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|August 2008, Issue 54|
Technology Organizations Show Strength, but Opportunities to Improve Subsist
Results from "Best Opportunities to Achieve Revenue Growth in the Technology Industry,” derived from the 2008 Miller Heiman Sales Best Practices Study
In the rapidly growing technology industry, it is no surprise that many of these organizations are seeing notable development in revenue, customer acquisition and average account billing. In fact, in the 2008 Miller Heiman Sales Best Practices Study, this industry performed very well compared to 21 other industries. A recently released report, "Opportunities to Achieve Revenue Growth in the Technology Industry," calls out these strengths and introduces a number of growth opportunities revealed through research findings and the insights of numerous industry experts.
The results of the study highlighted a number of growth opportunities, including opportunities to increase results through sales and marketing alignment and the development of comprehensive prospecting plans.
Sales and Marketing Alignment
In the study, technology sales organizations were compared with other industries and a group of top performers identified as Winning Sales Organizations (WSOs), those who showed a 20 percent increase in new account acquisition, annual revenue and average account billing. The study revealed that technology sales organizations are 45 percent less likely than WSOs to agree that sales and marketing are aligned in what their customers want and need.
According to Rich Blakeman, a Miller Heiman sales vice president, lack of alignment can be attributed to increased merger and acquisition activity in the industry. Value propositions have changed substantially, making it difficult to create alignment at the sales rep level, Blakeman said.
Sales and marketing alignment may not be the only factor hindering this industry's ability to win more new business. According to the report, these organizations are 50 percent less likely than WSOs to agree that they consistently use comprehensive prospecting plans.
According to Stan White, a Miller Heiman sales consultant, it takes a lot of rigor to reach out to buyers in the tech sector due to the virtual nature of the industry.
"In a lot of cases, companies have no organizational agreement about what prospecting is supposed to do for the organization—and what the measurements for success are," White said in the report.
To learn additional practices that differentiate top-performing technology organizations, download "Best Opportunities to Achieve Revenue Growth in the Technology Industry" from the 2008 Miller Heiman Sales Best Practices Study. Selling in a different industry? Download the study's executive summary or browse our library of available industry reports.
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About Miller Heiman: The Sales Performance Company
For 30 years, Miller Heiman has brought precision to the art of selling through simple, yet powerful processes and tools to help drive performance, especially in complex selling environments. Miller Heiman publishes the award-winning Sales Performance Journal and conducts the world's largest annual research project on sales effectiveness, the Miller Heiman Sales Best Practices Study. This study reveals best practices, trends, issues, and opportunities in today's selling environment. As the thought leader in sales performance, Miller Heiman provides organizational sales process implementations that result in revenue predictability, clearer sales management communication, and best practice selling activities that can be replicated. Headquartered in Reno, Nevada, Miller Heiman has offices around the world and partners in over 20 countries. For more information, please call 877.552.1747.
Marketing Watchdog Journal is a monthly newsletter from Bulldog Solutions, a lead optimization and lead management company dedicated to helping our clients generate more, better leads and turn them into revenue. We welcome your feedback on this newsletter's content and design, and encourage you to share your ideas for topics you would like us to cover in future issues. Please send your comments or questions about Bulldog Solutions to Amy Bills, senior manager of Field Marketing.