Advances in technologies have created a new breed of empowered and savvy consumers. Organizations must create new routes to market to appease their demands. Part three of the four-part series explores the importance of the third critical action in Digitizing the Revenue Growth Model™, adapting the structure.
Traditional e-commerce platforms are no longer enough. Companies must optimize their channels to keep pace with industry disrupters to satisfy the modern consumer’s proclivity towards instant gratification and a more personalized buying experience. Organizations should consider new channel options such as chat, social, try and buy, freemium, click-to-buy and self-service. Digital routes to market are preferable over onboarding a traditional (direct or indirect) channel partner. Organizations must have an in-depth understanding of their customer’s buyer journey and the correlated revenue motions to determine which channels will yield the highest returns.
More complex go-to-customer models warrant a reciprocal change in organizational structure. Sales, marketing and service are now interdependent functions that power the revenue growth engine. To ensure that engine runs efficiently, many companies elect to unite these departments under the chief revenue officer. Common leadership facilitates strategic planning, tighter execution and stronger commitment to delivering joint goals. Additionally, companies need marketing, sales and service job roles to correlate with newly created digital routes to market. These roles include digital marketing managers and data scientists, as well as content, social media and chat specialists—all of which play different, yet vital, roles in revenue growth.
New advances in technology have spawned new routes to market that require updates to channel coverage, organizational structure and job design. Adapting the structure to reflect these changes is necessary to remain relevant and ultimately, profitable in today’s marketplace.
Part four of the series will delve into the final critical action, aligning management systems.