Taking sales to the next level like we had a couple years ago are not going to happen again. Everyone agrees that we’ve already hit the high-water mark. We never had much of a sales organization. We just got calls from people who wanted what we had. But now they have what they need and we’re up against a wall wondering what to do next.
THOUGHTS OF THE DAY: Consider the size of your pipeline when taking sales to the next level. If you were once in high demand, you can be again. Look for extensions on what you’ve already sold. For the next round of growth, consider buying what you need. Figure out which sales challenges you really need and want to solve.
Taking sales to the next level
One of the big problems is your pipeline isn’t as full as it needs to be. Pick the right customers to help fuel growth. Look for customers who:
- Make frequent purchases from outside resources
- Can afford to pay a premium for what you offer
- Want AND need what your company provides
- Are willing to spread the word that you’re a great solution
Go through your book of existing customers, tag the ones that meet the “right customer” criteria. Make customer service calls. Use them to find out what else those “right customers” want. In addition to current customer surveys, survey past customers, and analyze buying patterns. Look at what competitors are doing to get this kind of business.
One of the easiest sales to make can be to add to what you’re already selling. If you’re selling a product, add a service contract. If you’re selling a service, add a product that enhances or extends the value provided by the service.
Add highly profitable extensions to increase the average purchase and margin. Boost margin and revenue by instituting a price increase. Lots of companies haven’t increased prices in years.
If you’re out of ideas on what else to sell to existing customers, research what others are selling. You have a client list and you’re on the approved vendor list. Perhaps you only need to increase the number of things to sell. Rather than bootstrap your way up from nothing, buy another company’s product or service. Add it to your line of offers.
Succeed in sales – do things differently
Whether you plan to buy or build sales solutions, know exactly what sales problems you need to solve. Sales are stalled for one or more reasons. Dive into the “why” of the stall in order to achieve a permanent boost to sales.
Consider some of the following reasons that sales typically get stalled:
- Not enough things to sell;
- Not enough salespeople selling;
- The current sales team needs more or better skills;
- Not enough marketing to fill the pipeline consistently;
- Don’t know how much volume is needed in the pipeline to grow; and
- Can’t leverage sales from one product or service to another.
Make sure you’re solving the right problem before you set out to buy or build solutions. Above all else, take the action necessary to grow now. The alternative to growth? Watching the business decline to the point where it is unprofitable and then no longer salvageable. Who wants that?
LOOKING FOR A GOOD BOOK? Try “From Impossible to Inevitable: How Hyper-Growth Companies Create Predictable Revenue,” by Aaron Ross and Jason Lemkin.
