Five Crucial Techniques for Doubling Revenue
January 28, 2021
In visiting with some of the world’s top sales and marketing thought leaders, as well as CEOs whose firms are seeing dramatic increases in revenue during this downturn, several actionable ideas have emerged which you can act on immediately.
1. Dramatically Reduce Sales Cycle Time, nothing improves cash flow and revenue more than reducing your sales cycle time. An important technique to dramatically reducing it is to use synchronous communication throughout the sales process.
Start with NEVER presenting a sales proposal to a customer without being on the phone or in person with them. Emailing a proposal to a customer ahead of a meeting doesn’t give you the opportunity to react immediately to potential concerns and objections that might arise. The more time a customer has to ponder an objection and potentially pollute their colleagues with negative reactions the more difficult it will be to move the sales process forward.
2. Price with Confidence
Of the four P’s of marketing, price is the only one that directly puts money in your pocket. Yet I find companies setting price with very little strategy behind the decisions. For more on this topic read Pricing with Confidence, 10 Ways to STOP Leaving Money on the Table by Reed Holden and Mark Burton. This is the time to increase price, not provide discounts you can’t recoup later.
3. Multiple Channels
“Place” is one for the other four P’s of marketing. Give up protecting territories and give customers as many options for purchasing your product and services as possible.
4. Half the Customers; Twice the Attention, eighty percent of your revenue comes from twenty percent of your customers. Focus on Best Buyer or Best Market and create a “nurturing marketing campaign” that touches these customers 10-15 times with educational information. If you’re not familiar with nurturing marketing read Jim Cecil’s book Nurturing Customer Relationships.
5. Keep Learning
Now more than ever, the field of sales and marketing is undergoing a transformation while harkening back to basics that have always been critical to driving revenue. As one CEO put it, “it’s a mystery to me why companies cut back on learning and training in down times. Now is when more focus should be put on training and capturing opportunity.”
Posted on January 28, 2021 by Donna Hover-Ojeda at 1:23 pm | Catigorized under Growth. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.