Why You Can't Grow Your Company

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    17-Jul-2015

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  • Why You Cant Grow Your Company

    (As fast as youd like)

    Andrew Shedden

    Broadfield Consulting

    www.broadfieldconsulting.com

    705-876-0634

    broadfield C O N S U L T I N G

  • Why You Cant Grow Your Company 2

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Why is your company not growing profitable revenues as fast as youd like? The short (and unhelpful) answer is there are countless

    reasons. While each marketing consulting engagement I undertake is unique, I find the following are the most common causes of

    poor growth. So, from the general to the specific

  • Why You Cant Grow Your Company 3

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Ineffective marketing system

    If your company isnt growing as fast as youd like, or grows in

    fits and starts, the first place to look is your marketing system.

    A poorly-structured marketing system is, hands down, the

    single biggest cause of poor growth for two reasons.

    First, if your marketing activities are uncoordinated and random

    events, they can never be measured or improved.

    Second, its impossible for you to get consistent growth without

    all of your marketing activities being standardized, measured,

    optimized, and systematized.

    The key to predictable long-term revenue growth is structured

    and disciplined marketing activities performed in an ongoing

    and measurable process.

    Optimize your marketing system to maximize your growth.

  • Why You Cant Grow Your Company 4

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Unclear strategy

    Many companies suffering from poor or inconsistent growth

    lack a clear strategy to influence their internal decision-making.

    The go down wrong and costly roads and often make decisions

    that are at cross-purposes.

    Strategy is the framework used for decision making and

    shaping the culture within an organization. It is a clear

    statement of what you seek to be.

    Your strategy needs to be both clear and clearly understood

    from the executive offices to the loading dock.

    Structuring your business activities to reinforce your strategy

    and provide superior value is the essence of your competitive

    advantage.

    Every aspect of your marketing system must align with

    your strategy to accelerate growth.

  • Why You Cant Grow Your Company 5

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Poor marketplace knowledge

    Poor marketplace knowledge is another major cause of poor

    growth.

    If you think you understand your marketplace, you are wrong. If

    you are fairly certain you have a pretty good handle on the

    marketplace, you are in error. If you believe that your research

    of five years ago means you have sufficient marketplace

    knowledge today, you are incorrect.

    Customer knowledge trumps product knowledgealways.

    If you want to grow your company you must do your research.

    No exceptions. Done properly, market research gives you an

    inside view of exactly what motivates your prospects to buy.

    Create the components of your marketing system around

    marketplace knowledge and watch your revenue soar.

  • Why You Cant Grow Your Company 6

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    No ideal customer profile

    Many companies tie up their resources with unfocused

    marketing. They have a belief that any business they

    can get is good business.

    This leads to poor growth and is no way to deploy your

    salespeople for maximum results.

    If you take the time to look at your current customer

    base you will discover that 80% of your revenue

    comes from 20% of your customers.

    These are your ideal customers. Go get them.

    For rapid growth your marketing system must

    identify, attract, and sell your ideal customers.

  • Why You Cant Grow Your Company 7

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Product-focused marketing

    If your marketing is strictly focused on your products you are

    strangling your growth.

    In todays complex buying environment your prospects need

    help in making wise purchasing decisions. They want facts, not

    product-focused sales messages. Prospects want to be

    educated.

    Education-based marketing brings value to your prospects at

    the earliest stages of their buying process.

    It differentiates you from your competitors, takes your prospects

    out of the market early, and reduces competitive pressure.

    It also minimizes the time wasted on price-driven (and margin

    crushing) RFP/RFQ contests.

    Your marketing system needs to revolve around

    education-based marketing to create predictable and

    profitable growth.

  • Why You Cant Grow Your Company 8

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Poor lead generation

    If youre struggling to grow your company you may also

    want to zero in on your inbound and outbound lead

    generation practices.

    First, you may not be generating enough leads. As you

    know if nothing is coming in at the top of the sales

    funnel (raw sales leads), then nothing is coming out of

    the bottom (new customers).

    Second, You may not be generating the right kind of

    leads. This causes your salespeople to waste all kinds

    of time with the wrong people.

    Plenty of qualified leads from inbound and outbound are

    what ultimately fuels growth.

    Your marketing system must generate a predictable

    number of qualified sales leads in order to create

    profitable growth.

    The Typical Way to Poor Growth

    Few Leads Few Qualified Opportunities

    Few Sales

  • Why You Cant Grow Your Company 9

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Waiting for the phone to ring

    Another reason you may find it difficult to grow your company is

    an over-reliance on inbound marketing.

    While blogging, online video, podcasts, and social media are

    great ways to generate sales leads they are all forms of reactive

    marketing. Additionally, inbound marketing tends to generate less

    qualified and smaller opportunities.

    If you are waiting for inbound marketing to make the phone ring

    with ideal customers you will be waiting a long time. If you want

    to generate rapid growth in your company you need to be

    proactive. Pick your ideal prospects (based on your ideal

    customer profile) and go get them.

    Your marketing system needs a highly-optimized outbound

    component to create rapid growth.

  • Why You Cant Grow Your Company 10

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    No specialized sales roles

    If your highly-paid salespeople are spending their time

    prospecting you are seriously limiting your growth in two ways.

    First, most salespeople dont like to prospect and avoid it at all

    costs. This kills your lead generation and leads to empty sales

    funnels. Second, when salespeople are prospecting they are

    not selling. This leads to wildly fluctuating revenues and

    inaccurate sales forecasts.

    To rapidly grow your company your marketing system must

    incorporate specialized sales roles. Sales development

    representatives (SDRs) generate qualified opportunities and

    hand them over to salespeople (Closers).

    Let your SDRs prospect and qualify, and let your Closers sell

    and build your revenues.

    Your marketing system needs specialized sales roles to

    rapidly increase growth.

  • Why You Cant Grow Your Company 11

    Broadfield Consulting | broadfieldconsulting.com | 705-876-0634

    Grow your company faster and more profitably with a marketing and selling system that works

    If you are a manufacturing or industrial (B2B) company CEO/business owner or senior marketing executive who wants a customized

    marketing and selling system that produces long-term profitable growth, then we should talk. To see if we might be a fit request a 15

    minute Strategy Session telephone call or online meeting with me at: www.broadfieldconsulting.com/contact-us/