A high-performing growth strategy is at the heart of every profitable business. But sometimes, the strategy that got you to where you are isn’t going to get you to where you want to go.
Generating and closing enough leads is difficult and time-consuming, making it challenging for any marketing and sales team. This is why more and more businesses are moving towards outsourcing their sales departments.
If your business has hit a plateau or is slipping behind the competition, it might be time for a new business growth strategy. Here are six sure signs it’s time to rethink your approach to business growth.
1. You’re Not Seeing the Results You Want.
If you’re not seeing the results you want from your current business growth strategy, it’s time for a change. Continuing to do what isn’t working will only waste time and resources that could be better spent elsewhere. When evaluating your growth strategy, be honest about what’s working and what isn’t. If something isn’t working, don’t be afraid to cut it out or change it up.
2. Your Competition Is Outpacing You.
If your competition is starting to pull ahead, it’s a sign that your current business growth strategy isn’t as effective as it could be. Take a look at what your competition is doing and see if there are any areas where they’re outperforming you. Then, figure out how to adjust your strategy to close the gap.
3. Your Sales Traction Is Low.
With a limited sales team and the need for quick wins, it’s not surprising that many businesses focus on one-on-one leads. This approach can be time-consuming and difficult when working with long buyer journeys and slow-moving prospects who are also being targeted by your competitors.
Oftentimes, symptoms of low sales traction can go unnoticed. Keep an eye out for these below:
1. Your sales team spends hours on the phone but they’re not qualified.
2. Your business is missing the mark with personalization.
3. You have an abundance of stale and useless data.
4. You can’t keep up with technological changes that impact your industry or are afraid to try something new.
5. You work around the clock to find, pursue, and close leads.
6. Your customer loyalty is waning and customers seem to flock to competitors for solutions.
It’s important to remember that not all sales leads are created equal. Developing a comprehensive business growth strategy can cultivate sales leads at a higher rate and turn them into long-term customers.
4. You’re Losing Customers.
Most sales teams focus on generating new leads and converting them into customers. However, this relentless pursuit of new business can often come at the expense of sales traction and momentum. This decrease in momentum can negatively impact your business growth strategy, no matter how good it is. When sales reps constantly chase new leads, they often lose sight of their existing pipeline and miss out on opportunities to upsell or cross-sell to current customers.
To avoid these consequences, sales teams should build momentum by nurturing existing relationships and growing their customer base through word-of-mouth marketing and referrals. Businesses that don’t have time to refine their processes can benefit from working with lead generation partners with a proven process for better results.
Similar to the strategy we use here at Purple Sales, you too can take a more organized, accurate, and successful approach to market expansion.
5. Your Business Growth Strategy Isn’t Clear.
A well-defined growth strategy is essential for any business wanting to grow sustainably. Without a clear plan of action, it will be difficult to measure progress or ensure that everyone is on the same page. Take the time to sit down and map out exactly what needs to be done for your business to reach its goals.
6. Your Team Isn’t Committed.
A business is only as strong as its team. Make sure everyone understands the company’s goals and buy-in is gained from all team members for success. If someone on the team is struggling to get on board with the business growth strategy in place, figure out why and see if there’s anything that can be done.
Learn More About Purple Sales and Our Approach To Business Growth Strategy.
Growing a sustainable business takes careful planning and execution. If your current business growth strategy isn’t yielding the desired results, it might be time for a change. By being honest about what’s working and what isn’t, examining your competition, and understanding your customer base, you can make the necessary adjustments to create a successful growth strategy for your business.
Sales is often the key to jump-starting business growth. Without the right strategy and support, gaining sales traction can be difficult. Contact us to discuss how we can assess your existing processes, and get you set up for success.
