Opinions expressed by Digital Journal contributors are their own.
Marketing and sales have been foundational elements of business strategy throughout history. From the earliest marketplaces to contemporary businesses, the skill to connect with customers and advocate for products, in a focused and efficient manner, has been instrumental in shaping successful enterprises. A recent McKinsey study reiterates the pivotal role of revenue growth in shaping corporate performance. Even a modest increase of 5% in annual revenue corresponds to an additional 3-4% surge in total shareholder returns (TSR); augmenting market capitalization by a remarkable 33-45% over a decade. This underscores the profound connection between revenue expansion and overall business success.
Ranjitha Kurra is a revenue executive and a proven Go-to-Market leader with deep expertise in launching high-growth B2B businesses. She is adept at building customer-centric revenue teams and processes that deliver consistent results in high-growth environments. Over the years, she has developed a set of first principles that can be applied to shape dynamic early-stage businesses into category-leading enterprises across a broad spectrum of industries and market conditions.
Navigating the Nuances of Modern Revenue Teams
Modern sales and marketing paradigms are evolving rapidly – the challenges posed by changing consumer preferences, competitive markets, and the rapid emergence of technology are forcing companies to re-evaluate traditional strategies. In this dynamic environment, revenue leaders with a profound understanding of market dynamics and customer needs, along with the ability to harness modern technology have a clear advantage. They are able to create innovative, agile and cost-effective go-to-market strategies that differentiate their products and build long-term customer preference.
The Importance of Customer-Centricity
In B2B technology, where executives and potential buyers are constantly inundated with marketing messages, demonstrating value against a critical customer priority is foundational to securing a sale. Early-on effective sales leaders should focus on identifying customer segments with a critical problem that can be addressed with their products. “The higher the pain, the bigger the opportunity” says Ranjitha. At this stage, developing a small but experienced sales team that can skillfully influence C-Suite decision makers on adopting new technology is an existential priority. Ranjitha believes that “if you reach the right executive, ask the right questions, and demonstrate value, budgets will follow.”
Creating a Robust Sales Strategy
After achieving product-market fit, usually done by launching and scaling with the first set of customers, the next step is to replicate this success by creating a repeatable sales process with a more expansive customer base. While revenue leaders have the luxury of doing-what-it-takes to win the first few customers, they now need to create a reliable and repeatable process that consistently delivers results.
Ranjitha warns of premature scaling at this stage before developing a well-documented sales process. It will not only waste valuable resources and slow down growth in the longer-run. “Most revenue leaders, at this phase, jump the gun and invest in rapid hiring and complex technology implementations; and it seldom works,” she shares.
Instead, she believes in taking a more measured, methodical approach. This involves meticulously documenting the customer’s purchasing journey and translating it into a repeatable sales process. This includes the ability to identify, qualify and close an early set of prospects in a predictable manner using a broadly similar set of steps. She recommends expanding the sales team or spending on sales technology only after establishing and testing foundational sales telemetry. “The sales technology space is crowded today. It is so easy to fall into the trap of technology too early. It is really important to have a clear idea of your customer problems and sales process before spending your first dollar on tech”, says Ranjitha
The Road to Automation and Scaling
Once the foundation of a robust sales process is firmly in place, it is time to scale the team and the technological infrastructure. At this stage, Ranjitha underscores the significance of creating a detailed profile of an ideal sales executive including qualitative and quantitative questions that determine a strong fit. Such a blueprint not only ensures a degree of consistency in the hiring process but also lays the groundwork for future expansion. “I cannot stress the importance of this exercise and how often executives overlook it. You don’t hire an art dealer to sell a car, would you?” she asks.
Finally, determine the main challenges or crucial steps in the sales process and use technology to address them. For instance, if the sales team is able to regularly close deals at a predictable rate, focus on boosting customer interest. On the other hand, if conversion is a problem, consider using training tools like Gong and hold managers accountable for performance. Ranjitha states, “Technology should always be deployed to solve a problem. Technology, for the sake of technology, is a huge distraction.”
Ranjitha Kurra is currently a Vice President at Remitly, a leading digital financial services provider for immigrants and their families, where she is leading B2B initiatives. Prior to that, she was the GM of mid-market at Convoy, a high-growth supply chain start-up, where she introduced Convoy’s suite of products to a brand new segment. Ranjitha is known for building effective sales and marketing teams and crafting innovative go-to-market strategies for high-growth businesses.
