Everyone wants and needs growth, but in highly competitive markets, simply growing just isn’t going to cut the mustard. Your business needs to rise above your rivals. In FY23, you need hypergrowth. If this sounds like some kind of superhero, that’s precisely what it is. The World Economic Forum defines hypergrowth as “maintaining a 40 percent-plus average annual growth rate for more than one year”. Hypergrowth can (and will) take your business from slogging it out against your competition to standing with the giants. Many believe that to drive hypergrowth; you need to enter new markets, launch a product or service, or throw wads of cash into marketing. But before we go and jump in bed with a new idea or go and set our wallets on fire, I have some winning nuggets to share. Hypergrowth can be as simple as executing the basics exceptionally well. Sounds pretty straightforward, doesn’t it? One of my favourite sayings is “common sense is not common practice”, which is absolutely true for sales. We’re aware of what it takes to achieve a rocking body; eat less chocolate, drink less wine, go to the gym – simple, right? But how many of us falter at the starting line or stick to the plan? Read on for my super-simple tips for hypergrowth in FY23.
1. MAKE PROACTIVE SALES A HABIT
Alarmingly, 98 percent of businesses I meet have a reactive sales approach. They respond to leads and referrals (as they should) but aren’t proactively executing sales activities to generate new leads. This can be dangerous as the destiny of your business is out of your hands. Without a proactive plan in place, you can forget about hypergrowth.
Tip: Commit to one proactive sales activity per day, per person. Do the maths: if you have five team members, by the end of the week, you’ll have completed 25 proactive sales activities – 100 by the end of the month! Engage your team by collectively brainstorming a list of proactive sales activities to have on hand for when the ideas aren’t flowing. This will keep the sales momentum ticking, which, in my humble opinion, is the ultimate secret to successful sales. The proof is in the pudding: our clients who have executed this strategy typically achieve growth within one month. Try it!
2. DON’T GET MARRIED ON THE FIRST DATE
Most people who meet a prospect kick off the ‘date’ by discussing what they have to offer and, by default, immediately try to ‘seal the deal’. Like a bad date, this can be an instant turn-off and can make things super-awkward. There is nothing more ‘salesy’ than trying to position your product or service without taking the time to understand your prospect. So start by ‘dating’ your prospects. Get to know them, understand their needs first. Then you can turn up the flirt by providing them real value. Research has proven prospects need up to 20 touchpoints before buying and businesses that nurture their leads make up to 50 percent more sales. So make an effort and swipe right!
Tip: Allow prospects to ‘date you’. Offer an experience or taster of your product or service, be it a download, whitepaper, demo, trial, explainer video, sample, or webinar. The key is to value-add during the nurturing process. Our clients have seen up to a 100 percent increase in conversion by making a few simple changes to their nurture process. A basic CRM (customer relationship management) is also a great way to manage this process.
3. DOUBLE YOUR PIPELINE
Most businesses don’t have a strong enough pipeline of opportunities. We need to plan ahead and have at least double the pipeline up our sleeve to hit our targets. Statistically, only 3 percent of your target market is ready to buy now – not much, hey! A strong pipeline of opportunities will maximise your chance of hypergrowth.
Tip: By having double or more pipelines tucked away, you’ll have a fall-back plan if the deal you were hanging your hat on doesn’t come off or gets delayed. The amount of pipeline needed can vary depending on your industry and your typical conversion rate but treat double your target as a minimum. As American businessman Thomas Watson said, “If you want to increase your success rate, double your failure rate.”
So, if you’re like most people and are already starting to plan for FY23, schedule a sales bomb with us, and we’ll bring our top recommendations for high-performance sales and set you and your team up for hypergrowth. The best thing, it’s on us. Check it out here: https://salesbomb.salesredefined.com.au/