Without oil and grease the most beautiful sports-car with the most powerful engine will not make it out of the garage. Oil and grease reduce friction, allowing the cylinders to fire and the wheels to turn.
Business is the same way. Without the right oil and grease, your Revenue Growth Engine® comes to a grinding halt.
What are the oil and grease every business needs? Trust and loyalty.
Trust removes the friction for deciding to become a client. Loyalty removes the friction for continuing to be a client.
The #1 challenge of executives, sales professionals, and marketers in the next decade will be building trust and sustaining loyalty.
Let’s explore how trust and loyalty connect to business results.
To grow net-new business we must develop enough trust for buyers to approve the first order. However, trust is at an all-time low.
In 2021, Edelman’s Trust Barometer showed that the trust bubble had burst, putting...
The most important role of marketing and sales is to pay attention to the outcomes that prospective clients want. This is also the most neglected part of the marketing and sales role. Now, more than ever, marketing and salespeople must be listening and adapting.
Clay Christensen and Bob Moesta assert that customers don’t buy our products or services. Instead, they hire our products and services for a job to be done. In Revenue Growth Engine, I say that buyers don’t buy products, they buy the outcomes the products enable.
Great companies have an intimate understanding of the jobs that prospects are hiring products to do. The most effective marketing and sales focus on the outcomes, not the product. Outcomes are driven by business goals and the problems that keep clients from achieving them.
As the economy shifts, the problems our prospects encounter may shift. We may be selling the same product as we sold last year, but the reason prospects buy the...
Throughout my career as a sales professional and sales leader, I’ve been asked to assess the closing probability of the deals in my pipeline. These probabilities are used to try to create accurate sales forecasts.
However, forecasts are rarely accurate, which can be frustrating for executives. And while forecasting is a necessary exercise, I've found it has almost become a joke, as if sales professionals randomly assign probabilities based on a gut feeling.
But what if there were a better way to assign the probability of the deal closing? From my perspective, there is. Here are two steps you can take to help increase the accuracy of your sales forecasts:
1. Connect your services to the outcomes potential clients want.
Keep in mind that buyers don't simply buy products and services from you; they buy the outcomes those products and services can deliver. So for each deal in your funnel, ensure your sales representatives understand the buyer's desired outcomes, their top business...
“Buyers don’t buy products, they buy the outcomes the products deliver.”
Darrell Amy, Revenue Growth Engine
For those who are obsessed with their products, the superiority of their business, or the beauty of their brand, this statement contains a hard pill to swallow. As great as your products are, as experienced as your team is, and as responsive your customer service may be, that's not what buyers are buying. People do not buy your products, they buy the outcomes your products create.
Bob Moesta explores this principle in Demand-Side Sales 101. He shares the story of how he stopped trying to push his product on customers. Instead, he worked to understand the actual outcomes the customer desired. Then he engineered the buying process to satisfy the customer’s demand.
Buyers have a “job to be done”. That is why they buy a product. Period.
The “Jobs to be Done” theory (pioneered by Moesta and Clayton Christiansen one of my...
When it comes to tracking revenue, we all want to know the total amount of top-line revenue. However, underneath the total revenue number are two critical revenue numbers that every business, marketing team, and sales rep should track:
In working with companies across multiple industries, I’ve discovered that that most businesses are good at one or the other. They are either good at net-new businesses or cross-selling by deepening relationships. A business that is only good at one may be growing year over year, but they are leaving a lot of revenue on the table by not shoring up the area where they are weak.
Cross-selling more products and services to the existing client base is the number one missed opportunity in the vast majority of businesses. Every year, businesses leave millions of dollars on the table. Why? Because they stopped selling once they closed a new deal.
Mark Hunter says, “You don’t close a sale, you open a relationship.” Yet in most companies, once the paperwork is signed, the client gets handed off to operations and the sales rep moves on to the next deal. The selling phase is over.
Last year at a technology conference, I heard Tiffany Bova say most sales teams are like prospectors in the Klondike looking for gold. They dedicate all of their resources to find a new customer. Then, once they get the new account, they slap high fives, ring the bell, and move on to the next deal. This would be like a prospector finding a gold mine and then moving on to find the next mine. Insanity--that happens every day in the vast majority of businesses.
Trust is the currency of business. Without trust, business dies.
The challenge is that trust is at an all-time low. The Edelman Trust Barometer continues to present data that shows people are very distrusting.
While low trust may feel discouraging, the good news is that companies and salespeople that build and maintain trust create an incredible competitive advantage.
How do you build trust? I want to propose a formula:
TRUST = MESSAGE + RELATIONSHIP + EXECUTION
This formula is based on three questions:
Let’s explore how these three factors work together.
The first component of trust must answer the fundamental question: “Can you help me solve my problems and achieve my goals?” Buyers don’t buy products, they buy the outcomes the products deliver. And the outcomes buyers are looking for...
Every business owner wants to grow revenue. That’s a given. My question to you today is, “Why do you want to grow?”
Your reason for being in business needs to be about more than profit. Yes, there are personal dreams and motivations, but in order to hit your personal goals, you need to have a bigger vision.
My “why” behind Revenue Growth Engine is to help 10,000 great businesses double revenue so they can create meaningful jobs and give back to their community. I developed this “why” through 18 years of service on non-profit boards. I saw that the largest donations, the ones that really moved the needle, were coming from successful and generous business people. I want to help these companies grow!
What’s the “why” behind your business? If you want to grow, you need a meaningful answer to this question. I believe this is true for three reasons:
1. Because It Will Take...
Is your company message delicious and sticky? Or, is it watered down and bland?
As a child one of my favorite events of the spring was making maple syrup. As the snow would begin to melt, we would head out into the woods. Holes would be drilled in trees for the spouts that would gather sap into buckets. Then, we would drag 40 gallon barrels through the woods to collect the sap.
In the middle of the forest was the sugar shack. This housed a firebox with a vat on top. The sap would be poured into the vat. Over the following hours the sap would be boiled down to create the most delicious substance on earth: maple syrup.
It takes about 40 gallons of sap to make one gallon of maple syrup. The sap tastes like the melted ice after finish a soft drink. There is a little bit of sugar, but no one would say it is delicious. Maple syrup, however, is sweet, smooth, and sticky—pure joy.
Your company message needs to be delicious and sticky. Creating this message is very similar to making...
Harvard Business School professor and the father of modern marketing, Theodore Levitt, asks a powerful question that every business leader, sales representative and marketing manager must answer: What business are you in?
The answer to this question will determine the future of your company. At this critical moment when the needs of your customers are changing, this question needs to be answered correctly.
The reality is that what you sell and what people buy are different. As I say in my book Revenue Growth Engine, "Buyers don't buy products, they buy the outcomes the products deliver."
Theodore Levitt would famously walk into his marketing class holding up an electric drill bit. He would tell the class that no one has ever purchased a drill bit, but what they bought was the hole. Some take it a step further and say that they aren't buying the hole, they are buying the ability to hang a picture on the wall so they can look good to their friends. Others takes it even further,...