Business Growth Blog

You know what they say: You have to spend money to make money. But finding the right marketing tactics to invest in can be tricky, and the consequences have a huge impact on an organization’s growth trajectory - either positively or negatively.

Here are 2 common ways businesses often lose money on their marketing investments. Avoid them like the plague!

I was watching The Profit the other day, and Marcus Lemonis said something that I also feel strongly about:

“If you don’t know your numbers, you don’t know your business. If you can’t track what’s selling or not selling, you can’t do any forecasting to build inventory. You can’t even monitor trends or customer behavior. You have no shot at success.”

We're ultra busy, and taking extra time to input contact data is...annoying to say the least. Most of us just put the minimum amount of information into our contact database as fast as we can and go on our merry way.

That's all fine and dandy – until we want to send a message to a specific group of people, and we have no way to segment out contacts based on certain criteria. Or, we think we have a list of 3000 people, only to find out that only 200 of them have email addresses. Bummer!

The most important part of sales and marketing is to understand who is on our contact list (and who we want to be on the list). My team has spent a lot of time working with our clients to clean up their contacts and implement processes to collect and report on the data.

When we validate contact data, the 4 most important things we look for are:

The people "in your world" are the backbone of all your marketing and sales efforts. When developing any kind of business growth strategy, the first thing you want to hammer out is: who do you want to be your customer?

The ultimate goal of sales and marketing is to find these target prospects and get them into your contact database so you can continue communicating with them.

Unfortunately, most of us don't spend enough time "taking care" of our contacts. We throw them into our database willy-nilly with no strategic thought into who they really are, what we need to know about them, or how to organize them. They become just another meaningless contact in our database.

One of the first questions I ask my prospects is, "How many contacts do you have?" Interestingly, most of them don't really know. And if they can throw a number at me, they can't tell me much about the people on the list.

Don't let this happen to you! Below are the 2 most important types of contact reports you should be able to run. If your contacts aren't organized in a fashion that lets you run these reports, it's better to fix it now than to wait until you have an even bigger mess!

Sellers are on the front lines talking to prospects and customers all day long. They have deep company and industry expertise and know what messaging elicits the best responses. If anyone understands what information will resonate with your ideal buyer persona, it’s them.

But too often, sales and marketing are not aligned, and sellers aren’t at the table when it comes to developing the corporate content strategy or lending their experience and expertise to the content creation process. Here are some ideas about how to get your sales team engaged in creating useful blog articles that prospects and customers want to read:

Many organizations are turning to sales enablement to ensure that sellers have the tools, processes, and content they need to meet the new demands of savvy buyers armed to the teeth with information. Here are some articles and resources that can help you deepen your understanding of sales enablement, determine if it’s right for you, and start formulating a plan for your organization.

Your sales team has a list of hot prospects to contact. The problem is - the prospects have never heard of your company or the salesperson. Should the seller write a letter, send an email, make a call? What the heck are they supposed to say?

Rather than struggling to start a sales conversation, there are ways to systemize the prospecting process to make it more efficient and productive. When done correctly, sellers will always have the right messaging at their fingertips to create account entry campaigns that get potential customers to take notice.

Warning: what I'm going to suggest is not a quick fix. It takes strategic thinking, time, and alignment between sales and marketing to pull it off. But if you commit to the process, your sales team will have more leads, more time to actually sell, and shorter sales cycles.

Here are 3 steps to simplify sales prospecting:

Good content and a superior website user experience will attract the most interest, generate the most leads, and gain the biggest market share.

Salespeople, by trade, are usually quite optimistic. We’re determined, visionaries, and persistent. That’s what makes us good, but it can also hold us back. Pursuing prospects takes a lot of time and energy, and going after the wrong people can dramatically inhibit company growth.

A friend of mine, Janice Mars, founder of SalesLatitude, gave me three simple questions that can help you quickly determine whether they are worth your time investment or not. The faster you can qualify prospects, the faster you can fill your pipeline with high-quality sales opportunities.

Marketing and sales are becoming increasingly complex.

In the early stages of business growth, most companies have a limited number of employees, and the owner is driving the majority of sales and marketing. When a company is ready to take off, it needs to expand its reach significantly. That requires a stronger investment in sales and marketing strategies.

Many decisions need to be made about the most effective way to get new business: use traditional approaches like cold calling, direct mail, T.V., and billboards, or more digital-type approaches like website development, blogging, email marketing, and social media?

The owner, who is fulfilling many of the key functions of the business, usually needs expert help to develop and execute the right strategy. The next decision is whether to hire internally or outsource to a marketing company.