Overview
Revenue Growth Ideas help key account managers to document the ideas they have to grow revenue in their accounts. It is a high level business strategy that arises from insights and client collaboration phases. It allows for transparency with team members to know what has been identified for potential revenue growth and to give visibility on the activities being taken to realize this potential. Revenue Growth Ideas provides a quick way to convert a qualified idea into a sales opportunity.
Challenge
How can we allow for more visibility into the steps our customers take when converting potential opportunities into real revenue potential?
My product manager and I spent time discussing the high-level requirements that would be necessary prior to constructing any design.
High Level Requirements
Understanding Revenue Growth Ideas
Tracking revenue growth ideas helps you quantify the value of your key account program. The measurable value of Revenue Growth ideas is tracked by:
1. How many and the overall value of the RGI's identified by the progran
2. How many of these RGI's turned into sales opportunities
3. Of the converted sales opportunities, how many were closed/won (and what was the "win rate" vs. other opportunities)
4. The impact on sales cycle length for converted opportunities
Alternative side panel for GOA
New Ideas can be created from other objects, such as Maps.
The most effective way to find a new opportunity is to research the customer’s strategy and initiatives. Then, compare your portfolio of solutions to find the solutions that would be most valuable to the customer.
An account team will review and analyze their account to understand strategies, initiatives, current challenges and pain points. In addition, they also understand which offerings are already implemented, which sales opportunities are ‘in flight,’ and where to find the most influential relationships. During this process, the team will uncover areas where more offerings can be positioned to solve current challenges and pain points. These become Revenue Growth Ideas to pursue.
Beta Testing and KPI's
To validate the design, I along with my product manager will be conducting beta tests in which our customers will be asked to complete various tasks throughout their Revenue Growth Ideas.
Following this release, we will use Pendo to track:
-How many Revenue Growth Ideas were converted into sales opportunities
- Of the converted sales opportunities, how many were closed/won & what was the "win rate" vs. other opportunities
-The sales cycle length for converted opportunities