Despite the initial fears that the pandemic would cause the home improvement sector to crash, demand has been steadily growing over the past year. The housing market has created an exciting scenario where home prices are rising, and there is a shortage in available inventory.
The result is that the sudden trend of home renovation that experts feared would vanish with the end of the pandemic shows no signs of stopping.
The best way to take advantage of this market opportunity and scale growth is to move from customer-centric sales enablement to customer-centric revenue enablement.
Many companies throw resources at functional silos, resulting in waste, redundancy, low ROI on technology, and a poor customer experience. To tackle these problems and capitalize on the current influx of opportunity, industry leaders are turning to revenue enablement as a framework for strategic decision making.
The increased demand for supplies and services is good news for everyone that operates in the home improvement industry, if they figure out how to capitalize on these opportunities – particularly when the supply chain is a challenge.
The best way to take advantage of this market opportunity and scale growth is to move from customer-centric sales enablement to customer-centric revenue enablement. Many companies throw resources at functional silos, resulting in waste, redundancy, low ROI on technology, and a poor customer experience. To tackle these problems and capitalize on the current influx of opportunity, industry leaders are turning to revenue enablement as a framework for strategic decision making.
Unlike sales enablement, revenue enablement looks at the entire customer experience. Rather than focusing resources solely on the sales and marketing team, leaders are now providing the necessary coaching, training, and content to all teams and individuals involved in making the customer journey cohesive. Abandoning single functions and moving towards multiple departments working together helps minimize redundancy, closes bottlenecks, and improves the overall return on the resources spent.
The reality is that consumers are using multiple channels in their buying process, so it’s essential to minimize barriers to make the buying process as easy as possible. To achieve this, companies need to share customer data amongst departments to maximize revenues at all stages of the customer journey. By using revenue enablement, companies can select the most beneficial technology across numerous departments rather than throwing money at individual divisions and realizing low returns.
To maximize revenue growth and customer acquisitions during this increased demand, market leaders are focusing on carefully analyzing existing organizational systems and making investments that will benefit the entire customer journey in the following 6 areas.
Integrating your entire commercial process, your customer journey, and investments that differentiate your customers’ experiences is fundamental to selling in the new market reality that has rapidly turned digital.
Switching to revenue enablement allows your entire company to take a more customer-centric approach to revenue growth. Transitioning to this holistic approach is relatively straightforward, requiring an initial assessment of existing organizational systems, identifying problem areas, and finding a comprehensive solution. This is true for all of the resources used in revenue enablement, including technology, training, and content.
Answer this: What would your company integrate to move toward revenue enablement?
What happens to the information gathered about customers by your in-home salesperson? Is it available to installers through a touch or click? Does it inform ordering and manufacturing decisions? Are support and service personnel able to access it to upsell or cross-sell, or to troubleshoot issues? Is it available in a data lake or data warehouse for analysis & AI?
Instituting more centralized management and stewardship for enterprise data, technology, and content assets is essential to executing 1 to 1 personalization, consultative selling, customer insights, and account based marketing (ABM) capabilities at scale across your organization.
Providing the best customer experience requires customer information to be shared seamlessly between departments. However, many organizations have systems that do not talk to each other, resulting in redundancy that adversely affects the customer experience.
Answer this: Which of your systems need to talk together to centralize data management?
The first step in evolving your technology approach is to take an inventory of all of the various solutions used by the sales, marketing, and customer service teams for in-home selling, product configuration, manufacturing, and installation. This includes an organization’s visual CPQ, CRM, ERP, DAM, and internal systems that directly influence the customer journey and generate revenue.
After these technologies are inventoried, the organization must analyze the functionality of each to identify areas of redundancy and gaps based on your commercial processes and customer journey. Armed with this information, organizational leadership can then begin to create a plan to eliminate these areas of redundancy and fill in any revenue gaps. This could mean expanding the use of one technology across multiple departments or finding a new technology altogether to meet the organization’s needs better. Often a key challenge is meaningful data exchange. For example are the product inventories and configuration options accurate, consistent, and complete across all relevant departments and roles?
By focusing on enablement technologies, you will help your teams serve customers better, giving them a seamless experience that helps set your brand apart from the competition.
Answer this: Do you have an inventory of the technologies used by your Revenue Team?
Revenue enablement is focused on the customer’s experience with your entire organization from beginning to end. Every employee that interacts with a customer face-to-face plays an integral role in this journey – from the salesperson to the scheduler to the installer to customer service. All onboarding and training programs must be of the highest caliber to ensure that the organization is putting its best foot forward. So, it’s no surprise that human development is a crucial component of revenue enablement. The process of aligning existing human development practices to a revenue enablement mindset is again relatively straightforward.
Answer this: Have you mapped your customer experience with your entire organization?
Firstly, all existing onboarding and training programs for sales, marketing, and customer service employees in customer-facing positions must be reviewed and evaluated. Your company should aim to identify all of the areas where the training aligns with one another and where they differ.
Next, based on the identified similarities and differences, your organization needs to create a new comprehensive training program for onboarding and general training for all involved departments, with separate modules for the various customer-facing positions, such as sales reps, customer relationship managers, store personnel, delivery agents, and installation teams.
When creating these new training programs, a standard set of metrics needs to be established to measure the effectiveness of the programs. Important metrics to keep in mind are changes in revenue growth, customer acquisition, and customer retention. Developing these new training programs as part of your organization’s revenue enablement efforts should result in revenue growth and improved customer satisfaction.
Answer this: Do you have comprehensive training programs for onboarding and general training for all departments involved in your customer journey?
The third piece of the revenue enablement puzzle is the content that each division uses to generate revenue at their stage of the customer journey. It is essential that the messaging of this content is consistent throughout the entire organization. In this context, content refers to tools used by the various divisions, including product literature, sales content, sales playbooks, training materials, and marketing content such as all visual and graphical assets.
Again, adjusting content to align with the revenue enablement mindset requires an evaluation of all existing content creation methods and how content is managed. Failure to have tight content creation methods can easily lead to messaging problems and customer confusion, adversely influencing the customer experience.
To ensure tight content creation and management, your organization should have content related to revenue generation centrally created. This will ensure consistent messaging across numerous channels. However, this content must be easily accessible by employees in sales, marketing, and customer service to be used when interfacing with customers.
Enhancing the customer experience also means arming employees with the right content that appeals to the organization’s target market. While traditional market research is helpful, using advanced analytics and artificial intelligence can help content creators refine the content to maximize the effectiveness of the organization’s content and overall customer engagement.
Answer this: Do you have a comprehensive content process that aligns messaging across all your employees who interact with your customers’ journey?
Taking advantage of the growing opportunities in the home-improvement industry requires a shift in organizational mindset where the customer becomes the central focus throughout the commercial process. Rather than operating as functional silos, the sales, marketing, manufacturing, installation, and customer service groups collaborate closely to deliver a seamless customer experience. Do you want to adopt revenue enablement, but need help figuring out where your organization should start? Engage with a partner who is an expert in revenue enablement and implementing digital product RE solutions.