Finding ways to boost recurring revenue profitability is a key goal for subscription-based companies. To achieve it, organizations must tap into their creative potential and utilize their customer growth teams effectively to strengthen revenue operations. In addition, a relentless drive to innovate is essential to stay ahead and remain competitive.

At the TSIA World Interact 2023 conference, two industry giants, Relias and NTT, took the stage to share their inspiring journeys toward building stronger teams and driving innovation. These thought-provoking discussions shed light on the key strategies and types of innovations that are crucial for success.

In this blog, we’ll delve deeper into valuable insights and key takeaways from these conversations in case you missed it.

Uniting the Back and Front of the House

One shining example of innovation and team empowerment is how Relias creatively utilizes its teams to strengthen revenue operations. In November 2020, Sara Colton took on the role of head of sales operations at Relias and was tasked with managing a talented yet relatively junior team to scale revenue operations. As she delved into her new role, Colton noticed that her team had untapped potential and was only provided the basics of sales training, like the customary sales boot camp and weekly training calls.

Recognizing the need to build credibility with sales leadership and take revenue operations to the next level, Colton knew it was essential to equip her team with more than just data. The key was utilizing predictive analytics, enabling the team to anticipate market trends and customer needs more effectively. Of course, the COVID-19 pandemic brought additional challenges to Colton and her team as they sought ways to support customers dealing with financial burdens caused by the global crisis.

To address these challenges head-on, Colton and her team took a proactive approach. They set out to refresh the company's sales methodology and enhance their sales boot camp with more practical applications. As the team restored the sales methodology, they engaged in research for the discovery phase, resulting in the development of playbooks and the integration of tools like High Spot.

High Spot, a content management tool, enabled the storage of external assets and provided valuable insights beyond just the given data. These insights not only strengthened their relationships with sales leadership but also helped them to offer more value to customers during unprecedented uncertainty.

Fast forward to the present, and the results speak for themselves. The revenue operations team at Relias has become an invaluable asset to the organization, gaining a deep understanding of the business's state and identifying crucial areas for enhancing the revenue operation process.

Relias' success story is a testament to the power of innovation and resourceful team management achieved by fostering a culture of constant improvement and embracing data-driven insights.

Innovation is Inevitable for Recurring Revenue Growth

Steve Jobs once said, "Innovation distinguishes between a leader and a follower."

We've explored the importance of effective team management in strengthening revenue operations, but equally crucial for growth is the ability to think outside the box and embrace innovation. According to Ashok Gurumurthy, the vice president of client success for NTT Data, "out-of-the-box thinking is key for growth," and his insights shed light on the types of innovation that are critical for companies to remain competitive.

During the enlightening session “Navigating Through the Noise to Drive Growth,” Gurumurthy outlined four types of innovation that organizations must embrace to thrive:

1. Disruptive: The introduction of new technologies or ideas that have high-impact results. Disruptive innovations often target markets and customer segments that established players may have overlooked. By capitalizing on disruptive innovations, companies can carve out their niche and gain a competitive advantage
2. Incremental: While not as flashy as disruptive innovation, incremental innovation is a steady force for progress. It involves continuous improvements to existing products and services, adding value and making them even more appealing to customers. By constantly evolving and enhancing their offerings, companies reduce the risk of stagnation and expand their market share.
3. Sustaining: In a fiercely competitive landscape, sustaining innovation becomes paramount. This type of innovation focuses on creating new features or services that set a company apart from its competitors. Through significant iterations of existing products, organizations can maintain or even enhance their competitive advantage.
4. Radical: For those bold enough to venture into uncharted territories, radical innovation opens the door to disrupting entire industries. By introducing entirely new products or services, companies can tap into previously untapped markets and create a demand among consumers who didn't exist before. This decisive move can lead to entirely new markets for innovative offerings.

However, the real magic happens when organizations effectively combine all four types of innovation. By doing so, not only can they achieve short-term success, but they can also safeguard their long-term sustainability. The ability to innovate and adapt is the secret to remaining relevant and thriving in an ever-changing business landscape. Ashok Gurumurthy's insights are a powerful reminder that the path to success is paved with creativity, courage, and a willingness to embrace the new.

To learn more about this session, check out the full report here.

Empowering Growth: The Dynamic Fusion of Innovation and Team Management

The journey toward growing recurring revenue profitability demands a dynamic approach that combines the power of innovation and effective team management. The success stories of Relias and NTT showcased at TSIA World Interact 2023 demonstrate the transformative impact of embracing change and creative thinking. By continuously innovating and strengthening their full customer growth team potential, these companies have unlocked the door to powerful insights by leveraging tools like adopting early warning systems to their advantage and leaving behind outdated siloed organizational approaches in which sales uses relationship selling techniques and all other players support from their silos at a distance.

Through a comprehensive understanding of the different types of innovations, from disruptive to radical, these companies have fortified their positions in the marketplace and created new growth opportunities. By harnessing the full potential of their teams, they have redefined revenue operations, eliminated silos, and positioned themselves for long-term success. As businesses across various industries seek to thrive in the competitive landscape, they, too, must embrace the twin forces of innovation and team empowerment.