Tech companies continue to grow their “as-a-service” (XaaS) revenue streams as they simultaneously face changing buyer preferences and engagement habits. The rapid rise of XaaS has created a new buyer journey paradigm, which follows five core stages, as depicted from the perspective of the vendor: 1) identify prospects, 2) land new logos, 3) drive customer adoption and deliver the solution’s value, 4) expand through upselling and cross-selling, and 5) renew customer contracts (ILAER).
Navigating this new buyer journey creates significant challenges for both legacy and relatively new tech arrivals. Established tech companies must evolve, often by abandoning traditionally successful practices that will ultimately hinder revenue growth in a XaaS environment. Newer, “born-in-cloud” companies must focus on expediently driving to scale and profitability by employing the right roles and enablement across the elements of the buyer journey. Both challenges are particularly daunting in the midst of increasing competition and empowered customers.
Companies need to adopt new sales strategies across the emerging buyer journey phases:
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Davis Giedt is a manager in Alexander Group’s Atlanta office.