7 critical steps to turn your business into a top revenue producer.

7 critical steps to turn your business into a top revenue producer.
Whether you’ve been in the business 2 years or 20 years your success is contingent on your ability to capitalize on the 7 steps to turning your business into a top producer. As you read the 7 steps you’ll quickly notice how each step directly impacts the challenges you face developing a top producing business.

1. Identify your ideal target market and lay claim to your niche 
2. Attract qualified prospects
3. Channel those qualified prospects into your sales funnel
4. Align the way you sell with the way your potential clients buy
5. Help your potential prospects make the best decision
6. Focus on the top 20% of your clients
7. Earn referrals

 
1. Identify your ideal target market and lay claim to your niche
When identifying your target market in let us say Vacuum cleaners, many people would say “Everyone who needs a better and high quality vacuum cleaner”.
This is not the best answer because you can’t please everyone. Not everyone will be your customer. So you need to find the right customer who would truly want to buy your vacuum cleaner. Your market has to be large enough to make a living but unique enough for your products or services to stand out. When you are solving a specific problem you become a trusted expert and no one will confuse you of a sales person again. 

2. Attract qualified prospects
Have you ever noticed that the more you chase your prospects the faster they run away? It probably has happened to all of us as the mistake we make is to sell them something rather than being a person they can talk to in order to solve their problems. When you chase your prospects you are pushing them away rather than to pull them to you. The secret to attracting people to you and your business is in the offer. 

A strategy that I use (which can be applied in any business) is to solve a problem before I call a potential customer. As I am writing this I am working on insurance Web 2.0 marketing problems. I have a solution to several online marketing and lead generation problems that most insurance companies struggle with. When I call the head of marketing I have my guns loaded with information how to solve their problem. I am offering something that they want and need at the right time. Be mindful that some companies are just not interested in the solution and this is ok because they are not the right prospect. Chasing after the prospects that are not interested will drain your resources so move on to the next one. Once you have filled up your lead list focus on the ones that are ready to buy and close that sale. 

3. Channel those qualified prospects into your sales funnel
Many of us, myself included, were trained to work with leads in a certain way. Hunt them down, call, and try and close them. This is not really relationship based selling. Many of those prospects that you call might be a customer down the road. Maybe they are interested but this is not the right time or they need more information and you need to earn their trust. To keep qualified prospects interested in you, there must be some value in continued contact with you. Build a stronger relationship. Keep them in the loop. Position yourself as the person they will call upon when they need expert advice.

Now you might be thinking; “I don’t have time to call and email all these potential customers.” “How to I maintain a relationship with all these people”

Here is how: Email service providers can work wonders. Customer management systems can keep track of your prospects. Your goal with maintaining a relationship is to get them thru your sales funnel. Secret tip. When is the last time you sent out a hand written letter thanking them for talking with you? Try it. I send out a personal note to everyone I talk with no matter what the outcome was. You’d be surprised about the response.

Your goal is to make it easy for your prospects to buy from you by giving them valuable information and service so when they are ready to buy you are there to close the sale.

4. Align the way you sell with the way your potential clients buy
Have you walked in another man’s shoes? Does your sales method match how your prospects like to buy? Sometimes we don’t know what it is like to be on the buyers’ side of the table. Especially if it’s a significant amount of money.

Step 1. Understand your buyer’s situation
Step 2. Be an advisor, not a pushy sales person. Don’t apply sales tactics or pressures.
Step 3. Objections are buying signals. Help them thru the objection.
Step 4. Don’t defend yourself thru an objection. Be open and honest.

5. Help your potential prospects make the best decision
Most people think we buy because it is based on a rational decision. People buy based on emotions first. This is somewhat easier with tangible products but it can be just as easy with services. When you are selling stuff that they can’t see, touch or feel you need to take a mental approach. Paint the picture in their mind. Ask them what are the pros and cons of not getting this. Guide them thru the options so they can clearly see it in their minds.

Throughout the sales process it should feel like two people discussing what is best to do. You as the sales person must have his or her interest top of mind. This process with eventually lead to trust and a relationship has been created. Dishonestly is a deal breaker every time. 

6. Focus on the top 20% of your clients
Sometime you need to weed out your client list. I call this “Dead weight”. When you have many clients you will get the clients who are responsive and easy to work with. You will also get the clients who constantly drag you down and your profit margins decline.

Look at your top 20% clients and focus on them. These are the guys that you love working with and represent the majority of revenues. Strengthen these relationships.

Help your bottom 20% find new partners or service providers. The remainder of your clients should be put in a separate bucket and use partners or employees to really investigate revenue opportunities for them. Reward business growth and in return these clients might actually become top revenue producers. 

7. Earn referrals
Who do you refer to friends and colleagues? 99% of times you refer sales people or companies once you know what they can do. The proof is in the pudding. So start by doing exactly what you said you would and do outstanding work. Exceed expectations and provide more value than they were expecting. 

Don’t let your prospects and clients forget about you. Keep in touch. Send an email, post cards and call if you think they would be interested in hearing about a conference or case study or anything that you know they will find useful. Have a system in place that makes it so easy for people to refer you that it is a no brainer.

Cheers!
Chris Bjorklund