1- 330-413-8552 Mark@NoSmokeAndMirrors.com

Mark Allen Roberts

This author has written 571 articles

Revitalizing Your Business: Strategies for Increasing Sales and Scaling Profitably

As a business owner, you know that growth and profitability are essential for the success and sustainability of your business. Whether you are a small business owner or a CEO of a large corporation, implementing strategies for increasing sales and scaling profitably is crucial for achieving your business goals. In this article, we will provide you with some tips and strategies to help you revitalize your business and achieve growth and profitability.

Conduct a Comprehensive Business Analysis

Before you can implement any growth strategies, it is important to conduct a comprehensive analysis of your business. This analysis will help you identify your strengths, weaknesses, opportunities, and threats. Some of the methods you can use for business analysis include SWOT analysis, PEST analysis, and competitor analysis.

To prepare for a business analysis, it is important to gather as much data as possible about your business, industry, and competitors. You can use financial statements, market research reports, customer feedback, and other sources of information to gain insights into your business performance.

I often refer to this phase as running an MRI on your business. What parts of your business are strong, what are showing signs of future concerns if not addressed and what are problems that must be addressed now? What is the current state of our business today and how does this compare to our desired future state?

Identify and Prioritize Growth Opportunities

After conducting a business analysis, it is essential to identify and prioritize growth opportunities. This process involves analyzing your business goals and objectives, market trends, and customer needs to determine where you can invest your resources for the best return on investment.

Some strategies for identifying growth opportunities include market segmentation, channel development,product development, and geographical expansion. Once you have identified growth opportunities, it is important to prioritize them based on their potential for revenue growth, profitability, and market demand.

Examples of successful growth prioritization initiatives include Amazon’s focus on online retail and cloud computing, Apple’s focus on innovation and premium pricing, and Uber’s focus on disrupting the traditional taxi industry.

Develop a One-Page Tailored Growth Plan

Once you have identified and prioritized growth opportunities, the next step is to develop a tailored growth plan. This plan should outline your business goals, strategies, and tactics for achieving growth and profitability.

To develop a growth plan, it is important to involve key stakeholders in your business, including managers, employees, and customers. The one step most companies miss is conducting voice of customer research and using the insights you gathered when developing your growth plan. This collaborative approach will help ensure that everyone is aligned with the growth objectives and committed to achieving them

Some strategies for developing a tailored growth plan include market research, voice of customer research,benchmarking, transaction data analysis, sales effectiveness and improvement analysis, digital footprint analysis, net profit by customer analysis and scenario planning. A successful growth plan should be flexible, adaptive, and measurable, allowing you to adjust your strategies as needed to achieve your objectives.

Examples of successful tailored growth plans include Coca-Cola’s focus on product innovation and global expansion, Tesla’s focus on electric vehicles and sustainable energy, and Netflix’s focus on content creation and distribution.

Optimize Sales and Marketing Strategies

One of the most important drivers of growth and profitability is sales and marketing. Optimizing your sales and marketing strategies can help you reach new customers, increase sales, and improve customer loyalty.

Some strategies for optimizing sales and marketing include customer segmentation, voice of customer research, branding, pricing, digital footprint analysis, sales skills assessment , value proposition audit and advertising. It is important to use data analytics and customer feedback to continually refine and improve your sales and marketing strategies.

Examples of successful sales and marketing optimization initiatives include Nike’s focus on brand storytelling and emotional connection, Starbucks’ focus on customer experience and loyalty programs, and Airbnb’s focus on personalization and community building.

Streamline Business Operations

Efficient business operations are essential for achieving growth and profitability. Streamlining your business operations can help you reduce costs, increase productivity, and improve customer satisfaction. Here we strive for relentless repeatability.

Some strategies for streamlining business operations include process improvement, automation, process flow mapping, value mapping, outsourcing, and supply chain management. It is important to involve your employees in the process of improving business operations and to continually monitor and measure your performance.

Examples of successful operational streamlining initiatives include Walmart’s focus on supply chain optimization and inventory management, Amazon’s focus on automation and logistics, and Toyota’s focus on lean production and continuous improvement

Increase Customer Retention and Loyalty

Acquiring new customers is important, but retaining existing customers is even more critical for long-term growth and profitability. Increasing customer retention and loyalty can help you reduce customer churn, increase lifetime value, and generate positive word-of-mouth.

Some strategies for increasing customer retention and loyalty include personalized communication, customer service excellence, loyalty programs, customer satisfaction surveys, net promotor score, win/loss analysisand customer feedback. It is important to listen to your customers’ needs and preferences and to continually improve their experience with your business.

Examples of successful customer retention and loyalty initiatives include Zappos’ focus on customer service excellence and free shipping, Sephora’s focus on personalized recommendations and loyalty rewards, and Harley-Davidson’s focus on community building and brand loyalty.

Invest in Technology and Automation

Technology and automation are becoming increasingly important for businesses looking to achieve growth and profitability. Investing in technology and automation can help you improve efficiency, reduce costs, and enhance the customer experience.

Some strategies for investing in technology and automation include cloud computing, artificial intelligence, big data analytics, data dashboards and Internet of Things (IoT) devices. It is important to choose technology solutions that align with your business objectives and to ensure that your employees are trained and equipped to use them effectively.

Examples of successful technology and automation implementation include Amazon’s use of machine learning to personalize product recommendations and automate logistics, Tesla’s use of artificial intelligence to optimize vehicle performance and safety, and McDonald’s use of self-service kiosks to improve customer experience and efficiency.

Build a Strong and Capable Team

Last but not least, building a strong and capable team is essential for achieving growth and profitability. Your employees are your most valuable asset and investing in their development and well-being can help you attract and retain top talent, improve productivity, and foster a positive workplace culture.

Some strategies for building and retaining a strong and capable team include employee training and development, performance management, compensation and benefits, training managers to coach and work-life balance. It is important to create a culture of open communication, collaboration, psychological safety, and accountability, and to recognize and reward outstanding performance.

Examples of successful team building, and retention initiatives include Google’s focus on employee well-being and innovation, Southwest Airlines’ focus on employee engagement and customer service, and HubSpot’s focus on employee autonomy and learning opportunities.

Conclusion

In conclusion, revitalizing your business requires a holistic approach that involves conducting a comprehensive business analysis that feels like you are running an MRI on your business, identifying and prioritizing growth opportunities, developing a tailored growth plan, optimizing sales and marketing strategies, streamlining business operations, increasing customer retention and loyalty, investing in technology and automation, and building a strong and capable team.

While the strategies we have discussed in this article may require time, effort, and investment, the benefits of achieving growth and profitability are well worth it. By acting and implementing these strategies, you can revitalize your business and achieve long-term success and increase shareholder value.

So don’t wait any longer. Start implementing these strategies today, and watch your business thrive and grow.

If you would like my help getting started or coaching throughout the journey, let’s schedule a call.

10 Effective Sales Strategies for Small Businesses You Need to Know About

Estimated read time: 7 minutes

If you’re a small business owner, you know how important it is to have a strong sales strategy. After all, without sales, your business can’t survive. However, after conducting voice of the customer research with over 1300 small to mid-sized manufacturers, we heard loud and clear they need help with sales strategy. But with so many different sales strategies and experts out there with their own opinions, out there, how do you know which ones will work best for your small business?

In this article, we’ll explore 10 effective sales strategies that small businesses can use to drive revenue growth and increase customer loyalty. You may think it can’t be this simple..but it can be. Our no smoke and mirrors process is actually simple to follow. From understanding your target market to building strong customer relationships and leveraging social media, these strategies will help you create a winning sales strategy for your small business.

Understanding Your Target Market and Customers

Why knowing your target market and customers is crucial for effective sales?

Understanding your target market  and current customers is the first step in creating a successful sales strategy. By knowing who you’re selling to, you can tailor your approach to their needs and preferences. We must understand your customers today. What challenges are they facing? What are their goals? How is their business evolving?

Tips for defining your target market and understanding their needs and preferences

Building Relationships with Customers

Why building relationships with customers is important for repeat business?

Building strong relationships with your customers is key to generating repeat business. Loyal customers are more likely to recommend your products or services to others. When you read the research, most salespeople are receiving less than 45% of the benefits their relationships could have with their customers. Customers today do not want or need a “rep” they want and need trusted advisors helping them meet the goals of their business. Salespeople must have multiple relationships within key customer not just one with the buyer. Most key decisions are being made by four or more decision makers and influencers. Sales must identify those decisionmakers and strategically build relationships with each one.

Strategies for building strong relationships

  • Personalized communication: Address customers by name and tailor your communication to their preferences.
  • Exceptional customer service: Respond quickly to customer inquiries and resolve issues promptly.
  • Solicit feedback: Ask customers for their opinions and show that you value their input.
  • Understand how your customers make money
  • Connect the dots between what you sell and how it impacts your customer’s bottom-line
  • Identify the 4-5 key decision making contacts you must build relationships with
  • Speak the language of your customers

Leveraging Social Media

The role of social media in modern sales strategies?

Social media has become an essential tool for connecting with customers and reaching new audiences. By leveraging social media, you can build brand awareness and engage with potential customers. Today market leading teams are taking an omni channel approach to have conversations with customers leveraging LinkedIn, Facebook, Instagram, You Tube, emails, dimensional mailers, phone calls, Zoom meetings, Articles in trade publications, white paers and videos to name a few.

Tips for effectively using social media

  • Build your content map for 6-12 months
  • Consistent message in each social platform
  • Choose the right platforms: Focus on the social media platforms where your target audience is most active.
  • Post regularly: Maintain a consistent posting schedule to keep your audience engaged.
  • Use visuals: Share eye-catching images and videos to capture your audience’s attention.
  • Engage with your audience: Respond to comments and messages and encourage interaction.

Focusing on Benefits, Not Features

Why focusing on benefits is more effective than features?

Stop playing feature and benefit BINGO with customers. Customers are more interested in how your product or service will benefit them rather than the features it offers. Focusing on benefits makes your sales pitch more compelling and relatable. When surveyed over 65% of C-Suite executives shared they would meet with a salesperson if they had a compelling business case. We must teach our sales teams how to build business cases and have the business acumen required for those conversations that lead to revenue.

Strategies for highlighting benefits

  • Connect benefits to customer needs: Explain how your product or service addresses their pain points.
  • Use stories: Share customer success stories to demonstrate the value of your offerings.
  • Offer comparisons: Show how your product or service outperforms competitors in terms of benefits.
  • Build your business case on how your product or service will impact one of your customer’s value drivers

Streamlining Your Sales Process

The benefits of streamlining your sales process.

A streamlined formal sales process leads to increased efficiency and effectiveness, which ultimately results in higher sales. Teams who design and implement a formal sales process typically experience a 15% increase in revenue within 12 months. Your sales process must be designed based on how your customers buy today.

Tips for streamlining your process

  • Utilize technology: Use CRM systems and sales automation tools to manage and track leads.
  • Define clear steps: Outline a clear sales process with specific steps for your sales team to follow.
  • Define what must occur to move a sale through your formal sales process to the next phase
  • Continuously optimize: Regularly review and update your sales process based on data and feedback.
  • Identify messaging and tools for each phase of your sales process
  • Have the discipline to follow it
  • Have sales managers who hold sales teams accountable to follow it

Creating Urgency

The importance of creating urgency?

Creating urgency encourages customers to make a purchase decision quickly. This can help you close deals faster and improve your overall sales. We often help salespeople by changing their beliefs. One limiting belief we need to change is if I quote the customer they will buy when they are ready. If your team is following this belief, you are losing sales you could have won. When we train salespeople and equip them with selling skills, we teach them how to create urgency so the buyer takes action, More deals are lost to no action than to competitors today.

Strategies for creating urgency

  • Limited time offers: With inflation pressures we are recommending quotes only be vail for 30 days.
  • Time-sensitive – when qualifying the opportunity clearly understand when the customer needs the problem solved
  • Scarcity: Highlight the limited availability of your product or service to encourage prompt action.
  • Identify for the customer the cost of doing nothing. How will doing nothing impact their bottom-line and their customer satisfaction?

Monitoring and Analyzing Sales Data

The benefits of monitoring and analyzing sales data?

Tracking and analyzing sales data allows you to identify areas for improvement, optimize your sales strategies, and make data-driven decisions. In my next book: Explosive Growth we share there is dollars in your data if you know where to look. Customers no longer want reps, they want consultants masquerading as salespeople. We must bring our customers actionable insights based on data.

Tips for effectively tracking and analyzing sales data

  • Set measurable goals: Establish clear, quantifiable objectives for your sales team.
  • Use analytics tools: Leverage sales analytics software to gather and analyze data.
  • Monitor key performance indicators (KPIs): Track metrics such as conversion rates, average deal size, and sales cycle length.
  • Regularly review data: Schedule periodic data reviews to identify trends and make adjustments to your sales strategies.
  • Set KPIs based on leading and lagging indicators

Encouraging Customer Referrals

The power of customer referrals for small business growth?

Customer referrals are a powerful way to grow your small business. When we conduct voice of customer research over 90% of customers would be happy to give referrals if asked but sadly less than 12% of salespeople ask for referrals. Who better to ask than someone who is happy , satisfied and believes your team is competent in your area and they trust you? People trust recommendations from friends and family, making referrals a highly effective sales strategy.

Strategies for encouraging and incentivizing customer referrals

  • Conduct voice of customer research and identify high net promotor scores
  • Make it easy: Simplify the referral process by providing a clear call-to-action and easy-to-use referral tools.
  • Ask for referrals: Remind customers to share their experiences with others and provide testimonials.
  • Show appreciation: Thank customers for their referrals and let them know you value their support.

Network and Build Relationships

Connecting with other business owners, industry professionals, and potential customers can help you grow your sales. Over 90% of my business comes from referrals. When I launched my business, I identified other business services that helped my target of small to mid-sized companies but di don’t offer similar services. I send them referrals and they send me referrals. I encourage all my clients to join local business Chamber groups and trade associations to build strategic relationships.

    • Attend industry events: Participate in conferences, trade shows, and networking events to meet new contacts and stay up to date on industry trends.
    • Join local business groups: Connect with other small business owners in your area to share ideas and collaborate on projects.
    • Build relationships: Focus on building genuine, long-term relationships with your contacts to increase the likelihood of referrals and repeat business.
    • Give first, refer you customers to the new people you meet and watch their referrals gow

Developing a Strong Sales Team

The importance of a strong effective sales team for small business success?

A strong sales team is crucial for the success of your small business. Well-trained and motivated salespeople can effectively sell your products or services and drive revenue. The sad reality is less than 50% of salespeople have received sales skills training. They know your product, service and applications, but they lack the skills to start conversations that are so compelling they lead to revenue.

In addition to skills, we must have the right sales structure based on the way your customers want to buy. More and more of my clients are adapting a hybrid sales model. Some of the sale occurs virtually and some face to face. We need to make sure you have the right people in the right roles to reach your revenue growth targets. Here we leverage sales effectiveness assessments to ensure the people in the roles have the right skills.

We also use the sales prehire assessment to not waste time interviewing candidates who lack the skills , beliefs, and motivations to do the job you need them to do.

Tips for hiring and training an effective sales team

  • Use as sales effectiveness assessment instrument not just a personality test
  • Hire for attitude and potential: Look for candidates with a positive attitude and the potential to grow and adapt.
  • Provide ongoing training: Invest in regular training and development programs to keep your sales team up to date on industry trends and best practices.
  • Hire salespeople with the right skills by role in your sales structure
  • Set clear expectations: Clearly communicate goals and expectations to your sales team.
  • Offer support and resources: Provide your sales team with the tools and resources they need to succeed.
  • Develop a formal onboarding training program
  • Interview for competency and cultural fit with your organization’s values

Conclusion

 

To sum up, the 10 effective sales strategies for small businesses covered in this article are:

  1. Understanding your customers and target market(s)
  2. Building relationships with customers
  3. Leveraging social media
  4. Focusing on benefits, not features
  5. Streamlining your sales process
  6. Creating urgency
  7. Monitoring and analyzing sales data
  8. Encouraging customer referrals
  9. Developing a strong sales team

By implementing these strategies, you can set your small business up for success and drive growth. Remember, effective sales strategies are the backbone of any thriving small business, so take the time to invest in and refine your approach.

If you would like our help assessing your current sales team’s skills, sales process and training your sales reps to become the trusted advisors your customers want and need, lets schedule a call.

Are Your Sales Meetings Costing Your Team Revenue?

In my recent video, I shared how many salespeople expressed concerns that their daily, weekly, and monthly sales meetings add little value in helping them achieve their goals. Some shared that their weekly meetings are more like an autopsy than a focused discussion to drive future revenue.

Poorly facilitated sales meetings are nothing new. Our data shows less than 50% of sales teams have received formal sales skills training, and an even more significant percentage of sales managers have never received sales manager skills training.

We often find sales leaders were once top performing salespeople themselves.

Sales manager skills include…

  1. Leadership
  2. Coaching
  3. Effective communication
  4. Deal strategy
  5. Moving opportunities in the pipeline to close
  6. Time management
  7. Training and coaching
  8. Recruiting
  9. Creating sales plans and processes
  10. Forecasting sales and creating reports
  11. Data analysis
  12. Meeting design, cadence, and facilitation

However, with so few sales managers and sales leaders, for that matter, being trained on how to facilitate a sales meeting, we must fix this sales problem.

Have your sales managers received skills training?

Do your sales managers facilitate sales meetings that move the revenue needle or waste valuable selling time?

After posting my video about poorly facilitated sales meetings on LinkedIn, I received a comment from Alan Hale, who suggested I launch a poll on this topic, so I did.

38% of participants said their weekly meeting discusses what matters and adds value.

(Awesome!)

38% said their weekly meeting adds no value and feels like an autopsy.

23% said, “what weekly meeting?”

For those facilitating and delivering meetings that move the revenue needle, great job!

Some disturbing statistics are bubbling to the surface.

Salespeople achieving quota is at an all-time low since they started measuring it in 2016.

In 2021 more salespeople failed to achieve sales objectives than those that hit or surpassed their goals.

Depending on the study, the average salesperson only spends 22% of their sellable time selling their clients and prospects.

When we investigated where salespeople spend time if they are not selling, we found the following….

Researching industry trends
Building prospecting lists
Transportation/ travel
Reporting
Reviewing reports
Building presentations
Administration and CRM updates
Assisting other departments, like Accounts Receivables and Quality
Meetings, unproductive sales meetings

Sales meetings and sales manager coaching add tremendous value to goal attainment if properly facilitated.

Training sales managers on coaching skills is one of the most scalable things companies can do today.

Unproductive meetings not only waste time but they become a cost. Think about all the salaries paid for employees to sit in a meeting that isn’t getting anything done. Consider the opportunity cost of what those salespeople and sales leaders, for that matter, could be doing.

Unproductive sales meetings can also lead to lost opportunities if the meetings are not structured and facilitated correctly. The cost of unproductive sales meetings can add up quickly, and from what I have observed, the sessions are more frequent and last much longer than we train our sales leaders to facilitate.

What are some of the sales meeting problems we fix with training and coaching?

  1. Expectations of Sales Meetings: Sales leaders and salespeople review their KPIs, focus for the week, and share where they may be stuck or need help. I recommend 2 minutes per person for daily huddles and weekly meetings, no more than 5 minutes per person.
  2. Sales meeting organization and clear objectives: Meetings without a meeting framework lack a clear agenda, objectives, or goals, leading to attendees feeling confused and often disengaged.
  3. Time management: Have you ever been in a never-ending sales meeting? You planned for one hour, and the next thing you know, 2 ½ hours have passed, and you are scratching your head, frustrated, wondering what you learned or how you might apply what was discussed to achieve your goals.
  4. Sales meeting participation and engagement design: Does every meeting participant have an opportunity to speak, or does one or two team members (or even the sales leader) dominate the discussion? Do you know if the facilitation includes interaction and planned engagement?
  5. Follow-up and action items, critical next steps: Sales meetings can sometimes end without clear action items or follow-up, making it difficult to measure progress or hold participants accountable. When we train and coach sales leaders to facilitate daily huddles and weekly meetings, we teach them to listen and take notes that become one–on–one coaching moments. Do your salespeople know what to do and how their activities align with the overall sales plan?

Are you one of the 38% where salespeople attend your meetings, understand the objectives, and receive value to move the revenue needle?

Or
Is your team going through the motions of a sales meeting, and they often feel like a never-ending meeting, leaving your salespeople scratching their heads about what was achieved and feeling the meetings are a tremendous waste of time and money?

Have you attended one of your sales teams’ daily huddles or weekly meetings lately?

Do you think this is a meeting you would look forward to or dread?

Do your salespeople know what to present at your meetings?

Do your sales meetings improve accountability or create disengaged salespeople?

One of the most significant constraints on salespeople today is time.

How they spend their time and the activities they execute must support the objective of goal attainment.

Sales meetings, from quick daily huddles and weekly meetings to monthly, quarterly, and annual sales kick-off meetings, play an essential role in your sales managers have been trained to design and facilitate sales meetings.

If you would like me to attend one of your sales meetings and provide some insights on how to get a greater return from your meetings, please reach out to me.

I do not charge for the first meeting I attend.

Back To Top
Verified by MonsterInsights