If you’ve been following along, last week we shared part 1 of our simple steps to hypergrowth, and this week we head towards the finish line and share the remaining steps to help you succeed in FY23.
4. FOLLOW UP
Ahh, follow-ups – my favourite topic. They’re almost always overlooked but the most powerful, back-to-basics sales tactic in the book. Here’s some food for thought: 80 percent of sales take five follow-ups and more than 44 percent of people only follow up once. If you build a habitual follow-up process into your business, you’re almost guaranteed to gain a competitive advantage. I’m particularly passionate about this for two reasons: One, our clients have had results as quickly as 24 hours after implementing a follow-up process. The cost of new client acquisition goes down, meaning profitability goes up; and two, you may have invested money in marketing, which is producing leads, but without the follow-up, you mightn’t achieve the return on investment.
Tip: Most people won’t follow up a lead for fear of seeming too pushy. For a respectable approach, mutually agree on the timeframe and next step with the prospect. This removes the awkwardness and holds you both accountable. No stalkers here!
5. EXISTING CUSTOMERS
Don’t forget who your friends are! Many businesses make the mistake of focusing on new-customer acquisition and forgetting about existing customers. Cop this stat: it’s more than 60 percent easier and six times more cost-effective to sell to existing customers than to win new ones. I’ve had clients increase sales by 50 percent in one month just by looking at how they can add more value and address the unmet needs of their existing customers.
Tip: Often, we become ‘too close’ to our customers to spot these opportunities. Conduct a survey of your existing customers to help understand their priorities and challenges. Ask open questions and allow them the opportunity to give detailed feedback in their own words
6. ALIGNED ACTION
Many businesses don’t have a plan in place on how they will achieve their goals. I don’t mean a business plan that is long and never read. I mean a highly actionable plan of activities that will deliver hypergrowth. Aligned action is about taking immediate action in the direction of the end goal. It’s not random; it’s highly focused and purposeful. The trick here is to identify your ‘sprints’ and ‘marathons.’
Sprints are the tactical opportunities that deliver quick wins and address the ‘low-hanging fruit’ in your business. The sprints must be aligned with the company’s direction and take you a step closer to your long-term goals (‘marathons’). Don’t worry, no running shoes are required!
Tip: As the authors of The 4 Disciplines of Execution (Chris McChesney, Jim Huling, and Sean Covey) researched, having two or three goals in place is optimal. I recommend prioritising two or three sprints and marathons to maximise both short-term and long-term opportunities.
7. ALIGNED OPPORTUNITIES
If you want to look into new opportunities, first explore those you can leverage from your existing products or services. These opportunities will have fewer barriers to entry than an entirely new offering or market. Leveraging your existing offerings also allows you to quickly and easily test the opportunity with a minimum viable product.
Tip: Here are a couple of examples to get your creative juices flowing. A client of ours created a new product by packaging their products into a bundled offering, which was more convenient for their customers (win-win!). This client was able to launch within one month and get results fast. Another client took an existing product they were selling in the B2C space and started positioning it in the B2B market. Rather than starting from scratch, they were able to launch and drive results quickly.
If you need support on your hypergrowth journey in FY23, lock in a sales bomb with us and we’ll share insights into our highest performing campaigns and share practical tips that you can implement immediately to gain momentum.
Schedule your free session here: https://salesbomb.salesredefined.com.au/