Is your B2B business losing revenue because of how your people work together?
I’ll bet it is.
Because if your sales, marketing, and customer teams are chasing their own targets and pulling in different directions, they’re not focused on what matters most: driving revenue for your company.
That’s not just bad news for your bottom line; it’s bad news for your customer relationships. Because disconnected teams can’t offer a connected customer experience.
But I’ve experienced an alternative to this. It involved creating a team dedicated to driving revenue, and it delivered dramatic results. I’m convinced this same approach can work for any B2B business.
Let me explain.
Company revenue before individual targets.
Years ago, I worked for a company in a senior marketing role. Following a strategic review, we were tasked with hitting an ambitious yearly revenue target.
It seemed like the perfect opportunity to rethink how we worked together. Which led to us creating a single team completely focused on driving company revenue.
We didn’t call it a Revenue Team at the time, but that’s what it was.
It featured people from sales, marketing, product, and data. And collectively, we scrutinized every department’s spending, pricing, and strategy for opportunities to improve.
For instance, we realized our margins were too low on certain product lines, which was losing us money. So we quickly adjusted our prices. We also used insights from our data team to identify our most valuable customers. Then, we devised strategies to target those customers more effectively to drive engagement and loyalty.
By working as a single team, rather than disconnected departments, we made a host of other big wins. Not only did we hit our yearly revenue target, we found a proven, permanent model for the long-term growth of the business.
This same model can work anywhere. And if you’re looking to get started, here’s the three things you should know.
1. Change starts at the top.
Your leaders have to be 100% behind the idea of a Revenue Team. Or it just won’t work.
In the scenario I mentioned above, we had a supportive CEO and President who made it clear the business revenue goal came first, not individual targets. And that gave everyone the confidence to fully commit to the process.
It’s also important for leaders to give a Revenue Team the autonomy to create and execute a plan. This requires some relinquishing of centralized control, but it’s essential the team feels supported and empowered to make decisions.
2. Leave egos at the door.
Collaboration is integral to a strong Revenue Team. So at the start of the process, think carefully about the personalities you’re putting together.
After all, you’re asking people to put company revenue ahead of their own targets and priorities. Not everyone will be comfortable with that, so you need a group of people who can focus on the bigger picture, acknowledge the merit in competing ideas, and frankly, just get on with each other.
3. Create a culture of honesty.
Honesty lies at the heart of a Revenue Team. And that’s because in the act of prioritizing company revenue, team members must look under the hood of every department (including their own) and be open about what can be improved.
Long-established processes might need replacing. Entire strategies might need reworking. And as part of these reviews, departmental leads must be prepared to acknowledge (and then support) any changes to their current ways of working.
None of this is easy, but an honest team open to change is far more likely to succeed.
Building a Revenue Team: it’s easier than you think.
From driving revenue to maximizing customer lifetime value, I’ve seen the impact of a Revenue Team first-hand. And while it’s not something that can be introduced overnight, it’s easy to get started.
With Our Fluid Talent team, we can embed marketing specialists in your business who act as your own Revenue Team — for as long as you need. They can also equip your business with the skills and best practices needed to form your own Revenue Team.
To find out more, get in touch with us today.