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The $2T Opportunity to Boost Sales and Lower Costs with RevTech
Article

The $2T Opportunity to Boost Sales and Lower Costs with RevTech

Vikas Taneja, John Merchant, Matt Langione and Giovanni Fassio
Boston Consulting Group, 2022
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Editorial Rating

8

Qualities

  • Analytical
  • Applicable
  • Overview

Recommendation

The Boston Consulting Group estimates that companies are missing about $2 trillion in revenue due in part to inefficient spending on sales, general and administrative (SG&A). If that number is a bit too big to mean anything to you, you’re not alone, but according to the Boston Consulting Group, the bottom line is this: There’s money on the table if you come into the game with the right strategy, and at this juncture, RevTech will give you the tools you need.

Summary

RevTech is a set of digital tools that builds on CRM success.

Your company has almost certainly invested in CRM (customer relationship management) capabilities, and that’s not wasted money. Some even estimate that worldwide CRM-generated revenues from new business will be about $1.6 trillion by 2026. But sales and marketing costs are rising, and your company now has to optimize every penny. This is where a new suite of sales automation tools – RevTech – comes in.

By combining real-time content and data analytics with machine learning, RevTech creates a more streamlined approach to sales and marketing. Where CRM mostly focuses on revenue growth, RevTech prioritizes efficiency. For most companies, 30%-50% of the sales budget is lost to inefficiencies in the system that might be overcome with automation and next-generation technologies. From AI-powered demand generation to the final sale, RevTech helps unveil the formerly hidden parts of the journey as customers travel from “I’m interested” to “I’m buying.” When a company employs RevTech, lukewarm customer interest is about twice as likely to become a hot lead and one...

About the Authors

Vikas Taneja, John Merchant, Matt Langione and Giovanni Fassio are professionals with the Boston Consulting Group.

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