Grow Smart or Go Home
The return to sales and marketing fundamentals isn’t transient. Many are making short-term decisions and stalling out on long-term decisions until some of the economic uncertainty clears up. But one of the short-term changes is a renewed focus on efficient growth. However, efficient growth isn’t a short-term reaction at all. It’s a return to fundamentals and it’s here to stay.
You can think of efficient growth as:
- Target market discipline
- Client retention
- Revenue expansion of existing clients
What benefits do efficient growth principles bring to your business?
- Revenue Generating Efficiency. By focusing only on prospects who are likely to be retained and grown, you can tailor messaging, have the ability to do more things with the same budget (ABM) and learn the subtleties of converting effectively. Target market discipline is cost and effort effective, focused, sustainable and likely to lead to future client successes.
- Reputation. Selling to and serving a target audience is the best way to be known in that market. From referrals to clients sharing stories to customer success testimonials, over time you’ll build a reputation and be known within your target market.
- Sustainability. Having the right clients on your roster, serving them well and broadening the scope of your engagements over time is like compounding interest in finance; you can add revenue and profits without being necessarily dependent on new customers.
- Operational Efficiency. When you are honed in on niche markets, you can adapt your delivery and services to best fit their needs. Not just products and services but the way they are delivered. From there, you can build efficiencies that save your business time and money.