How To Get Net-New Business From Your Client Base

Earn more business from existing clients with these three net-new focused sales activities.This week I enjoyed talking with a group of sales leaders as we prepared for a Value Alignment Workshop. When we asked the group of sales managers about the challenges they faced, the overwhelming response was, “We struggle with getting our reps to generate net-new business.”

Net-new business is the lifeblood of a business and the energizing force behind a sales team. Without net-new, the sales team becomes order takers. Over time, the team becomes rusty and complacent.

What Is Net-New Business?

I define net-new business as “any new sources of revenue”. New revenue can come from two areas:

  1. New logos
  2. New categories of products, services, or solutions sold to current clients

There are only three sources of net-new business:

  1. Strategic Prospecting to build a relationship funnel with buyers that are not currently looking
  2. Digital Marketing to engage buyers who are actively looking online
  3. Cross-Selling current customers who could benefit from additional products and services

Today, let’s focus on #3: earning more business from your current clients. How do you do this? You must earn the right. (more…)

Consistent Execution: The Secret To Revenue Growth

Execution is critical to success - otherwise all you have is a plan. But there's more; great execution is also how dealerships set themselves apart for the competition - and grow net-new.“Execution is the single greatest market differentiator. Great companies and successful individuals execute better than the competition.”
 Brian P. Moran, The 12 Week Year

If you want to be successful in growing a company as a business owner, or growing a territory as a sales rep, you need to execute consistently. You can have a great vision, amazing products, and all kinds of great intentions. But the marketplace only rewards ideas that get implemented.

Execution needs to happen in the three core areas of your business that touch your clients and prospects. Let’s consider each of these in turn. (more…)

Don’t Give Up Too Soon On Your New Initiatives (i.e. Managed Services)

New services take time to develop - don't let that discourage you or convince your SMB should give up on a valuable potential revenue stream.

“All the storytelling we do requires frequency. You’ll try something new, issue a statement, explore a new market… and when it doesn’t work right away, the instinct is to walk away and try something else. But frequency teaches us that there is a very real dip–a gap between when we get bored and people (our clients, prospects, and employees) get the message.” 
– Seth Godin, This Is Marketing

As business owners and sales professionals, we tend to give up too soon. (more…)

Geometric Growth By Mining the Gold From Your Client Base

Every smart business knows getting more customers is a must - but if you're looking to increase profit margins, cross selling current clients is the way to go.Every (smart) business and sales professional wants to sell more to their current clients.

In my favorite marketing book, Getting Everything You Can From All You’ve GotJay Abraham shares the geometric principle of business growth. He says there are only three ways to grow a business.

  1. Get more customers
  2. Sell more things to current customers
  3. Increase the frequency of purchase

The problem is that most businesses only focus on #1. When it comes to #2 and #3, cross selling to current clients usually gets lip service, a page buried on the website, and maybe a specialist. Unfortunately, that’s where the gold lies.

If you only do #1, focusing all your effort on new logos, your business will grow linearly. From a sales perspective, 15% growth requires 15% more new customers. It’s important work and hard work, but 15% growth won’t get anyone too excited — especially if you had to discount products to convince new customers to buy into your business.

The profitable and dramatic growth happens inside your current customer base by cross-selling additional products and services. This is especially true in mature industries where profit margins on the core offering are dropping. In this scenario, the question we should be asking is, “How can I sell more things to current clients where I have a trusted relationship?” (more…)

Building an Effective Sales Culture

 

Building an effective sales culture will set your team apart - and your close ratio will show it.

As the manager of a sales team what is the biggest thing you can do to drive success? The answer may be to build a culture of success. Why? You can only be physically present with the members of your team for a small amount of time. The culture you create is always present.

Create a great culture is like a farmer nurturing the soil for a successful crop. Without proper cultivation, fertilizer, and watering, plants will struggle to grow. Create good soil and plants will thrive.

“Culture isn’t just one aspect of the game, it is the game.”
– Louis V. Gerstner, Jr., Former CEO of IBM

Here are a few thoughts on enhancing your sales culture: (more…)