Sales and marketing both have common objectives in the pursuit of revenue: creating competitive advantage and increasing perceived value. Without these, the company’s offerings slide into the slimy pit of commodities, decreasing win rates and profit margins.
How can you build competitive advantage and communicate value? In Revenue Growth Engine, I recommend that you think strategically about the experience you provide your ideal clients before and after they become clients.
In The Experience Economy, Competing For Customer Time, Attention, and Money, Pine and Gilmore recommend looking at your company as a stage and your team as actors. In this model, the script is your sales and marketing processes.
In show businesses, compelling scripts get turned into profitable movies and plays. Boring scripts get rejected.
What about your sales and marketing processes? Would the script you have written for prospects and clients capture the attention of your clients? Or, would the script...
By Guest Author, Lee Salz
If you are a follower of my articles and blogs, you know I reside in Minneapolis, but I’m not originally from here. I grew up in the New York/New Jersey area. I don’t need to tell you how brutal the winters are here as the media does a great job of painting that picture. When I moved here, I was not issued Minnesota skin. I still have my East Coast skin. I can deal with the cold, but there are some things I won’t do in subfreezing temperatures.
A great example of something I won’t do in the cold is dealing with my dogs’ poo. I have two, shelter-adopted dogs that weigh about sixty pounds each. From Thanksgiving until March, the dogs “do their business” in my backyard, and I don’t clean it up until Spring. Before you say, “That’s disgusting,” keep in mind the climate in which I live. The poo is covered by snow most of that time and is completely frozen.
As you can probably imagine, there is a...
Cross-selling to current clients to additional products and services may be the fastest way great companies can grow. According to Amy Gallo, a contributing editor at Harvard Business Review, acquiring a new customer is anywhere from five to twenty-five times more expensive than retaining an existing one!
The old saying is true: it takes more effort to get a new client than it takes to cross-sell a current client. Even better, happy clients create a basis for referrals, helping feed the net-new side of your growth engine. If you are providing great products with a responsive service delivered by caring people, why wouldn’t your clients want to buy more from your organization?
Unfortunately, most companies do not fully optimize their cross-selling opportunities and only drive net-new business. They don’t see that cross-selling to current clients creates low-hanging fruit. As I consult with companies, many begin to realize that if they simply focused on this half...
If your company sells in the B2B space, chances are you sell to buying teams. Research in The Challenger Customer revealed that on average, there are over 6 people involved in a B2B buying decision.
When I started selling office technology in 1993, we were trained to go to the top-level decision-maker. Typically, the company owner would meet with me. At the very end, he or she would sign the order and then walk me over to the CFO’s office and instruct them to issue me a check or sign a lease.
Over the past 25 years, the landscape has evolved. In The Challenger Sale, Brent Adamson and Matthew Dixon call this “the rise of the consensus sale.” These days companies are more risk-averse. Thus, the more people involved in the decision, the less risk.
Many B2B companies also offer more complex solutions than they did 25 years ago. In my case, 25 years ago I sold copiers and fax machines that we rolled into someone's office. Over the past few decades, these systems are now...
If you want to grow net-new business, your Revenue Growth Engine needs to be fine-tuned to attract and create new clients. To do this, you need to consider the two types of prospects: buyers who are actively looking and people who are not.
Buyers who are actively looking have felt needs. They have a problem that needs to be solved. You need to make sure that when they look for a solution that they find your company online. Once they find your company, you need to be able to convert that visitor to a sales opportunity. We’ll explore this in the chapter on inbound marketing.
For every buyer that is actively looking for what you sell, there are many who are not actively looking. It doesn’t mean that they couldn’t benefit from the outcomes your products and services deliver. In fact, many of these companies have latent needs, problems that lie below the surface that if solved, would make their lives a lot better. To grow revenue with these buyers you need salespeople...