Everybody wants to accelerate the sales cycle.
What’s needed beyond tech to accelerate pipeline and get deals done sooner? Continuing our story from yesterday around clearing a path to revenue through tech stack debt.
We’ve seen for the last decade that companies are spending more and more on technology, adding “tech debt” to their tech stacks—without having the right people to run the strategy and operations facilitating any kind of meaningful ROI.
What it takes to leverage technology
Yesterday, we encouraged you to take up a clean slate approach to defining both your biggest problem and ideal solution. Today we’re going to talk about what it takes to truly leverage technology to its full potential and get the ROI numbers all those sales reps were talking about.
The formula is actually quite simple.
For every $1 you spend on technology, you need to spend $2 on people & process.
There is no ROI in tech alone.
If your competition already knows this, you’re falling behind. But if they don’t, this is your chance to pull ahead, turn the tide, accelerate pipeline, be a hero, and get that promotion.
(You want that promotion, right?)
Wait a minute. You want me to spend even more money?
Why should we spend money on services when the tool we bought didn’t work, right? Let me ask you this, how much money are you spending on tech you’re not fully utilizing? How much are you spending on tech that doesn’t do what you thought it would do? Why is there money to do it over–but not do it right the first time?
Despite being called Marketing Automation for a reason, none of that software does anything without human input. You need people to run the machines. It’s ridiculous to have to say that at this stage, but it’s so easy to get wrapped up in what the technology can do these days. We could all use the reminder.
Garbage in. Garbage out.
Here’s a ridiculous question to go with that ridiculous statement (to illustrate a point). Would you let your next door neighbor run your CRM? How about your Marketo instance? Of course not! And why not? Because they don’t know what they’re doing. (Unless you live next door to one of these people, of course.)
Your PEOPLE are your most important investment. You spend a great deal of time and money training them. You make sure they know how often to change their passwords and what is and is not appropriate use of the internet. There’s a even a pretty good chance you re-train them annually on why sexual harassment isn’t tolerated in the workplace—despite the fact any decent human being in the 21st century should already know this.
So why the hesitation to invest in them where it can directly impact revenue? Investing in training for your team—to make them more efficient and effective—can yield serious returns. You wouldn’t give a random stranger access to your CRM. Make sure the people who DO have access are as highly skilled as you can afford!
You can train your existing team.
You can hire the rare, tech unicorn.
Or you can hire experts on-demand.
Strategy vs. Tactics vs. Revenue
Clean slate, ideal solution in-hand, with a readiness to invest in highly skilled staff, your next stop is process improvement. People naturally gravitate toward comfortable, familiar processes. It’s only human.
Even the Certified Rockstar Marketing Automation Ninja Guru Expert, left to execute flawed, misinformed processes, won’t be able to deliver the goods. This is why we all click links touting best practices. Learning from mistakes can be expensive. That’s why we look to learn from others.
Here’s the neat part: Train your best people in the best practices and you kill two birds with one stone. The trick becomes sourcing those best practices. You don’t even have to come up with them yourself, either. In fact, there’s a good chance an account-based organization out there would be happy to sit down with you, listen to the problem you’re trying to solve, and hook you up with the fastest route to revenue possible.
Know this: Operations and Strategy go hand-in-hand.
Everybody wants to accelerate pipeline and get deals done more quickly. Business exists to make a profit, after all. But you can’t just flip a switch on shiny new tech and expect legitimate ROI. You have to take your clean slate, ideal solution to someone who cares enough about your business to invest time in YOU.
For every dollar you spend on tech, you need to spend another two dollars on people and process improvement. Operations and Strategy go hand-in-hand. And those hands are what leverage your tech stack to its full potential.
Want to accelerate your pipeline? Step away from the tech for a minute. And get closer to your people.