Stop worrying about revenue - Do these 5 things instead

Increasing revenue is easy, right? It’s formulaic, focus on higher sales activity and increase prices! 

If you believe this read no further. 

‘the sales process has been disrupted, by the buyer’

We are now operating in a volatile, uncertain, complex and ambiguous (VUCA) business environment that has seen the sales process disrupted by the buyer. Most sales leaders view this disruption as a challenge to be met using the same rules they have applied throughout their career, instead of recognising an innovation that provides the greatest opportunity to grow revenues since the introduction of the telephone. 

‘the greatest opportunity to grow revenues since the introduction of the telephone’

Put yourself into the buyer’s journey. When I last made a significant purchase, a car, my buying process went like this; I read a lot of reviews, conducted desk-top research and even spoke to people in car parks, this helped me to form an opinion. My purchasing decision lead me to assess five different makes and models, one was dropped because of consistently poor customer service. I eventually test drove my two shortlisted comparable vehicles. Once I had all of this information I was then ready to engage with people that could provide me with the exact car I required. As part of their sales process, I was informed about the high level of after sales service and support with the value added options I could expect. The messaging sounded the same and sadly I was not provided with any additional information or insights. This may have tipped my purchasing decision in their favour. This is a great example where 'information is power', I had the power and I used it to commoditise a well-worn sales process and turn the sale person into a highly paid discounter and order taker. 

‘Are your sales people highly paid discounters and order takers?’

My experience as a buyer leads me back to my opening statement, ‘is increasing revenue easy?’ The answer is yes if you recognise that the practises that worked in the past may no longer be valid. The buyer has disrupted the seller and the sales process. They have become empowered with information gained through their own research, they are networked with peers, they follow recognised thought leaders and are experts within their realm. These factors enable them to harness collective thought to drive innovation, and where a supplier cannot add value to this process there will always be a downward pressure on price for comparable services.

The key to driving customer-centric revenue is to understand that many of the tools and methodologies that have stood the test of time are no longer valid. The signs are often very clear but overlooked by many executives.

‘What does this mean for the seller?‘

If you are to increase revenues then you must engage with the buyer on their terms and in the ways that they want to consume information. Information that adds value to the buyer's journey, by providing new insights, forces a different conversation and new ways of thinking. Every buyer will concede, they don’t know what they don’t know and where a seller can fill in the gaps there is a better outcome for all stakeholders. 

#1. It's all about the user experience, online presence & the technologies you leverage

Today having a consistent, user-friendly and transparent web presence is paramount. This may sound obvious but many organisations still do not understand how to apply this simple rule. I recently came across an ASX listed company that provides exception software solutions. All of this was undermined by their online presence. Their messaging is inconsistent, not compelling and limited information about their executive team. As a technology buyer, this does not inspire confidence. In contrast, compare this with any technology company with a significant investment from a tech-focused venture capital firm. The cash is important and so is the advice provided by the VC company. There is a formula that can be copied to create a buyer ecosystem that builds on the information that is provided and compels them to engage.

All engagement with the prospective customer must also be measured and managed to assure the messaging remains sharp and relevant.

#2. Exceptional engagement with insights to resolve problems

The inside sales operation is usually the first point of human contact for the prospective buyer. These are the people in your organisation that must push the conversation boundaries. They may not have experience on their side but they are having meaningful conversations, understanding core issues and elevating the discussion to gain deeper engagement. These conversations are dynamic by nature and by default marketers must be connected if they are to assure that the overarching messaging remains sharp and targeted to smaller cohorts of prospective buyers. 

Your sales operation must add value to the buyer’s journey by providing insights and relevant stories. When they start to help the buyer cover all the gaps then the decision-making process becomes transparent and long-term working relationships are forged. 

#3. Sale cadence; critical and relevant

Understand the sales engagement process at a granular level with continual review and evaluation. The disciplines behind sales cadence assures the delivery of on-time and accurate information to the prospective buyer and supports the buying journey. Sales cadence builds trust by talking about timelines, limitations and expectations so that there are no hidden surprises from either side. The buyer benefits from a continual review process that mitigates risk and heads-off the main risk, apathy. 

The sales professional must provide insights if they are to be taken seriously, their job is to challenge the status quo, deliver alternate visions and provide fresh thinking. They should work with the buyer to inject lifeblood into a project, brings people together in a collective and help navigate complex procurement pathways.

As a buyer, find a sales professional that has a high level of discipline and rigour around everything they do because this is what will deliver you an outcome when the going gets tough. 

#4. Brand advocates from exceptional post-sales support

Exceptional post-sales support closes the loop back to Point #1. Aggrieved customers will talk about their experience and damage your online presense. Even if a problem is resolved the digital footprint may continue for years; Dave Carroll’s ‘United Breaks Guitars’ has now clocked up 16 million YouTube hits. When my wife recently flew to the States and was booked on United she said in jest, 'don’t they break guitars?' 

Achieving exceptional customer support is an operational matter but should have the attention and visibility company-wide. Everything you do should be customer focused and customer orientated. Mistakes happen but a lot of ill-will can be overcome by admitting a mistake and being honest and open with the customer.  

#5. Continual process improvement; measure and manage 

Develop reporting that is automated and has the flexibility to meet market conditions. Understand the exceptions so that trends are not skewed. Understand the sales process at a granular level, the bottlenecks and the areas where sales velocity can be increased. 

Above all, leverage all technologies to optimise efficiencies within your lead generation areas so as to move prospective customers into the buying process. When you understand your conversion rates at each phase, go back and review the process so that further enhancements can be made.

Once you achieve excellence in all the five points above your scalable revenues will flow.

Easy!

ABOUT THE AUTHOR

James Worsfold provides unique insight and thought leadership; as a public speaker and within the boardrooms of some of the largest organisations around.

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