I was in a meeting with the leadership of a pretty successful company the other day where we were discussing ways to speed up the revenue growth of the organization over the next year. There were a number of good ideas discussed, but one in particular really made me shake my head.
At some point, the group got on to the discussion of "Why don't we just focus on selling what is easiest to implement as that will speed up the time to get paid and grow revenues faster." On the surface this seems logical, but if you've been in sales for any length of time, you will immediate notice a few flaws in the logic.
First, when I looked at the products that had the shortest implementation time, they were also the ones that added the least amount of revenue - they were ancillary products. Don't get me wrong, there is nothing wrong with selling ancillary products, but those are typically add-ons to the main product set which is the higher revenue generator. And to be able to sell ancillaries, you need to sell the main products or you run our of ancillary opportunities.
Second, the group also failed to look at the sales cycle of these products. Just because it is an ancillary doesn't mean that it necessarily sells faster than other products. In fact, in talking to one of their top salespeople, I found that a lot of times it can take just as long or longer to add an ancillary after an initial sale. The best opportunity to sell the ancillaries is when the initial sale of the new product is done. This tells me that if they want to sell more revenue, the group should focus on creating a highly enticing and valuable offer for the ancillary upsell at the time of a main product sale.
Third, the company is in the process of creating an entirely new marketing plan and process and it is not ready yet, so there is a lot of unknown and alignment with sales/marketing is yet to happen.
So, needless to say, even though this company has been pretty successful, they need to take a step back and really think through their plan for the year. Selling is not as easy as "sell more of our products that are easy to implement." Their salespeople are selling everything they can, but they must sell to what the customers want and need. The organization can't just sell what it wants because "it is easier for them." That is a reality that doesn't exist.
Now, there are some things that this company can do to speed up revenue growth without the potential pitfalls discussed. First, as mentioned above, they can introduce a better ancillary offer at the time of a main product sale to capture more revenue at this most opportune time. Second, they could offer clients a discount if they pay in full for the year. Third, they can also focus on becoming more efficient in implementing their main products so that they drive that revenue to the top and bottom line faster. Fourth, they could automate the selling of ancillary products to existing clients through email marketing, evergreen webinars, and special offers - that way the salespeople can stay focused on selling the main products that drive the revenue. Lastly, if they really want to drive more sales of products that according them, "just flip a switch and it's turned on for the client," they could offer a free 14 day trial of them to clients. (Again, this could be done through automated email marketing)
This company already has great growth rates, but they can turbocharge them by doing a few right things right. Selling...it's not that easy. But with a little ingenuity and willingness to look at things differently, it can be made easier.
This is an excerpt from The Top 10 Lessons to Thrive and Succeed - a Free Guidebook from the Misfit Entrepreneur. You can get it at http://www.misfitentrepreneur.com/lessons.html
High performing Misfit Entrepreneurs are great problem solvers. They also have figured out that the bigger the problems that they can solve, the bigger their business and success can grow. They seek out bigger challenges.
The take calculated, what I call asymmetric risks. Meaning that the risk they take have some downside, but very little compared to the massive payoff they will get in succeeding in taking the risk. Solving big problems requires taking risks and sometimes a leap of faith.
How about you? What problem or problems can you or should you be solving? Are there any problems that you have thought about and are passionate about solving? How can you go about doing so taking an asymmetric risk?
You will have to grow yourself to handle larger problems and that is why our earlier lessons on understanding how to condition yourself and live from your choice along with personal development and who you surround yourself with are so important – they help you continue to raise your game and your ability to take on larger challenges.
Think of it this way. If your mind is currently set to handle a level 4 problem and you get a level 7 problem – well, you’ve got a problem. But, if you have grown yourself to be able to handle level 10 problems and you get a level 7, it’s no big deal.
Make it part of your growth routine and goals to become a great problem solver and learn to love them. It will help you tremendously on your own journey.
Misfit 3 for this Lesson: Get Excited About Problems!
There is an incredible power in 5 minutes of time. It all comes down to how you use it.
A number of years ago, I started a daily habit that takes me about 5 minutes to do. It was a little awkward at first, but didn't take long to prove itself as one of the most important things I do in my day.
In fact, it has helped not only my focus and productivity, but also my attitude and way that I look at life.
What is the habit? It is my daily "3 to Thrive" exercise. In this exercise I do the following:
The reason 3 to Thrive works so well is the simplicity of it and the way it focuses you. First, you choose 3 things to be grateful for. This makes a big difference in your attitude and makes you think about what really matters. It also makes you feel good and start your day with good in your life. Next, you choose the 3 most important priorities for you to accomplish that day. This focuses you and puts the most important things right in front of you from the start of the day keeping them forefront. Lastly, I say a little prayer. This centers me and allows me to communicate directly with God each day. Whether you are religious or not - having a way to center yourself before you start your day is critical. What that is for you is up to you.
I have done this routine now for many years and although I'm not perfect (sometimes I miss a day), I can say it is the most important daily habit that I have. This one little 5 minute exercise has made a major difference in all areas of my life over the years and I know it will do the same for you. Try it for a week and watch the difference it makes for you. It's amazing what a little 5 minute habit can do.
Motivation comes from within. No one can keep you motivated long term, but yourself. But, that doesn't mean you don't need inspiration.
I have a lot of quotes I go to for reflection and to make me think. Here are 5 quotes that read when I need inspiration and perspective to motivate myself and keep going.
Optimism is the one quality more associated with success and happiness than any other. - Brian Tracy
But man is not made for defeat. A man can be destroyed but not defeated.
All our dreams can come true, if we have the courage to pursue them.
Success is not final, failure is not fatal: it is the courage to continue that counts.
I love the man that can smile in trouble, that can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink, but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death.
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