Disrupting Tech Revenue Generation with CRO Jeff Hoffman
Disruption Interruption podcast host and veteran communications disruptor KJ Helms, interviews Jeff Hoffman, Principal & Founder and Fractional CRO of jeffhoffmancro.com. If companies in the tech and enterprise software industry are going to build revenue, their products or services have to be the must-have solutions that their target consumers need.
Most tech companies are small to mid-sized, and currently operating with less than $25 million in funding and if they are among the minority generating revenue, it’s typically less than $5 million, and often less than $2 million. They are also proceeding on a false assumption that their sales successes are built upon their sales teams’ preestablished connections. They end up with what they think are good prospects in their CRM systems but are actuality not qualified. The reality is that tech is not a relationship-based industry—their customers don’t buy this way. They want something that is going to have a positive impact on their business.
But enter Jeff Hoffman, Principal & Founder of JeffHoffmanCRO.com, who explains to KJ Helms, host of the Disruption / Interruption podcast, how tech companies believe their product is a “shiny object” based on their investors believing in their offering. They don’t have a sense of what actual value they are bringing to their target customers. If it isn’t a “gotta have” product, these companies must create that perception.
After years of selling and managing enterprise software licenses, Jeff started to recognize that companies were trying to find and win deals fast but had unrealistic expectations and were always in change mode, Jeff said to himself, THAT’S IT—I’M DONE WITH THE STATUS QUO and went about codifying and simplifying the complexities of change mode into revenue-promoting processes.
1. The most important ingredient for disruption is companies possessing a solution that the buyers at companies “must have.”
2. The majority of tech industries are small to mid-sized. To build revenue you need to ensure your products are “got to have” rather “nice to have.”
3. You can’t presume that salespeople will have incredible connections and they will close sales. You must have a solution that truly improves something for a company.
4. If they’ve generated revenue, tech companies are likely operating with less than $25 million in funding. Typically, that funding is about $2 to $5 million.
5. A company reaction is to hire salespeople, expecting them to be able to go out and close deals, but they don’t set them up for success.
6. You shouldn’t concentrate on a playbook until you have a clear conception of who your buyers are and why.
7. Always ask these three questions: Why is this person interested? Why would they want to buy from us? Why would they want our services now?
Disruption Interruption is the podcast where you’ll hear from today’s biggest Industry Disruptors. Learn what motivated them to bring about change and how they overcome opposition to adoption.