Have you noticed how some executives fail at meeting their revenue targets? Of course you have. Just like me, they may have had a challenge in selling to multiple decision makers in their strategic accounts.
Here are 3 mistakes that I believe we all make.
Mistake #1: Making the wrong investments.
Most executives that I know, hire people who can follow their lead and invest in technologies/methodologies that they hope will work in their new environment.
The challenge with this model of thinking is that the enterprise customer has changed. The new enterprise (your top 20 strategic accounts that produce 80% of your revenues) have multiple stakeholders and each of them are operating in their own silo.
The mistake is not making an investment in understanding how people within each of your strategic accounts agree to work with each other. Understanding the dynamics of each decision maker and how they agree or disagree is key identifying new opportunities and meeting your sales quota.
Mistake #2: Tolerating outdated systems, methodologies and outdated thinking.
How often do you notice your organization has an out-of-date website, out-of-date internal measurement system or a silo culture? I see it all the time.
Mistake #3: Build to create value and to integrate easily.
Many technology or consulting firms build their products and services in such a way that it doesn’t allow for other technologies or existing methodologies to easily integrate with their solution. Years ago, we saw how Microsoft didn’t allow for other applications to integrate within their operating system and Apple took advantage of Microsoft’s policy and created a platform for developers to build their applications for the Apple store. See Microsoft’s case study. Today, Apple (in my opinion) is 10 years ahead of Microsoft when it comes to the app store.
Organizations that meet revenue targets and attract the best talent have one thing in common – they build their products/services that creates new value but also easily integrates with what the customer wants and already has in place.
I would love to get your thoughts and opinions about the 3 expensive mistakes most executives make here…