It feels like 2005 all over again, doesn’t it? Everyone’s getting rich – just ask them, they’ll tell you. Almost every sales person and company I know is having a record year – they’re absolutely killing their goals. If you ask 100 companies in our industry about they’re biggest challenge right now, all 100 will answer: “finding people to fulfill our orders”.
Congratulations! You made it through the Great Recession, and now your fruits are waiting for you.
With practically every project we’ve started over the past couple of years, we’ve seen the winning scenario described above. We get brought into projects for many different reasons but growing the top line hasn’t been a popular one lately. Training sales people, delivering digital marketing strategies, and assessing the sales and marketing organization are three common reasons that I receive a call. However, after our initial discussion I usually discover the same thing about everybody. They may be having a record year in the top line revenue, but they’re not ….
… growing market share.
Most companies in the security and IT industry are growing rapidly, but their growth is coming from the same customers repeatedly. They’re successful because the economy is expanding, and their customers are growing. However, they’re not bringing in new customers. The most common statement I’ve received from sales leaders and sales people over the last 18 months is: “I’m too busy taking care of my current customers.” When I say “most common statement”, I mean there is no other comment that is a close second.
What can you do? Well, that’s an answer that takes more than a blog post. For now, I just want you to be aware of it. If you’re pushing 200% of quota and looking at Ferraris, check your ratio of new customers before putting down a payment. If you’re relying on your current customers for more than 60% of your sales, than you’re going to be in trouble in a few years when the economy begins its natural contraction. Understand your business and figure out a way to get out there and find new business. (Of course, we can help!)
