A company is only as good as its growth process. How do you define the steps needed to achieve success? Why do you follow a particular process? Have you analyzed the results of your current growth process?
For the sake of this post, when I say growth process I mean a type of formal, documented process to increase sales–whether it is through a bigger pipeline or any other best practice.
According to Harvard Business Review, B2B companies with a well-defined growth process see an 18% difference in revenue growth compared to companies lacking one. A simple well-defined list of best practices can increase your total revenue by almost 20%. Who wouldn’t want that?
The answer is that everyone wants that type of growth for their company. The problem is, however, that a lot of growth processes being used by companies are lacking in things like clarity, innovation, simplicity, and context. Read on to learn how you can ensure your growth process is effective for your firm.
Your growth process should be…
- Clearly Defined: Your growth process should have stages and landmarks that are clearly stated and comprehensively understood by your salespeople. The process should be aligned with your customer’s behavioral processes such as their buying process. This creates alignment for your salespeople, your buyers, and your company, and with this alignment comes clarity.
- Six to Ten Stages: In order to adequately cover all necessary topics, your process needs to be a certain length. A common growth process that uses six stages is the Six Sigma for Growth. Diagrams and maps can help to show how smaller growth initiatives in the process fit into the big picture.
- Committed to the Prospect: Whether your growth process outlines the best practices for pipeline management or prospecting, it should be clear to your salespeople that the customer is of utmost importance. This part of the process is important for sales managers too. Understanding which pipeline is best for which sales rep is crucial for efficiency. CRM and data management will also help with understanding the prospect and pipelines.
So, now that you know your growth process needs to be clear, six to ten stages long, and all about the prospect, how will you implement one for your firm? Does it sound like your current process covers all of these bases or are you lacking in one area?
Remember, a good growth process doesn’t come to be overnight: think about the details and develop the best process you can before you share it with your employees. This way, you know performance is optimal and there will be less confusion for your salespeople and managers.