Everyone wants to grow but no one wants to change. I wrote that line in 2017 for our book Inbound Organization. It was true then and it is true now. So how to change in order to grow. I suggest asking a few key questions of yourself and your team to get the process started.
1. What is our target market?
Do we specifically define the industries, geographies, ideal customer types, and target personas that we serve the best?
I ask this question multiple times weekly to executives and marketing leaders and very few manufacturing and industrial companies ever answer it in detail. I will get generalities but not specifics.
Recently, I met with a client who is the CEO of a successful North American automation manufacturer and I asked the above question. His answer was specific and detailed. He knew the exact opportunities in the market and how they were positioned for success. From my perspective, this is an ideal client. We can guide them and help them create and execute a growth strategy. And they are already growing by leaps and bounds because they are very clear on the answer to this question.
You can't grow your business in today's tough conditions if you do not choose. You must decide on who you will serve and how. You can't be everything to everyone.
2. What is our sales process and pipeline like?
Assess the effectiveness of your sales funnel to gauge its efficiency, pinpoint any potential bottlenecks, and devise tactics to optimize the workflow and boost conversion rates across all pivotal stages.
This involves conducting a comprehensive analysis of each step within the funnel, studying factors such as lead generation, lead qualification, nurturing, and closing deals.
By identifying areas where prospects tend to drop off or encounter obstacles, you can tailor targeted solutions to streamline the journey, whether through refining messaging, enhancing user experience, or employing automation tools. C
Then continuously monitor performance metrics and improve your process to ensure maximizing conversions and driving business growth.
Don't have a CRM? Then good luck answering this question.
The first step is to have a process. Next, have a tool to manage it.
We are partial to HubSpot. I am happy to walk you through why this is a great tool and why all of our clients will grow once they adopt it.
3. How effective is our marketing strategy in generating leads?
You should assess the performance of your marketing channels, campaigns, and messaging to attract and engage your target audience effectively. Marketing tactics are changing very quickly as younger buyers move up in companies and newer marketing channels emerge.
Just like trade shows are not what they once were, getting into a marketing rut is a surefire way to mediocrity.
- Do you know when your best prospects are on your website what pages they are viewing and in what order?
- Do you know what online publications your target prospects are reading and whom they consider thought leaders?
- Are you using content like case studies and testimonials to attract and engage prospects in person and online?
- Can you name the best keyword sets that attract the most website visitors and the ones that turn into leads and customers?
- Do you use an email/CRM tool that gives you details of when and how your emails are read by prospects?
- Do you know how many people are on your email lists, how many bounces, how many click your emails, and how many open them?
- Are you building connections to prospects and influencers using social media like Twitter and LinkedIn and do you know where and how your prospects use social media?
- Are you considering the impact of AI on how prospects find your company?
4. Are we providing exceptional customer service and support?
Do you say your company provides great service? Most companies say it but do they deliver?
You should actively solicit feedback from clients to gain valuable insights into their experiences and preferences. By leveraging customer input, you can refine your products and services to better align with their needs. Simple. But most companies won't invest the time and ask the questions. I am not talking about some dumb automated email survey that most people ignore - unless they are very happy or upset, which skews your true results.
In addition, empower your sales team to adopt a proactive approach to stay connected with prospects and customers across various online platforms, including social media channels and other digital tools. Encourage them to close the loop by maintaining consistent engagement throughout the sales process and beyond, nurturing relationships with personalized interactions and timely responses to inquiries or feedback. By staying connected on multiple channels your salespeople will earn more opportunities for the next deal and additional revenue.
5. How do we measure and track key performance indicators (KPIs)?
Can you define relevant metrics such as customer acquisition cost (CAC), customer lifetime value (CLV), and sales conversion rates, and use data-driven insights to make informed decisions and optimize performance?
Can you measure your cost per lead, cost of customer acquisition, and what parts of your marketing investment are giving you the greatest return and which ones are losing money?
The only way to improve something is to....you know....but are you doing it?
Asking and answering these five questions will go a long way toward helping you achieve your revenue growth goals.
We have the experience to help you answer these questions quickly and get on the road to revenue growth.
Topics: Sales, Marketing, Company Culture
