Joining us for today’s show is Oni Chukwu, a software executive who knows how to make the number. Today’s topic is Go-to-Market Strategy. Oni and I leverage the How to Make Your Number in 2018 to access emerging best practices as a guide for our questions. Access the latest Workbook to review the Corporate Strategy section. Flip to Step 5 Go-to-Market that includes Coverage and Channels as well as Pricing and Packaging phases.
Our guest today is Oni Chukwu, the Chief Executive Officer of etouches, the premier leader in event management software. The event management software covers everything from venue sourcing all the way through analytics and serves over 1,500 customers in 50 countries. Oni will demonstrate how to sufficiently cover your markets by selecting and optimizing your sales channels and packaging your products correctly.
Why this topic? Not covering your addressable market entirely will result in missed revenue opportunities. Traditional routes to market are being replaced with innovative ways to reach customers. Packaging your products the same way as your competitors results in perceived commoditization and a race to the bottom.
Oni is uniquely qualified to speak on this topic as an executive leader with an exceptional history of accomplishment in leading companies to grow faster than the industry and the competitors. Listen as Oni demonstrates how to plan your corporate strategy to:
- Sufficiently cover your markets.
- Select and optimize your sales channels.
- Price and package your products correctly.
The first segment of the show demonstrates how Oni covers the large addressable market of event management with direct and indirect sales channels. We discuss how pointe sales channels are the highest growth potential segments with the lowest penetration rate. Oni and I review how coverage increases result in a proportional increase in revenue growth.
Oni and I discuss how to prevent coverage leakage, where sales resources cover markets and accounts that are not in your sweet spot. Listen to the discussion and apply this use-case to your unique business. We dive into how buyer responses can change channel preferences, and more importantly why it’s important to monitor these preferences at the corporate strategy level. Top CEOs don’t leave this to the functional leaders to figure out. Provide your team with the right direction to point resources to the right segments.
The final segment of the show explores the five main types of product packaging. These include:
- All-you-can-eat: One offer with all products and features included
- Category bundling: Packages that combine a variety of product categories
- Good/Better/Best: A lineup of packages with increasingly more feature functionality
- Use Cases: A variety of packages that are targeted at specific types use cases
- Bundling: Bundled discounts
Category Bundling represents a company that’s moving from a company that has several products, and they’re bundling these products potentially up into solutions. They’re presenting bundles to the customer. Oni describes his thoughts regarding product bundling:
It’s an evolutionary step where you’re going from the product company to a solutions company I think it serves us very well, because as a company we’re on the innovative edge. We’re constantly adding products, constantly innovating. Giving our customers value for what they pay us. I think it makes sense for our customers, given that there are segments of customers and you’re not serving just one industry. There’s segments of customers that needs certain things, and certain solution sets that you can actually package and make it more meaningful to them.
Have expectations gone up and left you wondering if you have the right strategies to support your revenue growth goals? Here is an that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate your Sales Strategy against SBI’s emerging best practices to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job