Use This Critical Solutions When Revenue Growth Stalls

Many business leaders might feel they didn’t achieve their revenue goals. This is often because they’re missing something essential: a revenue generation system. Most businesses have systems for finances and hiring, but not for generating revenue.

What Is a Revenue Generation System?

A revenue generation system is crucial for growth and includes three main components:

1. A marketing machine that generates leads
2. A sales team that follows up on those leads effectively
3. Continuous sales training and coaching to improve closing rates

Let’s explore each component in detail.

1. A Marketing Machine That Generates Leads

Most companies depend on referrals and returning customers, but hope is not a strategy. To generate leads effectively, you need to know exactly how many leads you need each month and create a marketing program that delivers those leads.

Six Elements of an Effective Marketing Program:

1. Strategy:

• Identify your ideal customer. Know their job, where they work, and where they get information online.
• Develop a compelling story about your company that everyone can share in 10 seconds. This story should make potential customers want to learn more.
• Set numerical goals for website visitors, new contacts, leads, sales opportunities, proposals, and new customers. Align your marketing budget with these goals.

2. Tactics:

• Choose the right marketing tactics based on your budget and expected outcomes. Options include your website, SEO, social media, paid ads, video, email, influencers, events, and advocacy.

3. Campaigns:

• Combine these tactics into personalized campaigns across multiple channels. Your message should reach your target audience in different places and compel them to engage.

4. Technology:

• Use a technology platform to automate campaigns and track performance. This helps in measuring and optimizing your marketing efforts.

5. Process:

• Make marketing a continuous effort. Conduct 90-day strategic reviews to adjust your strategy based on business and industry changes.
• Use 30-day sprints to manage marketing tasks and priorities. Hold weekly revenue meetings to review progress and address issues.

6. Resources:

• Ensure you have the right people with the right tools. Fill any skill gaps with contractors or agencies if needed.

2. A Sales Team That Works the Leads

Simply adding more salespeople isn’t the solution. Often, 80% of revenue comes from 20% of sales reps, making it costly and inefficient to hire and train new reps repeatedly.

Consider these alternatives:

• Partner with experts who specialize in recruiting, training, and managing sales teams.
• These partners can handle the risk and responsibility of building an effective sales team, allowing you to focus on other areas. If successful, you can eventually hire these trained sales reps.

3. Sales Training/Coaching That Helps Reps Close

Leads and a capable sales team are essential, but continuous training and a structured sales process are also crucial.

Sales Training Essentials:

• Implement a scalable, repeatable system for your sales team.
• Provide ongoing training to ensure sales reps are effective and efficient.
• Establish a consistent sales process so that every prospect gets the same experience, regardless of the sales rep.

Most companies don’t have dedicated sales trainers or a systematic sales process, which can be costly and time-consuming to develop in-house.

Conclusion

After 20 years of helping companies achieve predictable revenue growth, it’s clear that a complete revenue generation system is vital. This system must include a strong marketing machine, an effective sales team, and continuous sales training. Missing any of these components can hinder your growth, making it feel like you’re stuck.