Finding the holy grail of revenue growth....
How do I increase revenues - without hiring new salespeople, and without spending money on potentially hit-and-miss marketing campaigns?
This must be every business owner's dilemma!
Hire a new salesperson - get it wrong - there's an unnecessary cost of $100-200k!
Marketing campaigns? In the wrong hands, they can be hit-and-miss, and are often what we would call "late buyer journey".
So, we're on the hunt for methods of increasing revenue that DON'T involve more sales staff and expensive marketing campaigns.
Low investment revenue growth #1 - train the techies
In our last post, we spoke about Sales for Techies™ - i.e. training technical, consulting resources to spot opportunities in the field. This has been one of our most successful postings ever! We've been inundated with requests to run our program - the techies are very much trusted by customers, and they're up to their necks in customer problems every day. The thing is - no-one's taught them how to spot these opportunities, and report the information back to Sales!
Low investment revenue growth #2 - manage the pipeline
2 words - PIPELINE MANAGEMENT!
Most of us have a list of deals our sales team is working on, but:
- Is it accurate?
- Are we actually still in with a chance on each deal - or are we fooling ourselves?
- Is our pipeline leading to forecasts that are +/- 5% accurate?
- Are we acting on gaps in our pipeline to create more opportunities - or indeed warning our delivery teams that we're moving in to a period of peak demand?
Quantifying the value of best-in-class pipeline management
Studies have been done - here's what they say:
Harvard research reports that – on a 7-point scale – companies with INEFFECTIVE pipeline management had an annual growth rate of 4.6. Companies with EFFECTIVE pipeline management had an annual growth rate of 5.3.
Vantagepoint - in a joint study with the Sales Management Association - revealed that:
- 61% of sales managers claim they have not been adequately trained in pipeline management
- 63% claim their companies do a poor job of managing their sales pipelines
- Only 21% of sales managers actually look to see what type of deals are in their sales pipelines
How to move forward....
Click here to download a description of our solution - a full audit of both your pipeline, but also your pipeline management processes. We also stick around for 3 months to ensure all is in order.
WE'D LOVE TO SEE YOUR REVENUE GROWTH INCREASE BY 15%!
FREE ASSESSMENT
We also offer a free Pipeline Improvement Program Assessment. Register here.
