Increase Revenue at a Lower Cost of Sales

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Many management experts remind us to find the most important element to manage and stay focused on it! What is that “one thing” for increasing revenue?

I would argue that most important factor is the difference in the amount of revenue produced by the top sales person compared to the average salesperson during the first years of a product’s introduction.

Frequently for new differentiated products the “top 10 percent” salespeople will sell more than 2x or 3x the amount that the average salesperson sells. The early sales are critical for gaining market share for new products while the differentiation is high.  Over time, as the market and the other salespeople learn more about the product and the customer value delivered, the size of the revenue gap will decrease…but by then the competitors will have started to catch up also and the differentiating advantage decreases.

What does the average salesperson learn after the introduction and a couple of sales cycles that enables them to increase the amount of revenue produced, approaching closer to the sales levels of the top salespeople? If the firm provided that information earlier, would the average salesperson be able to produce higher sales levels earlier? The answer is yes!

Firms really can’t get much more revenue out of the “top 10%” salespeople, and trying to save the “bottom 10%” is a waste of time. But we can provide the information needed by the average salesperson to impact their revenue production by almost 2X.

Financial Advisor SMART BOOK™ (1 of 9): Align Your Team on Vision & Smart Goals

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2018 FA Smart Book

Market Success

Financial Advisor SMART BOOK™

We recently published the 2018 Edition of the Financial Advisor SMART BOOK™, 2018 Edition  This resource is a comprehensive guide to help financial advisors build a strategy-led, systematic growth program with 9 proven strategies. The goal is to help advisors:

  • Increase Volume: Generate More Visits & Inquiries
  • Increase Client Value: Get Better Qualified Inquiries
  • Increase Velocity: Increase your Conversion Rate
  • Increase AUM and Revenue: Optimize Engagement for AUM growth and Revenue Impact.

[Strategy 1 of 9] Align Your Team on a Vision & Smart Goals 

We are surprised how many advisors we work with have not clarified a vision or established clear revenue goals and metrics to achieve them. Having a vision and game plan for growth is important for financial advisors to thrive in a challenging marketplace. The Smart Book™ outlines how you can achieve more predictable and sustainable revenue growth by establishing a Revenue Architecture that fits your firm. The key is to commit to a systematic sales and marketing process by following the 9 proven strategies to guide your approach.

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77% of B2B marketers are NOT making their numbers! Why?

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77 Percent

77 Percent

Many so-called “Revenue Marketers” are writing checks that their companies simply can’t cash! According to a recent study by HubSpot, only 23% of marketers are exceeding their revenue goals. Yet, Revenue Marketing has become a ubiquitous concept and is getting tons of hype in today’s market. And rightfully so. No question – it’s the “holy grail” of today’s senior stakeholders.

Here’s the problem—all the verbiage around it was generated by companies and people deeply invested in its success. These include companies that are predominantly staffed by marketing automation technologists and solutions engineers, who are actually software people, not demand marketers. And all the talk isn’t limited to the marketing operations and automation folks who are making claims. There are also many strategic consulting firms and agencies that do the same, but they don’t have enough experience as practitioners to execute on the very recommendations they are prescribing to clients.

Don’t get me wrong, the modern marketing technology stack forms the most powerful marketing enablement toolkit I’ve witnessed in a nearly 25-year career. But it’s just that…an enablement toolkit. It’s a partial solution. You ALSO need effective buyer engagement strategy and execution or the monetization of your marketing investments won’t even come close to its potential.

Quite simply, revenue marketing can work—when (and only when) it’s driven by a worthy buyer engagement strategy. But the primary challenge, which we address in our new eBook entitled Exposed. The False Promises of Revenue Marketing., is all the confusion, misinterpretation and general lack of understanding that exists around revenue marketing and the buyer engagement strategies that are essential to its success.

These points of confusion include:

  • The fundamental deficit in buyer understanding that is killing marketing performance at most companies
  • What’s wrong with persona development
  • How messaging is largely missing the mark
  • Why most B2B content is lousy as it’s “domain-centric,” not “engagement-focused”
  • How most marketers are focused on all the wrong metrics
  • Why so very few marketers are capable of aligning all the requisite elements of a high-performance buyer engagement strategy

In the eBook we highlight these critical elements (and many more) that are too frequently being ignored, simply misunderstood or not fully embraced, but that are vital for true revenue marketing. In it we address 9 foundational principles that when used as a roadmap for marketing automation and social media propagation are the surest way to develop a sound buyer engagement strategy that transforms you into a true rock star of revenue marketing.

Download a copy of the eBook to discover 9 ways to exponentially increase leads, conversion, pipeline velocity and revenue impact:

 

 

Three Reasons to Audit Your Sales Messaging

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Office

Improving the quality and completeness of sales messages delivers hard ROI. Here are three reasons you should review the content your sales teams are using and take a diagnostic approach to assess the effectiveness of your sales messaging:

Office

Three Reasons to Audit Your Sales Messaging:

1) Reduce the time required for achieving channel effectiveness: 

  • Channel effectiveness occurs when the average salesperson can cost effectively close the sale. Eventually the sales channels [and customers] will learn the value of the differential being offered, but while the market is still learning these values, the effectiveness of the sales channels is reduced. It is difficult to close the sale when the customer doesn’t know the value of the differential being offered, and the sales channels has not been provided with the values, calibration, and evidence needed to convince them.

2) Increase sales capacity

  • Sales capacity is the number of salespeople [or outlets] that are effectively selling your products and solutions. Retail uses a term “self ware” to refer to products that are sitting on the shelf but aren’t being bought. Having salespeople that are expected to sell the product but can’t/don’t is the channel equivalent of shelfware. Frequently this occurs when the skill required to sell the product exceeds the skill available in the channel. So the top 10% of the salespeople can sell the product, but the average salesperson can’t. Poor quality sales messaging is frequently the cause of product shelfware.

3) Reduces the cost of sales

  • Improved messaging increases the close rate and reduces the number of sales calls required to do so because the customer value being offered is clear and with evidence.

Use a diagnostic process for more consistent implementation

  1. Review the “top 10” sales messaging deficiencies to see if the issues are identified.
  2. Check the material being sent to sales people –  before it is sent!
  3. Use a checklist to ensure the quality and completeness of the information being provided.

Make certain your content and messaging is sufficient for the average salesperson to cost effectively close the sale. Would you like a copy of the checklist? Check out the 9 Sales Enablement Content Imperatives.

Here is another article by Bud: 10 Message Deficiencies.  Contact us to schedule a discussion.

This is a guest post by Bud Hyler – a member of the Revenue Architects’ expert network.

Understanding Spam in Email Marketing

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email spam

This is a guest post with a backgrounder on Spam and eMail tactics.

email spam

Email spam, or junk mail, is sending and receiving unsolicited messages via email. While most spam messages are actually untargeted promotional emails, a percentage of junk emails also contain disguised links to familiar websites, but which are actually phishing attempts, or host malware meant to infect your computer system. Junk email can also contain scripts or executable file attachments which can then brick your computer, spy on you, or fill your browsers with adware.

Email spam has a long history, first appearing in the 90s, when botnets, which are practically networks of infected computers, began sending unsolicited emails to thousands of people present on their lists. Regardless that since the Internet became a reality, junk email was prohibited, it still represents a practice today. Email spam stands against the ethical principles of email marketing and can often be classified as unsolicited bulk email, which is mail sent in large quantities, or unsolicited commercial emails. Read more

Better Salespeople Need Less Sales Enablement Content

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Bad Sales Guy

Generating revenue and winning customers requires a balance of good content and confident sales. Design your sales enablement content around what your medium-skilled salespeople need.

Bad Sales Guy

Your top salespeople have sufficient confidence and sales skill that they don’t need a lot of content to be successful in their sales efforts. However an average salesperson with less confidence and less sales skill will require much more content.  Top sales people usually need less content because they are able to develop a greater level of customer relationship and trust.

One of the responsibilities of sales management is to specify the content requirements that sufficiently augments the sales skills of the average salesperson so that revenue is successfully generated.

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