In today’s hyper-competitive market, it’s more important than ever to regularly revisit your sales growth strategies. Coasting can be a recipe for failure because your competitors are unlikely to stand still.
While success depends on great execution, these four sales strategies can help you add revenue:
Embrace your existing customers
It costs 5x more money to acquire new customers than to retain the ones you have. Taking great care of this group is especially important when market conditions make winning new ones harder than ever.
Relationships and trust are already established. Where there is an opportunity, become more proactive. Present new ideas and solutions to solve vexing problems. This can be accomplished by turning every conversation into a discovery call.
Referrals and use of incentives to elicit action are often the fastest paths to a new sale.
Engage in cross-sell and upsell
After “securing” your existing base, monetize loyalty with a cross-sell and upsell strategy to expand account penetration and increase renewal revenue as appropriate.
Existing customers are easier to engage with a 60 to 70 percent chance of conversion. You know their wants and needs. You can tailor great fit options or suggestions based on known buying patterns.
Put another way, your thumb is on the scale so don’t let the opportunity pass by.
Revisit qualified prospects sitting on the sidelines
You’ve already spent time learning about the prospect’s business, goals, and challenges. While they haven’t made a decision, they know you and may believe you can help solve their problem.
Re-engage them with news. This could be an enhanced solution capability to deliver more benefit punch. It could be a new service offering based on customer feedback. A special offer. Or something else. You get the idea.
Whatever it is, Show your prospects that you understand their pain points and want to help. Listening well sets you up with opportunities to solve more of their problems.
Create a sense of urgency
Without a sense of urgency, prospects may wonder, “do I need this right now?” Or they might back-burner the conversation to another time. Worse, they might try to solve it internally.
Avoid this by having the prospect describe and quantify the cost of no action. Create urgency by helping your prospects understand why they need to take action right now.
Urgency doesn’t stop here. Staying top of mind with your prospects helps to reinforce the narrative of urgency.
Make use of outside expertise to help
Whether big or small, these growth strategies can help you succeed. As you pivot to execution, consider the wide range of help available to you.
This includes outsourced sales and marketing. Services like ours – Sales as a Managed Service – can save you the cost and complexity of growing sales all on your own. Now you can have a custom-built, dedicated sales team to help you execute one or more of these sales strategies. Learn more.
Schedule a call with one of our consultants to get started.