This year has been a great reminder for many things in life and one major reminder in business: Getting Back to Basics. For some organizations, it has been the best sales year to date, and others they have seen their customer base disappear overnight. No matter which end of the spectrum your organization is at, 2020 has provided a great opportunity to evaluate some of the basic areas of where your revenue generation focus needs to be. In developing or fine-tuning your existing go to market plan you must evaluate the following:
- Organization Alignment To Revenue Goals: The most glaring is of course, are we hitting our revenue targets? It is a black and white evaluation however the devil is in the details and consistency. Ever hit your revenue target one quarter/ year and not the next? Consistent revenue achievement requires that marketing, business development, sales, delivery, and client success are hitting on all cylinders. You may have a great year but if you’re not consistently marketing, looking for new business while retaining clients your following year can be remarkable unsuccessful.
- Scalability – Where should we prioritize our sales activities to meet our goals? Expanding existing customers or focusing on net new? In most organizations, one usually has more of a focus over another. Look at your current client base to quantify the total addressable market (TAM). This will help prioritize your future revenue needs which you can compare against your operational capabilities. If you’re having a great year but not able to scale due to being overloaded with client delivery then you must shift the model to enable yourself to do more with less hands-on activity.
- Solution Offerings: In this virtual world, is my business solving the same problems as it once was, or do we need to re-calibrate our solution offerings?
- Brand Awareness & Client Engagement: Do I know where our customers find us? Seems like common sense but as we’ve seen in 2020, navigating customer messages in a virtual world takes a different approach. Your customers may now require you to engage in a different way. Continuously monitoring this in 2020 will be key to aligning your organization as 2020 takes us into some unchartered waters.
- Repeatable Client Revenue: Are we retaining and growing the existing customer base or are we seeing a new trend of customer churn? Ensuring you have your customers on a path to long term engagement is critical to ensure your partnership has enough time to prove value. Both the customer and your organization have many obstacles to navigate in 2020, it is important that your services and products are being presented in a valuable way and the right customer experience is created for high satisfaction and retention rates.
At Relativity Consulting, our passion is to help businesses grow their revenue in a consistent, predictable way. If you’re a leader that is struggling with meeting revenue targets, connecting with the right buyers, and retaining your current customer base there are many ways we can assist. Subscribe to our blog for more sales and marketing insights delivered to your inbox weekly.