In the old world, your sales teams would try and meet every single one of your customers for a strategic, face-to-face, onsite business review once per quarter.
The quarterly business review (QBR) is viewed as a method to “gain a deeper understanding of the customer’s business and future plans and to strategize as to how you can deliver more value based on those factors,” according to Gainsight’s Essential Guide to Quarterly Business Reviews.
You get together, review the performance of your products over the last three months, discuss issues and resolution, maybe discuss costs or pricing and, if there is time left, talk about how to make your relationship more strategic.
But, in the real world, the manpower and time involved with offering each and every customer this level of service is prohibitive. More importantly, the schedule is based on time, not on business demands or on a critical opportunity. So, outside of a QBR, how can you provide more value to an enterprise and to your customer?
What about relying on product usage data and real performance indicators to drive the timing for the review and add value? Usage data can be gleaned from connected products to alert salespersons when a machine is being over or underused, or used in a manner that wasn’t intended that could impact warranty validation. It could offer information that creates an upsell opportunity, or a new product idea.
This scenario is driven by data coming from your Internet of Things connected products. As I said in my last blog, the Internet of Things is key, but how do you make sense of the mountains of data is coming off your connected products at an alarming rate? Some data can be used to understand usage, some cannot. Some can help to determine what product features are important and what aren’t. Oftentimes data can tell you what components are valued by customers, or what features might be needed to entice new purchases.
Data drives this and automatic analysis directs actions to be taken. Armed with this analysis meetings can be more efficient, resolutions can be created and put into place and, most importantly, incremental revenue can be generated. And customers have a strong and compelling reason to meet with your sales teams, you are helping their business and you can prove it with data. The QBR is dead, long live the new QBR.