If companies want to grow they have to do something they’ve never done before – they must actively participate in making the customer successful, which has been a difficult task until recently. In the past, companies were disconnected from their products and disconnected from their customers. But because of evolving technology, companies can connect to every user and use data to see how customers use their products and services. Companies no longer just make, sell, and ship. Companies now connect to help customers operate, monitor to help them optimize, and actively play a role in driving better results for both sides of the buying equation.
JB Wood, President and CEO of Technology Services Industry Association (TSIA), delivered the afternoon keynote at Monetize 2015, Aria’s global user conference on recurring revenue and monetization. His session, titled “How Technology is Transforming Your Customer Relationships” focused on technology’s effect on this evolving company-customer relationship. And he’s in a position to know. Wood has been chronicling the relationship in the B2Btech industry during a state of rapid evolution for nearly a decade. Here are some highlights covered in the session:
- Why the previous B2B model of “make”, “sell”, “ship” doesn’t work for businesses today
- How the evolution of technology required the additional capability of added support services
- What successful businesses models today look like (Hint: it revolves around the focus on long-tern customer growth)
Check out JB’s session below to see if your current model focuses on customer outcome.
So how do companies learn to successfully focus on the customer while still increasing the bottom line? They must figure out how to mine their assets to monetize discreet customer events, which we call “revenue moments”. The first step requires taking another look at the product catalog. Are there services that used to be wrapped into a big annual contract that can be broken into pieces and charged as the customer goes?
At the end of the day, monetization and recurring revenue success comes back to the New Normal – disrupting the status quo and forging new business models that focus on customer success. Today that requires brands to understand every single problem the customer encounters. This can be achieved when the systems you’re building and putting into place can provide important customer data and serve as a delivery mechanism for you to analyze that and deploy the services and resources to solve the problem.