5. Go to market
In addition to assembling the right team, it’s important to be prepared to make the necessary investments in your internal infrastructure....”
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Shifting from a product-sales mentality to a solutions-selling mentality was key....”
Shifting from a product-sales mentality to a solutions-selling mentality was key. That starts with customer needs and really understanding the problem and then leading the customer to a solution that solves that problem. We shifted to sell software and services up front, which creates recurring revenue streams. To make this approach work, we changed how we incent and compensate sellers in this channel, moving from a product-based model with quotas and volume to paying on annual contract value.”
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—Mark Wallace, senior vice president, global sales, Keysight
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One of the key learnings of differentiation between the two businesses (hardware and software) is solution selling, which is value based....”
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We’ve never been a software company. We’re a bank....”
In addition to assembling the right team, it’s important to be prepared to make the necessary investments in your internal infrastructure. You’re expanding a model where you’re selling products through electrical distributors who manage a lot of the direct point-of-sale transactions, to a SaaS model that bundles software, services, and, in some cases, hardware. That’s a very different capability, and it requires a significant multiyear investment.”
—Blake Moret, chairman and CEO, Rockwell Automation
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One of the key learnings of differentiation between the two businesses (hardware and software) is solution selling, which is value based. Up until five to seven years ago, when we began focusing on the software space, it wasn’t something that required the attention it does now. This is a delicate balance we need to get right and keep working on.”
—Paolo Guglielmini, president and CEO, Hexagon
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Blake Moret
Chairman and CEO,
Rockwell Automation
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Mark Wallace
Senior vice president, global sales, Keysight
Paolo Guglielmini
President and CEO, Hexagon
Jimmy Ng
Group chief information officer, DBS Bank
We’ve never been a software company. We’re a bank. Getting people to think about what this means in terms of revenue and valuation is quite a different play altogether. We needed to thrash out the entire mechanics of the revenue model in terms of banking revenue versus software revenue, or licensing revenue versus consulting revenue.”
—Jimmy Ng, group chief information officer, DBS Bank
“
One of the key learnings of differentiation between the two businesses (hardware and software) is solution selling, which is value based. Up until five to seven years ago, when we began focusing on the software space, it wasn’t something that required the attention is does now. This is a delicate balance we need to get right and keep working on.”
—Paolo Guglielmini, President and CEO, Hexagon
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