“A goal without a plan is just a wish.”Antoine de Saint-Exupéry
What is your plan to grow revenue?
Every business wants to grow revenue. At the beginning of the year, most businesses set specific growth goals. (More ideas on setting goals: A New Way To Set Revenue Growth Goals.) However, as Antoine de Saint-Exupéry says, “A goal without a plan is just a wish!”
You need a revenue growth plan. That plan needs to be more sophisticated than simply saying, “We’re going to hire two more sales reps” or “We’re going to open an office in this city”.
Your revenue growth plan needs to provide detailed answers to two specific questions:
- How will we grow net-new business?
- How will we cross-sell more products, services, and solutions to our existing client base?
Under each of these questions, you need to detail how your sales and marketing initiatives will work together to achieve these goals. Let’s consider each of these.
New clients are the lifeblood of any business. There are only two types of prospects: those who are actively looking and those who are not.
For the ones that are actively looking, your Revenue Growth Plan should include the actions you will take to get found online, convert those visitors to leads, and then respond quickly to qualify them.
For the ones that are not actively looking, your plan should include the specific ways you will empower your sales team to prospect. How can you make them more efficient, effective, and accountable?
If you have additional products, services, and solutions to sell your clients, you need a plan to make sure you mine the gold from your base.
At a recent technology conference I attended, Tiffany Bova, Innovation Evangelist at Salesforce, observed that most businesses need to take a clue the prospectors of the 1850’s. Everyone that found a gold mine made sure to get all of the gold out of the mine before moving on. However, most sales teams land a new client and then move on to the next one, failing to mine the gold from their base.
From a sales perspective, what is your plan to follow up with your clients? Your plan should include consistent periodic business reviews for your A-list clients. Your team should be trained, coached, and have the tools to do these reviews effectively.
From a marketing perspective, what is your plan to communicate consistently with your base? Your plan needs to include a steady stream of targeted emails, social posts, and events. These communications should clearly communicate the outcomes your clients can enjoy when they expand their relationship with you.
Revenue Growth Planning
How do you make this happen? Block some time off with your team! When I conduct a Revenue Growth Workshop with a company, we’ll begin by blocking off half a day to talk about the current state of each component of the growth engine.
At a recent growth workshop, the owner of the company told our team he was busy and could only be a part of the first session of the workshop where we discussed growth goals. At 5:00 that afternoon, he was still in the room, having rescheduled his other appointments for that day. Later, he told me that he learned things about his company during that day that he wasn’t aware of. Getting all leadership in the room to analyze the growth engine can be very powerful.
The old saying still holds true: “Those who fail to plan plan to fail.” Don’t fail to plan for revenue growth. If you could use some help doing this, feel free to reach out. We’d be glad to help!