How to Increase Sales When Revenue Growth Flattens
Most businesses agree that revenue growth is the chief marker of success and driver of long-term performance to increase sales. So what should one do to increase sales when the rate of revenue growth stalls?
Three years ago, John Butler gave a webinar on, “What to Fix First When Revenue Flattens,” which was sponsored by Cerius Executives. In it, he explains how it all boils down to choosing the right key initiatives in the planning phase. Stakeholders need to prioritize, agree to and translate the company’s core strategy into critical activities that will deliver future revenue goals.
Increase sales – Have a discussion
John suggests having open dialogs; without PowerPoint presentations, and with someone facilitating and recording the discussion and outcomes. An objective, neutral discussion will allow for everybody to get out all relevant information out on the table so that “everyone has the same picture as to where you are and what actions are needed for future success.”
Revenue Growth – Answer the right questions
Furthermore, John outlines a guideline of questions that will open a discussion on issues pertinent to progress:
1. What factors have been successful in driving revenue? Which factors have inhibited our revenue growth?
- What is working / what is not working?
- Then, what should we do more of and what should we do less of?
- Are we planning something that is different from last year, and what will be the associated revenue impact (and time to impact) with each of these changes?
- How can we improve in how we monitor our progress in an open, direct and more measurable way?
2. How can we better align sales and marketing to ensure the revenue pipeline will deliver on our revenue expectations?
- How can we refine the customer’s buying process, and make sure everyone is on the same page regarding, the key deliverables, timeframes, roles and responsibilities?
- Collectively review all your current pipeline stages for consistency of definition with all key marketing/sales stakeholders.
- Distinguish between leading and lagging indicators and, how and when the team will monitor these metrics, and agree as to which are most significant relating to next year’s goals.