The global strategy consulting firm, Bain and Company recently published an article, The Ingredients of Strong Revenue Growth in B2B Software.
This report details key characteristics of high growth B2B software based on the B2B Technology Marketing Survey that the firm conducted last year which featured over 1100 software and cloud hosting companies.
High growth firms were defined as firms experiencing high revenue growth as well as high website traffic growth over the past 3 to 5 years.
There are 3 key takeaways that Small and Medium B2B Software companies will want to give strong consideration for their organisations.
| Bain Article Insight | Implications for Small and Medium B2B Technology Companies |
| High growth firms are 2-3 times more likely to measure signals such as account engagement and intent-based data | Implementing mechanisms such as Strategic Customer Workshops is critical to understanding customer/buyer requirements, engagement levels as well as identifying opportunities to improve. For further details about Strategic Customer Workshops and how to use them please refer to my article “Driving Growth with Strategic Customer Workshops” |
| High Growth Firms have significantly more in-house capabilities over low growth firms in several areas including: * One to Many Account Based Marketing * One to One Account Based Marketing * Data Science and Analytics | B2B Technology firms must have comprehensive Go-to-Market plans which covers ALL aspects including * Product and Service Offering * Approach to Take to Market * Client Acquisition, Retention and Expansion This latter element requires holistic Account Based Strategies and Experiences—not simply Account Based Marketing that are cross-functional involving the participation of from teams such as Marketing, Sales, Service and Support Functions It is also critical that firms possess the internal skills, technology and processes to gather data and generate insights to enable the necessary modifications to client offerings, services and the experience they receive |
| Best in class companies are also more likely to have tight collaboration between marketing and sales | Small and Medium technology companies can avoid the typical silos separating Marketing and Sales by creating holistic Go-to-Market teams consisting of Marketing, Sales, Service and Support functions all reporting into a Head of Go-to-Market Operations, WORKING TOGETHER in both the creation of the Go-to-Market plans and execution of client initiatives. A joint approach ensures there is visibility, coordination and management across the client experience. |
Want to learn more about action-oriented strategies specifically to grow your B2B technology firm? Get a copy of The Ultimate Buyer “AIR” Driven Go-to-Market Playbook for Small and Medium B2B Professional Service Firms.
If you want to discuss how these key takeaways can influence your business, let’s have a chat.
