Digital Revenue Growth: A Watershed Moment - Part 2
Europe revenue leaders participated in a session to conclude Alexander Group’s Digital Virtual Roundtable Series – Digital Revenue Growth: A Watershed Moment.
Similar to their counterparts in North America, comparable themes emerged. Companies are advantageously using recent events to materialize the digital operating model. The technology stack is being gradually constructed. And change adoption campaigns are on the forefront of leaders’ minds.
With fewer participants in Europe’s session, the conversation quickly transitioned to a tactical harkness discussion–primarily focusing on quick wins and current successes. The highlights include:
1. Marketing’s mixture of social presence and virtual events is immediately establishing communities of interest
- The communities include buyers (new and existing), influencers and internal revenue team members. One participant highlighted, even in their infancy of conducting virtual events, they are amassing over 400+ participants per event.
- As mentioned above, these communities are attracting internal stakeholders as well. Companies are providing additional platforms for their own sellers, product evangelists and market specialists to engage customers directly through social, virtual events and demos.
- From our polling during the roundtable series, 55% of participants are investing in digital marketing managers, while 26% are investing in both, content and social media specialists.
2. Adoption of virtual collaboration tools is accelerating as customers realize benefits and sellers adapt their skillsets
- Participants highlight efficiency gains from no travel, immediate access via video and flexible executive sponsorship. All which are leading to more frequent customer touchpoints.
- Slow at first, digital sales skills are being learned–sellers are adapting their account relationship and storytelling competencies for the virtual world. Some participants suggest loss of in-person behavioral aspects impact effectiveness, while others are succeeding in maintaining meaningful relationships.
- Poll results included, 59% of participants have included digital collaboration tools into their technology stack and 88% of participants strongly or agree that the field role is changing in light of digital transformation.
3. Executive sponsorship fuels change, ensuring organizations fast-track their digital revenue transformation
- Companies furthest along their digital revenue journey, or First Movers, are spending 2x more on technology (or 1.3% of revenue). With this type of investment, leaders expect results–First Movers are 3x more likely to achieve their revenue targets based on our research.
- Top down messaging resonates when leaders use the tools. Participants highlight further adoption when executives use video or web platforms for virtual town halls and video memos.
- Digital roadmaps include short-term investments, including tools like collaboration, marketing automation, L&D, and data visualization, along with long-term investments like digital customer engagement platforms, self-service portals and virtual partner solutions. Increments to budgets require executive buy-in and continual proof of ROI.
- 45% of participants in the series highlighted that executive sponsorship is the most effective change adoption tactic. Sustained communication and manager coaching tied for second with 19%.
As a final takeaway from the roundtable series, the digital revenue transformation will continue. Organizations that accelerate the change–establishing executive buy-in, investing in digital talent, and building their technology stack–will be the most successful.
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