How can you accelerate revenue growth in this uncertain environment? You may not be able to control the economy, but you can build and optimize processes.
Ask any management consultant and they will tell you that processes are the key to an efficient business. We find processes in departments throughout a business like finance, H.R., service, production, and fulfillment.
Why is it that when it comes to revenue growth, sales and marketing teams typically have few, if any, documented processes?
“This is the secret ingredient in your organization. This means systemizing your business by identifying and documenting the core processes that define the way to run your business. You’ll need to get everyone on the same page with what the essential procedural steps are, and then get everyone to follow them to create consistency and scalability in your organization.”
While most departments have well thought out processes in place, sales and marketing teams are often left to wing it. “Go sell something.” “Manage our social media.”
The challenge is that when you have unpredictable processes, you get unpredictable results.
Because of this, many companies experience either inconsistent or flat revenue growth. This is a shame since revenue is the lifeblood of any business.
What are your processes when it comes to revenue growth? The Revenue Growth Engine™ itemizes the core sets of sales and marketing processes you need to drive net-new revenue and cross-sell current clients. Let’s consider these four process areas.
The Revenue Growth Engine™ Model
NET-NEW BUSINESS PROCESSES
To drive net-new business you need a coverage strategy to ensure that you are on the radar of your ideal prospects..
PROCESS 1: OUTBOUND MARKETING
These processes ensure that you have a communication plan in place to share helpful ideas with your ideal prospects. Unlike inbound marketing where you hope a buyer will stop by your website, an outbound marketing is a direct approach to reach your ideal clients.
PROCESS 2: OUTBOUND SELLING
For every buyer that is actively looking for what you sell there are many more who are not actively looking but could benefit from your value proposition. Documented sales processes define who is the ideal client, how data will be managed, how reps prospect, and how they influence the buying team throughout the sales cycle.
What additional products, services, or solutions could you provide to your current clients? Most companies could quickly double their revenue if they got this right. Without defined processes in place, most companies experience anemic growth in cross-sell revenue. Both sales and marketing have a role to play here.
PROCESS 3: CLIENT MANAGEMENT
What happens after the prospect says yes to your offer? This is where most businesses drop the ball. Processes should be defined for onboarding a new client, conducting periodic business reviews, and renewing contracts. Without process, balls get dropped and cross-selling does not happen.
PROCESS 4: CLIENT COMMUNICATION
Survey most clients and you’ll hear, “You never write, you never call, until it’s time for me to renew my contract.” Client communication processes ensure your clients feel valued. Documented processes need to exist for segmenting clients, managing data, communicating consistently with relevant messages, and delivering client loyalty programs.
PROCESS 5: FOCUS YOUR MESSAGE
In addition to sales and marketing processes to drive net-new and cross-sell, you also need processes in place to continually update your message. Your message is the fuel for your Revenue Growth Engine™. Make sure to have documented processes to refresh your website, sales collateral, advertising, and social presence.
HOW ARE YOUR SALES AND MARKETING PROCESSES? DO YOU HAVE ANY? ARE THEY DOCUMENTED?
Are you unhappy with your flat or inconsistent revenue growth? Maybe you should look at your sales and marketing processes!