A recent McKinsey study of more over 5,000 companies that ‘outpace’ their peers in building scalable growth found three key similarities in how these firms use Go-to-Market (GTM) technology. GTM technology offers enterprises multiple development opportunities, personalized customer experiences, and drives growth. McKinsey says tech-driven organizations create 80 % more shareholder value than their peers over ten years. So, organizational growth seems to be the main advantage offered by this technology. If you’re a growth leader and wonder how you can use similar strategies to enable your company’s growth, we have three areas where you can implement it to see the best results.
1. Scaling Smart Decisions with Analytics
Growth leaders have embedded analytics into everyday processes which puts more in-depth insights into the hands of more employees. This is a challenging state to achieve, with only 21% of the respondents claiming that they provide analytics insights to sales and marketing professionals. According to our most recent report, the second top technology that companies have integrated with their CRM over the last five years is analytics and measurement dashboards, at 35%. More than this, 41% of our respondents claim that capturing intent data and lead scoring is a higher priority than it was 5 years ago.
Data and analytics must be the focal point of all organizations, regardless of the niche or industry. According to McKinsey, enterprises that leverage similar technologies notice a revenue growth of 20% compared to those that don’t.
The quickest way to achieve growth with the help of Analytics is to embed analytics into all your processes, especially in sales processes. This way, you can:
- Spot and act upon the leads with the highest value scores
- Proactively identify accounts with the highest churn risk and implement corrective strategies
- Offer the best possible pricing to new leads compared to your competitors
- Identify upselling and cross-selling opportunities
- Keep a close eye on your opportunities, quotes, and accounts that your sellers interact with the most daily, and adapt your sales strategy based on the data
However, simply integrating analytics into your sales processes is not enough. Analytics needs high system adoption rates to function as expected and deliver the desired growth results. One way to tackle this is by selecting an easy-to-use sales automation solution with predictive analytics capabilities. This way, you ensure that you don’t encounter any adoption resistance on your sales reps’ part while fully leveraging the power of analytics. Predictive analytics embedded into your sales automation tool will help you:
- Uncover insights unique to your business, even in lack of complete data
- Use accurate predictions to make better decisions and maximize opportunities
- Get dependable next-step advice that accelerates deal velocity and maximizes productivity
- With AI-enabled CRM, gain better visibility and deeper insights by utilizing external data like never before.
2. End-to-End GTM Performance Gains
Merging technology, data, and AI under an overarching, full-journey CRM system can reap enormous benefits for GTM organizations. McKinsey states that 30% of GTM activities can be automated and that Their analysis also shows that Marketing and Sales are a part of the four functional groups that, all together, will reap an estimated 75% of that impact, leading to an overall generative AI-attributed increase in sales productivity by about 3-5%.
The applicability of Generative AI in GTM technology is vast and can boost overall efficiency in different areas:
- Lead qualification through automated emails that account for both prospect data and third-party databases
- Virtual sales rep assistants that offer them clear insights into your company’s and your competitor’s product catalogs, accelerating customer interactions and helping them secure better deals
- Task automation by creating requests for proposals (RFPs) with the help of Gen AI, where technology writes the request by referencing closed-deal RFPs
- Gen AI-driven content personalization helps you cultivate better customer relationships. Such content is built upon customer data and product information to tailor each message to its best form.
Selecting an all-encompassing Gen AI-powered CRM tool is the quickest way to ensure you leverage the full potential of this technology. What can a generative AI-powered CRM do for your business?
- Tailor unique experiences for all your customers, contributing to the overall experience they have when interacting with your business
- Increasing employee experience by freeing up their schedules of repetitive tasks and allowing them to focus on higher-value responsibilities
- Boost employee productivity with the help of automated tasks and routing protocols
- Simplify processes by analyzing them and suggesting better alternatives
3. Omnichannel Engagement
McKinsey notes the importance of omnichannel engagement: “Across industries, customers use more than ten channels to interact with suppliers, up from just five in 2016, and two-thirds prefer digital or remote interactions.” Because of this, top performers are doing better at meeting their prospects and customers at the “right place, right time.”
Once again, a robust CRM seems to be the solution to leverage this GTM technology. You can streamline customer interactions across all communication channels, in a cost-effective way, by leveraging the power of a complete CRM with the proper integrations that bring all communication channels in one place. How will this help growth leaders reach their goals?
- Better engage with your customers in the long run by having your efforts span multiple channels and sessions without losing the context of the discussion.
- Increase overall efficiency by helping your employees to engage faster with your customers and prospects.
- Give your front-office teams one place to talk to customers via messaging, chat, portal, email, or voice, and ensure all conversations are part of their documented interaction history, regardless of channel.
- Lower customer or prospect frustration by eliminating the need to ever repeat themselves. Intelligent CRMs recommend mapping your communication channels more efficiently so your reps have the correct information at their fingertips.
If you’re curious to learn more about how CRM adoption can propel you among the growth champions, make sure to get in touch with us or check out our CRO Update: AI and Digital Sales Transformation guide.