Digital disruption is allowing customers to engage with organisations through new-age customer touch points like mobile devices, app stores and online communities. Traditional go-to-market channels like retail stores are being replaced by new-age digital channels such as mCommerce and eCommerce and eroding traditional business models.
For example, AirBnB, a hospitality aggregator holds a valuation of USD 24 billion, ranking only 3rd after the Hilton and Marriott group of hotels.
This evolution of go-to-market channels is enforcing a change in the role of Chief Sales Officer (CSO). Greyhound Research believes forward-looking CSOs not only manage a salesforce, but proactively keep an eye on digital disruption for new revenue sources.
To share another example, Nordstrom, an American retailer reported that their order referrals from social media platform, Pinterest has increased by 79%. Nordstrom is using Pinterest to turn online content viewers into customers.
At Greyhound Research we address over 3000 enquiries (per year) from Decision Makers of global organisations and handhold them on how to best cope with such significant business model changes. Below are some of the best practices we share with CSOs.
Identify Relevant Customer Touch Points. Greyhound Research believes CSOs must evolve their business models to include both traditional touch points that drive majority of current revenue and others that can be expected to drive incremental revenue in near future. For example, productivity app, Evernote started as a web application until they decided to adopt an “Evernote everywhere” strategy thereby allowing users access across multiple touch points spanning mobile devices, tablets and now wearables.
Own Customer Experience Management End-To-End. The CSO is increasingly assuming a hands-on role in end-to-end Customer Relationship Management (CRM) spanning sales, marketing and customer service. Greyhound Research believes while deploying a CRM tool is a starting point, CSO teams must form tighter bridges with other stakeholders in the CRM lifecycle including Marketing and Customer Service.
Invest in Systems of Insights to Deliver Consistent Customer Experiences. The sales team must be backed by Systems of Insight for them to spot opportunities and predict customer behaviour. Greyhound Research believes leveraging Systems of Insights can help CSO teams deliver consistent customer experiences. As an example, Telecom operators are increasingly leveraging analytics to predict network outages and apprise customers in advance.
Work With Chief Information Officer (CIO) To Develop Secure And Transparent Systems of Transaction. In order to retain customer trust and loyalty, it is imperative for CSOs to work closely with the CIO and modernize payment systems. Greyhound Research believes CSO must not only focus making these payment systems available but work with Marketing and Customer Service team to build awareness and help customers feel secure.
As customers migrate to newer touch points, the pressure on CSOs will increase manifold. Greyhound Research believes CSOs can prepare for the future by building a nimble sales team, owning customer experience, adopting latest in technology and most critically, appreciating the need for change in the business model.
About The Author: Sanchit Vir Gogia is the Chief Analyst & CEO of Greyhound Research, an independent IT & Telecom Research & Advisory firm. He also serves as Chief Futurist, Founder & CEO of Greyhound Knowledge Group that operates under four brands – Greyhound Research, Greyhound Sculpt, Greyhound Technocrat and Greyhound Vivo. To read more about him, click here.
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