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Recently, Rob Weinberg asked us for a guest blog for Renaissance EXECUTIVE FORUMS ™. We are always honored to be asked to share Revenue Science™ thinking.  This time the focus is on those opportunities presented by the post-virus business economy and how the executive forums leadership community can do good for the community and their organizations.

As posted online at Renaissance EXECUTIVE FORUMS ™ we hope you gain value from the following timely post:

 

The Post-Virus Economy is the Time to Make Darwin Proud; Predictably Grow Profitable Revenue

The post-virus business world demands short-term changes just to survive, followed by more changes for long-term success.

The immediate demands are based on the unprecedented speed of change as a result of the virus economy. These are changes in buyers’ beliefs and habits brought about by the social distancing, lockdown, and the need for control over everyday life.

The virus economy catapulted technologies and services from being available (working at home) to being required and from being possible (current movies streamed to the home) to being demanded.

Some of the catapulted technologies were virtual office tools, video conferencing, digital banking, online high school, virtual medical triage, cloud-based training, team leadership, video sales calls, and quality control reviews to name a few.

The technologies aligned with the virus economy demanding social distancing, lockdown, virtual business, and the need for the control of daily living have forced changes in both behaviors and habits. Many of the habits being changed have been practiced for generations (like face-to-face selling, travel, recreation, medical triage, church, education, movies, live entertainment, and Easter Egg hunts) were different overnight. These technologies catapulted into the culture and changed habits for safety and the need to have human interaction. Many of these changes in technology and habits are never going back to January 2020 models and levels.

The beliefs and habits of most people are changed forever. Technologies that would have taken 2 to 4 years to become normal became normal in 3 months. The changes in beliefs and habits drove new B2B / B2C buyer engagement models. These changes will shutter or slow non-transitioning selling organizations while scaling a new breed of seller.

What has not changed is the need to maximize the growth of profitable revenue – business still needs to keep growing. The growth in profitable sales will be the result of new engagement models between buyers and sellers. Exactly what that will be in the Post-Virus world is anything but clear.

Those new breed selling organizations that recognize and lead the changes will be using technology and people first business models creating rapid and sustainable growth.

Those leaders responsible to keep growing profitable sales need to ignore how they engaged in January 2020 and become intimate (a close, trusted relationship with candid communication, common understanding, and purpose based on shared beliefs) with new ideal customers. Together they first focus on the need to survive and then how to thrive over the long-term.

Based on this new level of intimacy the surviving sellers will deliver their value-based thought leadership to buyer partners. These new partnerships result in the buyer and the seller depending on each other for the best possible short-term value option, which is the first step to a long-term best possible value option partnership.

What needs to happen to create these new intimate partnerships that will keep transferring value to and from the buyers and sellers in the post-virus world? The sellers need to apply Revenue Science™ the context of business. This partnership will provide ideal buyers the value they need in the short-term and beyond.

This Revenue Science™ context has three levels:

A.  Strategic. This must be addressed immediately to make the other two levels direction and accountability actionable in the post-virus economy. Required elements of the strategy are

    1. A Worthy Intention / Just Cause for being in business that results in the buyer’s world being predictably better for the long-term.

    2. Intimate Buyer Back thinking – everything starts and ends with buyers receiving the value they need to survive and succeed, which results in the buyer sharing this unique value with the seller in the form of fees.

    3. Creating a People First organization aligned with the Worthy Intention, intimate with the buyer, and committed to continuously striving to add value to the partnership (buyers, seller team, seller organization and the community) for long-term survival and success.

B.  Deployment structure. The Deployable structure is the support needed for those people committed to the strategy to come to work and efficiently execute the strategy.

Examples of the deployable structure vary by strategy but often fall into categories like this.

    1. Attracting, hiring, onboarding, supporting, and developing the humans in the People First organization.

    2. Creating, growing, keeping, and supporting intimate Buyer Back value for the long-term.

    3. A process to apply the People First power to keep creating and continuously improving the value and the offers to the buyers.

    4. Technology to support the partners in transferring value (CRM, Virtual Technology, Website, data, AI, etc.).

    5. Training, Education, Webinars, etc. to maintain partnership growth.

These examples of deployable structure must be aligned to the strategy level so those responsible to execute the Revenue Generation process spend close to 100% of their time effectively transferring and earning value in the market.

C.  People First. The People First concept turns the Worthy Intention into reality. This is where the buyer experiences the results from having a partner who is intimate with the buyer’s goals, principles, and the operational plan. This is where things come together to transfer value to the buyer that the buyer would not have achieved without the seller organization. Then the buyer transfers a share of that value back (pays an earned fee) to the seller.

Execution examples are activities like:

    • Selling

    • Marketing

    • Product development

    • IT

    • Accounting

    • HR

    • Customer Service

    • Software development and management

The post-virus world will be different because of the speed of change in the deployment of technology and to the buyer’s beliefs and habits. These changes will be magnified by the financial pain throughout the market. Few individuals or organizations will have an abundance of resource (time, money, or people). This lack of abundance means the buyer’s demands on the seller for value will be greater.

Sellers will have the same two vastly different ways to approach buyers they have always had. Sellers can sell commodities based on price (no increase in buyer value just expense cuts) or the strategic model above aligning the seller’s Worthy Intention, Buyer Back thinking and a People First engagement model to transfer value to the buyer.

The research is already clear. Buyers have NO time to spend with commodity sellers. Buyers will decide on commodity purchases from the digital sources and speak to sellers only to negotiate terms. If you will be a commodity seller in the post-virus world get your cost way down and your digital game way up or look for someone to buy your company who can.

For sellers who claim to provide value, the virus economy has magnified the difference between the promises and the actual delivery of value. The virus has also shown how the market works best in an aligned way for a bigger purpose beyond just making a buck.

To be a seller getting paid on value the 3-level model will assure your survival in the short-term and continuously following this model makes your long-term success predictable.

Apply the 3-levels. Short cuts increase your Cost of Chaos and highlight the difference between your promise and your delivery.

The post-virus period will make Darwin proud. Those sellers that have a Worthy Intention aligned to Buyer Back thinking and use a People First organization to deliver the value will make a lot of money.

Now is the time to decide what your post-virus world will be like.

Good Luck and Stay Healthy.

(Thanks for sharing the thinking of Revenue Science™, Rob!)

 

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