by Bill Poole | Aug 22, 2023 | Sales
Unlocking Growth for Entrepreneurial Businesses by Overcoming Sales Barriers
Sales is a barrier to growth for a lot of entrepreneurial businesses. Understanding how to break through that barrier can be very challenging. How can you do it? Some common thoughts that go through your mind might be:
- Do I have the right people in place?
- Are we taking the right approach?
- Do I need to document my processes?
- Do I need to improve my scorecard?
Many of these things can be helpful, but acting on these questions may lead you down the wrong road because you may not be addressing the root cause of the problem. Many times, the challenges are more foundational.
Three questions you should ask yourself before acting on one of those questions are:
- Do I clearly understand my ideal client and the outcomes they want from their business?
- Are my uniques/differentiators/value proposition aligned with the outcomes that my ideal clients want?
- Is the path to realizing our value clear for my ideal clients?
Let’s explore these questions in more depth so that you can have a better understanding of what the root cause of your challenge might be.
Do I have a clear understanding of what my Ideal Clients want?
If your ideal client profile is too broad, it can weaken your message and make it challenging to reach your entire market. Honing your Ideal Client Profile (ICP) has two huge benefits:
- It strengthens your message – a tighter ICP makes it easier to create a message that resonates.
- It allows you to be more effective with your limited sales and marketing budget – simply stated, investing the same amount on a smaller pool of more qualified prospects that your business is more optimized to serve yields better results.
Your ICP should include the high-level outcomes that Ideal Clients want from their business. This helps you align your offerings and also create messaging that hits the mark.
Are my differentiators/uniques aligned with the outcomes that my ideal clients want?
The ideal state is that you have some uniques or differentiators that directly align with your Ideal Clients’ desired outcomes. In its purest sense, if you uniquely position your services to satisfy your ideal clients’ desired outcomes, sales, and marketing can be like shooting fish in a barrel.
This is a lot harder in businesses that operate in a competitive market. The EOS™ 3 Uniques concept states that, while some companies might share a unique or two, the ideal state is that no other business offers all three.
If you are in a market that is challenging to differentiate, then clearly connecting your services to your Ideal Client’s desired outcomes might be the best thing you can do to differentiate.
Is the path to value clear for my ideal clients?
The path to value has a lot of interchangeable terms:
- Client Journey
- Proven Process in the EOS world
- Client Experience
Regardless of what you call it, the keys to leveraging the concept to win more are the same:
- Tightly integrate your uniques into the journey
- Make it clear how your Ideal Clients navigate their path to value
- Brand your Client Journey and use it as a tool to connect with your Ideal Clients
As Donald Miller says, “… if you confuse, you lose.” Clearly communicating your Ideal Client’s path to value will not only help you speak to prospects and clients, it will also help you align your team to deliver the journey that you desire.
Conclusion
This should help you better understand the root cause of your barrier to sales. If you are able to resolve these questions with good answers, then the next step is to look at your systems and people and build your growth assets.
Read more on how to identify your ideal client profile.
Make sure to download your “5 Steps for Scaling Sales and Growing Revenue” ebook.
#entrepreneurialbusiness #salesbarriers #idealclient
by Bill Poole | Aug 21, 2023 | Sales
Two Types of CRMs
There are two types of CRMs: vertical and horizontal.
Vertical CRMs are designed to meet specific industries’ unique needs and challenges. They provide more targeted solutions to businesses operating in those sectors, with features and functionalities tailored to their particular requirements. Examples of vertical CRMs include healthcare CRMs, real estate CRMs, and legal CRMs. These CRMs may also provide industry-specific integrations that streamline workflows and improve productivity. However, if all businesses are different, integrating and optimizing for your business may require more effort for a vertical CRM.
On the other hand, horizontal CRMs are designed to work across different industries, providing more functional and flexible solutions. They offer a more comprehensive range of features and functionalities that are more customizable to suit your business needs. Examples of horizontal CRMs include Salesforce, HubSpot, Monday.com, and Zoho. While they may not be ready to roll out of the box, horizontal CRMs provide more flexibility to customize and wrap around your unique business like a glove. Additionally, they may provide more visibility across your entire business.
Trade-offs
A lot of the decision process for a CRM comes down to trade-offs. When choosing between vertical and horizontal CRMs, consider your business goals, the size and complexity of your business, and the level of customization you require. You should also evaluate the CRMs compatibility with your existing tech stack, including marketing automation software, social media management tools, customer service software, and even back-office applications. Your new CRM may enable you to retire some of your outdated tech.
It is extremely important that all departments are involved in developing requirements for a new CRM as all stand to gain from a functionality perspective. After your requirements are defined, it is time to weigh the trade-offs. Consider cost, ease of use, and scalability when comparing your CRM options. Some CRM systems are a lot more expensive than others, so understanding the trade-offs can be very challenging.
Conclusion
In conclusion, there is a lot at stake, so ensure you look at the decision holistically before you decide on a horizontal or vertical CRM.
Read more on how CRMs can increase revenue here. Make sure to download your “5 Steps for Scaling Sales and Growing Revenue” ebook.
#CRMInsights #BusinessTech
by Bill Poole | Aug 9, 2023 | Resources, Sales
Creating a business plan (V/TO™) is a great first step in moving your business to your goals.
Putting in place the processes and metrics to enable you to meet those business goals is a journey, but it is a journey worth taking. We call this the “Connected Scorecard.” The connected scorecard tracks the right activity metrics to drive your desired lagging metrics (your desired results from your Business Plan/ V/TO). Tracking the right leading metrics between the two helps you know if you are getting there.
Once you have the right processes in place and track the right metrics, you know how to take the appropriate actions to move your business forward.
Check out the video on how to Connect Your Sales Scorecard to Your Business Plan.
Connect Your Sales Scorecard
by Bill Poole | Jul 14, 2023 | Sales
On the surface, investing in contact data looks expensive. Before you reject the idea, here are three reasons to consider investing in a product like ZoomInfo, and then we will look at a few considerations to help you evaluate whether or not it might be worth it for your business.
Add Value To Your CRM
Investing in contact data can help keep your CRM (Customer Relationship Management) system up to date by providing accurate and current information about businesses and professionals. Here are a couple of ways contact data can assist in keeping your CRM up to date:
- Data Enrichment: Enrich your existing CRM data by appending and updating company and contact details. Any effective sales and marketing strategy can benefit from accurate information such as company names, addresses, phone numbers, industry classification, employee count, revenue estimates, and executive contacts.
- Contact and Account Scoring: Scoring capabilities to assess the quality and relevance of leads, prospects, and clients within your CRM also adds value. Analyzing various data points, such as job titles, industry, company size, and technology usage, can help prioritize and segment your CRM data, ensuring you focus on the most valuable prospects and customers.
Know When Your Prospects Are Seeking Your Help
Intent data refers to information about a prospect’s online activities and behaviors, indicating their interest or intent to purchase. You can configure your application to tell you when contacts that meet your Ideal Client Profile are Googling for things you can help them with.
Target The Right Contacts
Nothing is more frustrating than investing your energy in pursuing a prospect that has moved on from their position. Even worse, having incorrect contact data for customers and clients affects retention, client satisfaction, and the productivity of sales, marketing, and operations.
Time To Reconsider?
Your people, technology, and processes are significant assets to your organization. Here are a few things to consider before you put the kibosh on investment in contact data:
- How much have you invested in your CRM and other technologies with contact data?
- How much more effective would your team be if you took away all of the time they spend on activities aimed at the wrong contacts?
- What is the lifetime value of an Ideal Client to your business?
If you weigh these considerations, investing in a product liKe ZoomInfo seems like a slam dunk!
by Bill Poole | Jun 5, 2023 | Sales
B2B services organizations typically have goals to grow their business. The interesting thing is that they often miss the biggest opportunity to grow that is right under their nose. It is pretty hard to argue that it is a lot easier ot sell to current clients than to new ones. Most quoted statistics reference that it is 10x more expensive to sell to a new client than en existing one.
Five benefits to focusing on cross-selling to your clients.
- Increased revenue: Cross-selling allows B2B organizations to generate additional revenue streams by selling complementary or related services to existing customers. By offering a broader range of services, organizations can tap into new revenue opportunities without incurring significant customer acquisition costs.
- Deepening customer relationships: Cross-selling services is an effective strategy for strengthening relationships with existing customers. By expanding the range of services provided to a customer, B2B organizations deepen their engagement and become more embedded in the customer’s operations. This increases customer loyalty and reduces the likelihood of them seeking alternatives from competitors.
- Competitive advantage: Cross-selling can provide a competitive advantage by differentiating the B2B organization from its competitors. Offering a comprehensive suite of services that addresses a customer’s diverse needs can make the organization more appealing and valuable to customers. It positions the organization as a one-stop solution provider, giving them an edge over competitors who may offer a more limited range of services.
- Cost savings: Cross-selling to existing customers is generally more cost-effective than acquiring new customers. The B2B organization already has an established relationship with the customer, reducing the need for extensive marketing efforts and associated costs. Additionally, existing customers are more likely to be receptive to cross-selling efforts as they already trust the organization and value the existing services provided.
- Market expansion: Cross-selling services can open doors to new markets or customer segments. By identifying additional services that cater to different industries or sectors, B2B organizations can enter new markets with existing customers. This diversification reduces dependence on a single market segment and helps mitigate risks associated with market fluctuations.
Maximize Your Efforts
To maximize the effectiveness of cross-selling services, B2B organizations should focus on understanding their customer’s needs, developing a comprehensive service portfolio, training sales teams to identify cross-selling opportunities, and maintaining strong customer relationships through ongoing communication and support.
Download Your Cross-Selling Potential Questionnaire
by Bill Poole | Apr 28, 2023 | Sales
Customer Relationship Management (CRM) software is now crucial for businesses looking to increase their revenue. It allows companies to manage customer interactions by capturing data, tracking interactions, and automating business processes.
To scale your sales and grow revenue aligning your technology with your Proven Process/Ideal Client Journey and associated sales and marketing processes is crucial. The first and most important decision regarding your sales and marketing technology stack is selecting the right CRM.
When choosing a CRM, defining the ideal state for your sales and marketing tech stack is critical. This includes visibility, contact data, automation, and reporting. You should also consider the need-to-have and nice-to-have options, your long-term business vision and goals, the rest of your tech stack, execution, and the vendor.
Let’s Talk About Why You Need a CRM
We know you know you need a CRM, but understanding the specific advantages can help you in your decision-making process to select the right one.
One of the most significant advantages of using a CRM is centralizing customer data in one place. By doing so, businesses can access all the information they need to manage customer relationships more effectively. This can include contact information, purchase history, and communication preferences. This information allows businesses to create targeted marketing campaigns that speak directly to customers’ needs and interests.
CRM software also enables businesses to automate their sales and marketing processes. This includes lead scoring, lead nurturing, and email marketing. By automating these tasks, companies can free up their sales and marketing teams to focus on higher-value activities, such as building relationships with prospects and customers.
Another advantage of using a CRM is the ability to track interactions with customers across multiple channels. This can include phone calls, emails, social media interactions, and website visits. By following these interactions, businesses can better understand how their customers engage with their brand. This information can be used to tailor marketing campaigns and sales strategies to meet customer needs better.
How Do You Choose a CRM for Your Business?
There are two types of CRMs: vertical and horizontal.
Vertical CRMs are designed to meet specific industries’ unique needs and challenges. They provide more targeted solutions to businesses operating in those sectors, with features and functionalities tailored to their particular requirements. Examples of vertical CRMs include healthcare CRMs, real estate CRMs, and legal CRMs. These CRMs may also provide industry-specific integrations that streamline workflows and improve productivity. However, integrating and optimizing for your business may require more effort.
On the other hand, horizontal CRMs are designed to work across different industries, providing more functional and flexible solutions. They offer a more comprehensive range of features and functionalities that can be customized to suit your business needs. Examples of horizontal CRMs include Salesforce, HubSpot, and Zoho. While horizontal CRMs may take more effort to customize out-of-the-box, they are typically easier to set up. Additionally, they may provide more visibility across your sales and marketing processes.
When choosing between vertical and horizontal CRMs, consider your industry’s specific needs, the size and complexity of your business, and the level of customization you require. You should also evaluate the CRM’s compatibility with your existing tech stack and long-term business goals.
Consider cost, ease of use, and scalability when comparing your CRM options. Some CRM systems can be expensive, so choosing a system that fits your budget is essential. It should also be a system that is easy to use, so your team can start using it immediately without much training. Next, choose a system that can scale with your business as it grows.
Finally, you want to select a CRM that integrates well with your other sales and marketing tools. This can include marketing automation software, social media management tools, and customer service software. Combining these tools with your CRM creates a seamless sales and marketing tech stack that streamlines your workflows and maximizes productivity.
Wrapping it Up
Having a single source of truth for all client-facing team members, accurate contact data, automated sales and marketing processes, and tracking data across your Ideal Client Journey and sales and marketing processes are essential for your sales and marketing tech stack’s ideal state.
You can identify trends and patterns by analyzing data to make better business decisions. Choosing the right sales and marketing technology can increase your team’s productivity and your business’s value, leading to greater efficiencies and revenue growth.
As an entrepreneur, we want to help you learn more about scaling sales and growing revenue. Download our helpful e-book today!
