How has COVID-19 impacted your investment priorities this year?
What are the main priorities in terms of investment in your projects facing COVID-19?
Best Answers
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We have been pretty explicit that our priorities for 2020 (and into 2021) largely remain the same, despite the crisis. That said, very practically speaking, there are investments in those priorities that simply cannot move forward at the moment -- either because of the need to preserve cash, or because of limits/restrictions driven externally. We are, however, trying to accelerate other investments that might otherwise have had a much longer "organic" ramp; we are shifting resources into building and promoting a wider range of digital offers, accelerating training of our salespeople on a number of those offers and related tools, and evolving a number of internal processes as a result. But we are trying not to do anything purely "in reaction" to the crisis -- but rather in the context of accelerating existing priorities.
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Alex - There are a few other things you should be thinking about as you try to grow revenue without adding costs. Some of these include:
- Taking sales leads as part of services interactions (+10% growth rate per account)
- Leverage data and analytics to find upsell opportunities (+5-8% per account)
- Offload upsell responsibilities to CS or Services (+7% per account)
There are other LAER-Efficient tactics that can be helpful. Email me at steve.frost@tsia.com and we can chat about it.
SF
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Here are the results of a polling question from last week's Coveo webinar on spending around knowledge management, self-service, and remote worker technology.
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Answers
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Great insights! Any perspective on investing in managed services for areas where there is increased demand/cost pressures for support and customer success ?
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Very interesting answer Alex, in my experience during COVID-19, some of my customers are restricting their budgets trying to preserve their cash an only allowing their budgets to be spend mainly to maintain their operations. The majority of the project are still on hold, due to uncertainty on the markets, the majority of their investments at this point in time are redirect to enable their employees to work remotely. In the other hand it is interesting the perspective about focusing on the digital solutions to enable sales teams to continue promoting the portfolio of products. Companies are capturing opportunities in the way people is behaving with the pandemic.
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