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Five tactics to consider when growing revenue

The perfect economic storm is unfolding before our eyes. Are you prepared to capitalize? You've done the heavy lifting, reducing expenses to eke out a profit (or break even). As the economy rebounds, companies are ramping up inventories and assessing suppliers to align with. There's a glut of free-agent talent that can help take you to the next level. Optimism abounds. So what's your next play, knowing the decision can make or break you during the next five years?
One great answer: a formal growth agenda. Specifically, have you designed every facet of your organization to take advantage of this confluence of positive economic factors?
Here are the first five of 10 top tactics that should be included in a strong revenue growth agenda:
1. Identify your true customer offering. Your core product or service can be found anywhere. So what else can be offered that reeks of real marketplace distinction and could tip purchasing decisions in your favor? True differentiation protects from competing on price, often allowing a premium to be charged. Revenue growth isn't enough; profit is king. What are you (or could you be) an expert of that customers pine for but can't find? What attribute could you own in your customer's mind (speed, convenience)? Here are two popular, proven winners: Out-teach the competition and create industry-leading customer experience.
2. Make your growth agenda operational. If you're serious about profitable revenue growth, then it should be the first item discussed in management meetings. If not, what message does that send about your focus? Develop metrics and measurements and ask in-depth questions of your staff about tactics, results and how you personally can assist. Ensure that every employee is onboard, rewarding accordingly for meaningful contributions.
3. Questions drive behavior. If I hear one more executive say, "Hi, Mary. What did you sell today?" I think I'm going to hurl. That is exactly the question that forces well-intended salespeople to behave badly. That question focuses them on making the "sale" versus focusing on what drives the sale. Successful selling is about helping customers without thought of making the sale. Leadership should ask salespeople about their education-based marketing efforts, obstacles to spending more time with customers, how leaders can help and what types of customer educational activities are planned. A leader's job is to put people into a position to win. Leaders must realize that their questions affect actions and performance far more than memos or job reviews and drive company culture more than anything else.
4. Emancipate your sales organization. Unchain salespeople and sales managers from cumbersome and time-consuming meetings and reports, which prevent them from doing the exact thing you need them to do: sell! For example, consider that U.S. companies, combined, spend more than $1 billion annually on CRM systems. These are intended to improve customer relationships, yet every survey the past two years points to customers feeling more disconnected than ever from the companies they buy from. Does this extreme measurement on customers result in better customer relationships? Nope.
5. Implement a care policy - with teeth. The most effective marketing strategy on the planet is CARE. Show world-class care for customers and positive word of mouth will spread like wildfire - a palpable buzz that has replaced cold calling as the top prospecting tactic. Why does caring drive the referral machine? First, very few businesses treat customers like rock stars. Second, I've been in many a senior management meeting where customers are regarded as the enemy, and those beliefs unconsciously filter down to the front line. If your people don't care, look in the mirror. I've had to do that twice as a leader, and it was humbling and rewarding.
Moral of the story: It's easy existing as a commodity, fading into oblivion while operating on minimum margins. To grow and sustain a competitive edge, top management must institutionalize its vision, passion - that one thing that they've staked their company's reputation on.
Want the next five profitable revenue growth tactics? Send me an e-mail. sean@speedtorevenue.net
Sean Stormes is an author and chief growth strategist of Speed to Revenue Inc.

