You want revenue growth? You want to make your goals? Here are your three imperatives.
Create Enough Opportunities
To improve your revenue numbers and reach your goals, you need to generate opportunities. You might be able to acquire enough opportunities within your existing client accounts, but it isn’t likely. Opportunity acquisition is your very first problem and it should be your first priority each week.
You create new opportunities by prospecting.
If you want growth, you have to dedicate time to the activities that generate opportunities. If you put some other activity in front of opportunity acquisition, those activities will like crowd out the time you need to prospect and nurture your dream clients. If your honest with yourself, you know this is true.
Put opportunity creation first and dedicate the necessary time to prospecting.
Improving Your Win Rate
Every sales interaction counts. It’s imperative that you execute your sales process and that this process helps your buyer navigate their buying process. You can generate all the opportunities that you want, but if you’re not effective enough at the moment of truth you don’t advance opportunities—and you don’t win them.
You improve your win rate by following your sales process. You also improve your win rate by planning the outcomes of your sales interactions. Deep down, you know that opportunities are too rare to squander. Winging it isn’t a plan for value creation. Your effectiveness during sales interactions is the key to winning.
Focus on executing and improving your win rate.
Capture More Value
The final imperative is to capture more value from each and every opportunity. You need to create the most value possible for your clients so that you can capture the most value for you and your sales organization. It’s easier to win small deals and it’s often faster. But you need an average deal size that allows you to reach your goals.
Capturing more value requires that you build bigger deals. It might also mean you increase the size of target accounts. It almost always means improving your ability to create enough value to capture more of it yourself (i.e. selling well enough that you don’t have to discount).
Focus on creating the maximum value for your clients and capturing some of the value that you create.
These are the three imperatives for revenue growth: creating opportunities, improving your win rate, and capturing more value.
Are you creating enough opportunities? Are you dedicating enough time to opportunity acquisition?
Is your win rate improving? Declining? Are you executing your sales process and preparing for each sales interaction as if it matters?
Are you selling your clients what’s easy or what they really need? Are you selling small prospects instead of the dream clients you really need to build your business?
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Filed under: Sales 3.0