Like many young aspiring business professionals, my introduction to the corporate business was an eye-opener. My first day of work included some product training and joining my boss on customer sales calls. Late that afternoon, my boss gave me a business directory phone book (yes, I’m that old) and told me, “These are your leads. Start booking some appointments.” I was in a commission-only based role, had no existing customer base, and no experience booking sales calls.
Those were the days before proper business coaching, and training became part of the onboarding process to support business professionals to become successful. You either learned quickly or you failed even quicker. I initially struggled to book appointments, and then asked the top salesperson for some advice. She looked me in the eye and said, “People want to do business with people they like and trust. Focus on the customer’s needs first, and the rest will work itself out.”
These words have helped me so much in my career as a sales professional, sales leader, and entrepreneur. They are even more important during these difficult times. Because of COVID-19, many companies are in a massive state of flux. Many companies have reduced staff and are struggling with sales revenue, productivity, and profit margins.
With the fourth wave of COVID-19 in full force, it’s imperative that businesses create a flexible business model to be able to adapt to changes in the economy, customer trends, and technological advancements. That means modifying your business and sales plans with more effective strategies to grow your business.
Eight Ways to Grow your Business in 2021
1. Use Referrals to Win New Business – Marketing at Work states that companies lose 10-25% of your customer base each year which means that repeat business is diminishing. While SEO and social media are effective at creating business awareness, asking for referrals can generate excellent leads and has a lower cost-per-lead than other marketing or sales channels.
2. Use video to win new customers – Customers like to work people they can trust, and it still means something to place a face to the name. Consider adding more personalized videos to your web site. If you haven’t sent customer proposals with video, try it now. It takes an extra step, but your customers will appreciate the extra step and it will increase your closing rate.
3. Learn Your Customer’s Business - Research your customer’s corporate vision and business challenges, so you can present the best solution for your customer’s needs and strengthen your client relationship. When you become an expert on your customer’s business, you build trust with your client, and increase your chances of winning new business and retaining the business you currently have.
4. Focus on Your Company Strengths – Many companies have several services or products they offer to clients, but most do 2-3 things well. Narrow your focus to 2-3 services or products that will create the greatest impact on increasing sales revenue.
5. Book strategy sessions with your customers - Present more effective business solutions to solidify your client relationships. Your customers will be more inclined to retain your business, instead of trying out your competitors who are desperately trying to win their business.
6. Treat your best clients like a VIP- Yes, I said it. Did you know approximately 90% of business revenue comes from companies’ top 25% customers? That means the remaining 75% of customers accounts for only 10% of your business revenue. This doesn’t mean you should treat some customers poorly, but you should have processes in place to ensure your VIP clients receive high priority, and exceptional quality and service. They are the ones who pay your salary.
7. Invest in professional development - When you invest in professional development such as coaching and training, your team productivity, efficiency, and sales revenue increase. It improves employee moral and retention. Businesses will end up spending a lot more money in recruiting, hiring, training, and onboarding new people than by coaching, developing, and promoting their existing staff.
8. Set Team goals – All teams and divisions should feel inspired to grow, improve and achieve great results. Setting some achievable goals fosters a culture of continuous learning and development. Teams work and communicate better when they are focused on achieving a common goal.
I’m Kevin Marshall, a certified coach and mentor who is passionate about business, sales, and health. I help business leaders and professionals develop more effective business solutions and strategies to improve their business performance and achieve their goals. I’m honoured to invite you to a complimentary 20 minute consultation to learn more about coaching.
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