Business Development Earns 170% Revenue
Situation at Hand
Growing revenue requires a high level of skills, tools, and experience. For many companies, the biggest struggle is growth. For instance, the company, an airline IT solution provider, was struggling to grow revenues from accounts after an initial product sale. Then, the initial sale generated implementation and license fees, but the company struggled to upsell additional products and services or to cross-sell other products, so a new aerospace business development plan was necessary.
Problem to Solve
The necessary skills were not there to create relevant service offerings, identify potential incremental products that could be upsold to customers, and build relationships with key clients. With a lack of a value-based proposal and strategic account management, the company was soon going to lead themselves into stagnation of little revenue growth.
Approach and Solution
The task was to develop and drive a long-term revenue growth strategy. To explain, the current staff thought in terms of product functionality and tactical responses to RFP’s rather than understanding a particular client, building long-term strategic relationships, and focusing on the value that products and services can deliver to a particular customer. To begin, we implemented a best sales practice and account management processes. Along with that, templates for analyzing opportunities and accounts were introduced.
Furthermore, we implemented a staff development program to develop the necessary skills needed to build long-term strategic, transformational relationships with key clients. In particular, it emphasized the selling of products on a SaaS transactional model rather than a license model. In this case, we created two categories of service offerings; generic service offerings that could be offered to all customers and a customer specific service offerings. Essentially, this helped the client identify which additional products and services to upsell after an initial product sale. Lastly, a Health Check was created to identify improvements in which a customer was using its services or products. Overall, these steps improved the aerospace business development for the company.
120% revenue growth…from a multi-year contract with a global online travel agency
50% annual revenue growth…through a focus on strategic engagement with C-Level executives