How to build responsive strategies for new business realities
New market conditions require a new business approach. This is as true of fraud prevention that evolves with emerging tactics as it is with the growth and retention priorities sales and customer success leaders are looking at. This webinar discussion focuses on the ways sales and operations leaders are responding to new environments, and gives fraud leaders a window into the business changes other departments are making.
As part of the Emailage, a LexisNexis Risk Solutions Company virtual event series Anthony Enrico, VP of Sales Operations at Emailage and Dharmesh Singh, Founder of Fullcast.io talk about the pivots teams are making to respond versus react to this new marketplace.
How can teams can be proactive about the “new normal” and shift strategies effectively?
Anthony Enrico: This is one thing that remains constant regardless of what’s going on in the marketplace. What can you do to make sure that you’re growing your business as much, and as quickly as possible? And that may come in different forms, but I think in general, that’s that’s always the goal. Retention and focused on doing everything you can to make the most of proven strategies of verticals you perform well in and really kind of bunkering down into something that, you know, you can do well.
Dharmesh Singh: We have to retain our customers. That’s taking a higher priority. And then, of course that alone will not do. We need an aspiration and a focus area.
So identification of verticals that are still growing — really fast — and which of those verticals are perhaps not performing at the same level.
How can you respond to the critical issues we’re facing right now?
Anthony Enrico: Look inward at your customer base and see what you can do to retain them. I think I’d say even from an economic perspective, it’s much more efficient to work with your existing customers than to acquire new customers. So that’s step one.
The next thing is retooling the plan. If you have an opportunity to allocate resources in areas of the business that are performing, move quickly on that. This is not something that allows for three, six months at a time to plan for the following year. It’s something you have a matter of weeks to pivot to or else you may be missing some serious opportunities or exposing yourself to a lot of risk. So efficiency and agility is important.
Dharmesh Singh: Another situation is that reps are anxious because the segments are changing. What about the quota they had? It’s basically a moot point. Teamsare saying, “Well, we’re going to reset some quota.” To retain the best talent requires a lot of transparency. For many organizations still figuring things out — that’s hard to give.
Anthony Enrico: It’s something to highlight that people underestimate: the cost of attrition of your team. There are companies that are better expanding and growing during this time and they’re going to be looking for your top performers. So, you absolutely want to do what you can to maintain them. Just think about the amount of time it takes to get somebody familiar with your product. A lot of studies show it takes nine to 12 months to get somebody ramped up. So the cost of attrition can be higher than people expect.
Dharmesh Singh: That’s the biggest risk to the company not just losing the customer… losing some of the best talent.
What can we do to win out there?
Dharmesh Singh: Remember, some of the best companies were built during a recession. IBM started in the depression. So there’s an opportunity there.
Yes, you also need to be cash conservative. But just focusing on cutting costs wont help you win in the long run. We’re seeing companies asking, “where can we double down to invest in the right areas to grow?”
And, “can we invest by automating a lot of things or are we going to play offense?” This means investing to enhance current products and being deliberate about strategies to gain more market share and leadership in those areas.
Anthony Enrico: It’s really about allocating your resources to areas that are growing most. And with that, you have to take an honest look at your product offering. What can your business can offer? What are your competitive advantages?
Where’s your team’s focus?
Anthony Enrico: Making the pivot with speed. The right tools really need to be able to do this quickly. Drive digital transformation with your go to market team. A lot of planning often happens with spreadsheets flying around and a lot of manual work and stuff that takes too much time to take advantage of the opportunity.
What immediate change have you made?
Dharmesh Singh: We identified verticals that we were going to go after and verticals that we are not going to touch.
Anthony Enrico: We immediately came up with a process to have some flexible policies for our customers. So we’re doing everything we can to make sure they’re taken care of.
What’s normal going to look like for you in the future?
Anthony Enrico: I don’t know if there ever is a normal….I think the new normal will be consistently and continually adjusting and fine tuning your plan to meet whatever is happening in the marketplace. I think the rate of change is going to continue to increase and your ability to react to that is going to become increasingly more important.
Dharmesh Singh: We are already in the new normal. Everyone is just adjusting to the new mode: distributed workforces, constant disruption. Essentially the future go-to-market strategy is one you’re constantly re-tooling and refining.