SOEE what’s new...
The term performance can take on many definitions as organizations position for profitable revenue growth. In the context of this article, performance is segmented into the following areas:
Upsell/Cross-Sell Performance: Expanding customer product or service offerings
Operational Performance: Onboarding, adoption, and usage of products/services purchased
Retention Performance: Securing customer contract renewals
Marketing Performance: Evaluation and impact on sales, retention, upsells, cross-sells
Churn Performance: Managing customer cancellations and revenue loss
Measuring and understanding the data analytics that support each area of performance can provide business insights. Insights and performance management provide transparency and knowledge. Knowledge and visibility allow organizations to sharpen strategy, resource allocation, and tactical focus.
SOEE what’s the solution...
The alignment of performance reporting requires discipline and planning. In many cases, organizations can start by reviewing existing data, process, and technology to surface initial insights.
Developing a refined dashboard to allow for real-time, actionable information takes time and requires vision and continual tactical execution. The most effective way to evaluate the current situation is to outline available information (data) by performance category.
Efficient and effective use of data and technology accelerates customer and prospect insights. Transparency and measurement allow difficult and critical decisions to be addressed timely.
SOEE what's the value...
Understanding each area of business performance allows organizations to make informed decisions and create disruption in the marketplace. Lack of insights delays change, and solutions are often implemented without a full understanding of the business challenge.
Evaluating performance in the pursuit of new business intelligence and game changing analytics is difficult. Managing exceptional performance requires an organizational culture that is dynamic and progressive. All levels of leadership need to continually assess priorities and use strategic focus, personal discipline, and tactical execution to challenge the status quo to improve performance gaps.