Are you so invested in chasing new leads and new ideas that you find your company is running on fumes? Would you really like to spend your time and money increasing sales of your most profitable products or services instead?
Think Inside the Box
When I hear the tired old exhortation “think outside the box” I immediately wonder “why?” Is there really something ‘out there’ that’s better than what you already know and have? ‘Out there’ is amorphous, it has no focal point or foundation. The chances of creating something of value are quite rare.
The Box is your company, with its buyers, offerings and employees. There is so much value already in the Box. Thinking inside your Box creates tremendous opportunities to create, expand and grow exponentially.
How well do you know your buyers? Some people buy a lot, some buy a little, some buy often, some buy infrequently. Do you know who is who? And also, do you know why they have the buying history they have? What motivates them to buy what and when they buy?
Knowing your buyers in these ways is the first step to increasing the amount of money they spend with you. The most important part of Trivers Consulting Group’s work is on this very topic. We work with companies, large, medium and small, to get to know their buyers more completely than they have ever known them before. This knowledge opens up many opportunities for increasing revenue.
The focus of this deeper knowledge is what is it that the buyer values most of all? In simple terms, it is “What does success look like?” for the buyer. When your company knows this, you can then show the buyer how your offerings help them achieve that success. Pain points are part of this; they are things that get in the way of what success looks like. You want to know much more, though, because if you only know how to get rid of a pain, you have a one-time sale. When you demonstrate your value in helping the buyer achieve their vision of success, you have a long-term relationship.
Also, success is never final. Once today’s vision of success is achieved, they will have a new vision of success. And your company can be with them on the road to the new vision.
We’ve seen too many companies either limit what they offer because that’s what they know and feel comfortable with, or they expand willy-nilly and lose focus.
We recommend a thoughtful analysis of your current offerings, at every price point and in every service area. This analysis is includes looking at what each is contributing to the company. We look at dollars generated, number of sales regardless of dollars; one-time or repeat sales; how much profit each contributes; how hard or easy they are to sell; are they commodities or unique, high-value items?
We use this analysis to plan for the future: what will the company continue to offer? Are there offerings to eliminate? To expand? To improve or innovate? What are the costs, processes, marketing and other factors?
Contrast this with thinking outside the box: you have nothing concrete to work with, you’re making stuff up, you have no data or benchmarks.
Your work is not complete until you learn how current employees in all areas of the company contribute to sales and profit. Everyone does, even if it is not obvious. You want to do this analysis to further the value of thinking inside the box. We look at how employees could do more or less or different things that will grow the company value.
We’ve created our detailed Customer Service Revenue Generating System to illustrate how the roles of each employee interconnect and contribute to increasing revenue from current buyers and current offerings. You’re welcome to study this to see how you can apply it in your company.
What’s Next for Your Company?
We recommend that every company devote 70% of their marketing energy and resources to their current buyers. The 70% includes many activities: marketing (the 4-message mix); client appreciation events; one-on-one meetings and calls; designing improvements and innovations to current offerings based on the needs and desires expressed by current buyers; ongoing additions to great customer service for the right offerings; and cultivating current buyers in ways that they become advocates for your company.
If you are so invested in chasing new leads and new ideas that you find your company is running on fumes; and if you would really like to spend your time and money increasing sales of your most profitable products or services instead—give us a call. We always begin with a conversation about your goals and your answer to “What does success look like?” 703-801-0345.