If there was only one factor, one action, one department or area that causes company growth and increased value, we would all be doing it. How many times have you thought “we’re stuck?” We’ve reached a goal and can’t seem to get beyond it. Or “we can’t even reach that goal, why not?”
Companies that excel over time, no matter their size, industry, or expertise, do so because they work on all seven elements required for actual, measurable growth.
We’re shining a spotlight on our Growth Methodology today to show you each of the elements required for increasing revenue and profits. You can see, in the right-hand column, what happens when one of the elements is missing.
If you’re looking for a big boost for the fourth quarter, review what happens when one of the elements is missing and take some steps to fill in the gap.
Strategy: Our clients learn that to be meaningful, a successful strategy is written in a sentence. “We (company X) deliver Y value to our target market for Z% profit.” There’s a wealth of information in this single sentence. What you do and who it benefits—the value Y– and what profit Z is required from your investment in all the resources needed to deliver on your promise. People are naturally doers. Without a crystal-clear strategy, you end up with many tactics and no guarantee of a clear direction.
Brand: Think of brand as what you’re known for—your differentiation. This must connect to the value you deliver. What’s your one sticky message? What do customers and clients say about your company? If your team, your employees, and your vendor partners can’t tell others what you stand for, the logo and other visuals we typically think of as ‘brand’ won’t make a difference.
Focus: Focus helps you pay close attention to the value you deliver and your target market. You avoid chasing shiny objects or running willy-nilly after the latest sensation. You learn to say ‘no’ to distractions. Focus helps you go deep, deeper than any other company in your industry. Focus helps you build your brand. Focus makes its clear what people get when they do business with you.
Prospects: We include the target market in Strategy for a reason: when you try to be all things to all people, you end up being nothing to anyone. Your brand falters, your focus is shattered, and you have no prospects because no one thinks you’re talking to them. Pick a market and invest heavily in it.
Marketing: Marketing includes all the activities that ATTRACT people in your target market to your company. Attraction is what brings potential buyers to your door. You can have strategy, brand, focus and identify prospects (target market) but without marketing you’ll be a best kept secret—and there’s no money in that!
Sales: Sales is necessary to convert those prospects to paying customers and clients. You can’t assume that someone who is attracted will buy once or will remain for a long time. Sales creates the first sale and ongoing sales. Sales is a collection of specific, learnable skills. Invest in sales training and be sure everyone in the company recognizes that they either contribute to sales or reduce sales. (Customer service, product development, delivery, and handling accounts.)
Leverage: Leverage is what you do to turn the value of the other steps into long term revenue generation. First and foremost is to cultivate and nurture your existing customers and clients. Why attract and sell to them and then ignore them? We advise investing 70% of marketing resources into existing customers and clients. This 70% investment includes critical actions such as discussing additional or future needs; having specific people assigned to develop offerings to meet those needs; and providing world-class service to the existing customers and clients who appreciate high value. They will become terrific referral sources, extending your leverage investment even farther.
Take 10 minutes right now to think about the gaps your company is experiencing.
- What’s your one sentence Strategy?
- What is your company known for?
- What habits and processes do you have that help you focus?
- Do you have one well-defined target market with plentiful prospects?
- What are you doing to attract people in that market?
- How strong are your sales skills? Does everyone understand that they are all ‘in sales?’
- How are you leveraging all the other elements so you don’t burn out?
If your review illuminates some gaps and you’d like some help filling them, let me know. I’m easily reached by phone or text at 703-801-0345. We offer several different ways to work with us. You can see your options here.