Internally, an extremely important project started in 2020 and which we continue in 2021, is the rethinking of business processes and the modeling of IT platforms, in order to adapt to the buying journey of our customers. This allowed for a closer analysis and understanding of how they buy, the steps they take in the buying process and the reasons why they collaborate with one supplier or another. We become aligned with our customers, we increase the value that we can bring to the table, while managing to improve the parameters of operational efficiency (conversion rates from prospects to customers and finally to loyal and recurring customers). Moreover, this approach allows us to attract new customers in a more structured way in the new business reality (“low touch economy”).
For example, more and more customers prefer to be informed in detail by doing individual research on the Internet understanding their problems, then identifying solutions and only in the last phase, interacting with a sales representative from suppliers, reducing the chance of an advisory sale but rather leaning towards a transactional approach that too often translates into fierce price competitiveness. Today, a sales opportunity appears in an area influenced by marketing and only the last step of the transaction involves human interaction. It is just an example that the way we will serve our customers from now on is fundamentally changing and all the organizational changes implemented internally in the last 6 months are in line with this new business reality.
We aim for a profitable, sustainable, and accelerated growth and this can be achieved by focusing on client segments where we already have a high success rate, correlated with a higher percentage of profitability.
Reinventing the business model at the level of each organization, pursuing, and adapting successful models of SaaS companies (subscription based, Software as a Service) has led to multiple changes in the way we prospect new customers, support them, make sure we deliver what they want, and finally, the way we turn them into loyal and recurring customers. The upgrade of IT platforms to track these processes started in 2020 and will continue in 2021, aiming at integration, automation, and the possibility to keep up “end-to-end” this market approach.
Starting from here, the changes spread to the marketing team on the adopted priorities and instruments but also to the business development team or even to the emergence of new and dedicated customer success teams.
Increased attention has been paid to attracting and developing human capital by operating in a service business where the value of human capital is essential for medium-term success.
Thus, we rethought the way we attract, recruit and onboard new colleagues so as to increase the degree of belonging to the business values we believe in. Using Equatorial’s extensive experience, we have started an internal management and leadership academy in 2021, based on which we will build key skills throughout the entire organization by offering career development paths to the best of our colleagues. Without a professionalized middle management structure, accelerated growth cannot be sustained.
The changes we mentioned about are intended to prepare the Bittnet group for the coming years and to support the vision of becoming a regional digitalization player for medium-sized companies in the CEE. During the event dedicated to investors (https://www.youtube.com/watch?v=h7u0H1VkL7Y), organized according to tradition on April 15, we talked extensively about the plans and priorities we have for each of the 2 divisions having with us the representatives of the companies in which we made the last investments – eLC, Softbinator, Servodata.