The truism that every business needs marketing cannot be denied, even by businesses that owe the majority of their growth to word-of-mouth referrals. However, confusion arises when businesses mistake marketing for sales. In simple terms, marketing builds demand, sales closes the deal.
The goal of marketing is to increase sales and, by perforce, grow revenue. The trick is in measuring the success of your marketing efforts. What metrics do you use to measure marketing effectiveness? Although profit is the ultimate goal, it’s not the sole measurement of success. Other benchmarks along the way indicate the effectiveness of your marketing efforts.
Interim executives deliver real results, in real time, real quick. An interim is unique in the depth and breadth of experience they bring to bear. This allows an interim to see hidden value in existing products/processes/systems, implement actionable strategies and gain true alignment necessary to optimize the business. The interim will review the investments the company has made into processes, organizational structure and systems. This will lead to a focus on the areas which can be easily measured and might yield the quickest return on investment such as profits, systems and process efficiency.
Engaging an interim executive isn’t something new. However, the current business environment makes the prospect more appealing to many business owners.
The disparity between the number of top-level vacancies and highly effective talent to fill them is one motivating factor behind the increased willingness to seek temporary executives. Another is frustration with a sales force that consistently fails to meet performance goals.
For the past several months, I’ve been using our blog to highlight the various elements that we focus on as a company. Writing the posts has been great, but every now and then I hit an area that is so many “miles deep” in terms of content that I become completely stumped on how to boil it down (which is why we have, oh, 50 or so posts in the hopper for the future).
Revenue generation is one of those areas.
Why is revenue generation complicated? It’s complicated because every company is unique, and because there are a million marketing “tips and tricks” out there to try. I wracked my brain for a bit on this one and have decided to keep it basic. Since a blog is not the space for eight-point “how-to’s” and twenty-quadrant charts, I’m simply going to share a truth I’ve found to be fairly universal for companies when it comes to boosting revenue (specifically pertaining to sales and marketing):
The world, as we all have known it during the late 90s, is gone. No longer are sales executives order takers and if they think this is the game, the awakening has been and continues to be rude. Culpepper Sale Study, a benchmark for the world of sales, released the following statistics:
1… Fact: 94% of all sales veterans have had less than 5 days of any formal sales
2… Fact: 87% of all sales managers have had less then 8 days of any formal sales
3… Fact: 98% of all salespeople don’t follow a consistent sales methodology.
4… Fact: 93% of all sellers volunteer a price decrease without being asked.
5… Fact: 87% of prospected inquires are never followed up by a sales contact.
6… Fact: 81% of all sales take five calls or more.
7… Fact: 80% of all salespeople are willing to accept a 90% rejection rate.
8… Fact: 40% of all sales veterans experience bouts of call reluctance severe enough
to threaten their contribution in sales.
9… Fact: 93% of all sales veterans have had no training on how to generate their own