A Formula One (F1) race, with its signature blend of thrilling highs and catastrophic lows, also has on display the ultimate model of efficiency and collaboration: the pit crew. To secure victory, a pit crew must work together to make sure that several moving parts of a racecar are functioning properly, diagnosing any potential hazards and swiftly adapting to change in fractions of a second.
Commercial effectiveness has a lot in common with F1. As pit crew mechanics must inspect all parts of the car, sales and marketing professionals must also holistically diagnose their business to improve overall commercial effectiveness and drive growth in today’s fast moving and competitive market. The effort is well worth it. According to a recent ZS study, when companies invest in a broader transformation across several commercial drivers, they improve their performance by 9% on average, and companies that do it well can improve their performance by as much as 20%.
The three best practices for taking a holistic approach to organizational transformation are:
- Evaluate current commercial activities to determine root causes and improvement opportunities.
- Prioritize opportunities by estimating potential ROI.
- Develop charters with cross-functional teams and defined milestones.