relationship building while streamlining administrative processes.
In a Gartner survey, CEOs cited artificial intelligence as the new technology that will most significantly impact their industry over the next three years. Moreso, 80% of leaders and sales ops professionals say AI has improved the use of seller time.
Bringing in innovation to help solve business problems can help sales organizations stay on top. In these changing markets, it’s time to utilize technology in your sales planning and compensation processes to build the foundation to create resilient revenue.
3. Create productive territories
Achieving balanced territories is just as important as deepening and sustaining client relationships. Determining the deployment of sellers across territories and clients is a difficult decision sales leaders make. Matching sellers with the needed skillset to succeed in a territory is becoming more and more important. In these changing markets, it’s imperative to find the right balance between territory balancing and maintaining existing relationships. How do you get started? A sales planning solution can help narrow the range of decisions with a focus on the most pressing and critical.
4. Develop omnichannel deployments
B2B customers prefer an omnichannel capability. Nearly 75% of sales organizations that sell with seven or more channels gain market share. For sales leaders, an omnichannel strategy is a path to market share growth and a way to meet customers where they are. No matter size or industry, having an omnichannel strategy streamlines customer experiences across channels and creates consistency with each interaction. The more channels a sales organization deploys, the bigger the market share gains.
5. Embrace data to make informed decisions
Gone are the days of relying on gut instinct. Leaders of all kinds need to be making data-driven decisions. It is also important to ensure the data is clean and up to date. While the need to collect and provide data is often viewed as a burden, the quality of the data is ultimately reflected in the quality of the sales performance. Leveraging new tools, like a sales planning solution, are effective in organizing data and providing the right insights needed to make decisions.
Achieving profitable and predictable revenue growth requires both resilience and balance. Resilience is necessary to respond and adapt to changing business circumstances. By using any of these 5 tips, your organization will be better equipped in building resilient revenue.
Looking for more ways to drive sustainable growth? Download our latest eBook Helping Revenue Leaders Drive Growth for actionable steps to ensure leadership success.
