Could it be possible to double your revenue in less than three years? Could you do it without acquiring another business? The answer is “Yes” and it is confirmed with some simple math.
There are only two ways to grow revenue:
- Get more clients
- Sell more to your current clients
My observation has been that most businesses focus on one or the other. The majority try to drive astronomical growth in clients. Some try to focus inwardly on cross-selling efforts.
The key to exponential growth is to achieve modest results in both new client growth and cross-selling activities.
Consider the model below. If you grew your client base by 15% and worked on cross-selling additional products, services, and solutions to your current clients to raise the average spend per client by 15%, you would more than double revenue in 3 years!
How do you make this happen? You need a revenue growth engine. Just as the operations and finance parts of your business run with predictable processes, you need a set of processes in place that align marketing and sales to create a finely tuned growth engine that drives both net-new and cross-selling.
This principle applies to all industries. However, for my friends in the office equipment and managed IT services business, here are some ideas to help you bring on additional clients while cross-selling additional products (production print, wide format, displays, phones, mailing…) services (Managed Print, Managed IT, Managed Security, Managed Voice, HaaS), and solutions (workflow, ERP, 365, content management).
How do you do this? You drive net-new by combining sales and marketing to create a system that delivers an amazing buyer experience. You increase revenue per client by combining sales and marketing to create a memorable customer experience. I have many thoughts to come on this, but here are a few to get started:
Net-New: Create an Amazing Buyer Experience
- Outbound Prospecting: Get your reps prospecting more effectively with better prospecting skills (we like Fanatical Prospecting!) and multi-touch drip sequences.
- Inbound Marketing: Get found online, convert visitors to leads with good calls-to-action, and jump on those leads within 5 minutes with a well-trained SDR.
Cross-Selling: Create an Amazing Client Experience
- Client Management: Create a memorable onboarding process that lets new clients know about all of the outcomes you can deliver. (Remember, you don’t market and sell products, you sell OUTCOMES!) Socially surround your current clients. Do Quarterly (Periodic) Business Reviews for all key clients!
- Client Communication: Segment your client base by cross-selling opportunity. Send out helpful content to them by email and print. Host premium events to add value to your clients.
How do you do this?
First, build a revenue growth engine. (More to come on this!) Have a documented strategy to align marketing and sales efforts drive net-new and cross-sell.
Next, get to work. Every day. Create a scorecard and hold yourself accountable and your weekly Level10 meetings. (Don’t know what Level 10 is? Go read Traction and get EOS in your business ASAP. It’s a game changer.)
In Great By Choice, Jim Collins calls this the 20-mile march. Steady, consistent action done every day in the direction of your goals wins the race. Strategy, focus, and discipline all aimed at revenue growth.
The end result? 15% growth YOY in net-new and revenue per client creates 2X revenue. What’s in your way? Let’s do this!