If You’re Giving Gifts This Holiday Season, Here Are Revenue Generation Gifts For Your CEO
We’re all giving and receiving gifts this time of year, but what about your CEO? What can you give your CEO that’s going to get them excited this time of year? The answer has a lot to do with whether you want to give one big gift or a series of smaller, more modest gifts.
Regardless, this gift guide will include both. If your CEO is like most, then business results from digital marketing is usually what they want for the holidays. While you can’t give your CEO a box of new customers or clients, you can provide the necessary tools to more consistently exceed the revenue goals set for the business.
Here’s a holiday gift guide for your CEO, who’s looking for sustainable, repeatable and predictable business results for the company.
Gift #1 – A Revenue Generation Machine
Honestly, it’s the hottest gift on the market today. Everyone wants one. Who wouldn’t want predictable, scalable and repeatable revenue that comes in month over month like clockwork? Any CEO with any experience at all would know that when revenue is locked down, managing the rest of the company becomes a lot easier. Control costs, innovate, reinvest profit into staying ahead of the market and hire the best people. No worries, right?
The big challenge is no one knows where to get a revenue machine. You can’t buy one, you can’t borrow one from another company and you can’t even copy what other companies are doing because the revenue challenge at your business is going to be different than every other business. This is a rare and unique gift you’re looking for.
You can build one. You can build one for your own company. You can build one that works for your business, your industry, your prospects, your customers and your team. You can build one that fits your budget, as long as your expectations on performance are aligned with that budget. For example, if you can only invest $5,000 a month in your revenue machine, you won’t get the same results as if you could invest $15,000 a month. The more you invest, the better the results and the faster those results become a reality.
For the first time in the history of marketing and sales, all of the technology, tools, techniques, systems, processes and methodology exist to build sustainable, scalable and predictable revenue generation machines. All you have to do is have the insights for us build one for you.
Gift #2 – A Sales Process That Can Be Dialed In To Produce The Exact Number Of New Customers
This gift is a lot less lofty than the revenue machine above. This gift is available in a lot more places and it’s generally a lot easier to deliver. Your sales process is probably not a competitive advantage right now. It’s probably the same process that you’ve been executing for years (or at least a similar process). However, the way people buy has changed dramatically, and your process needs to change too.
In addition, your sales process needs data and analytics so that you can quickly identify those areas where the process might be breaking down. The ability to dial in your sales process is key. You need to know what your conversion rates are for each step in the sales process. This quickly highlights parts of the process that are underperforming and then focuses attention, investment and expertise on only those areas that will make an immediate impact on your ability to close new customers.
Here’s an example. I’m sure you submit your fair share of proposals. Let’s say it’s 20 a week across all your reps. That’s 80 a month. An industry standard close rate on proposals submitted is 50%. If you’re higher, congrats! If you’re lower, that simply means it’s even more important to work on this part of your sales process.
If you could increase your close rate by just 10% to 60%, you’d go from closing 40 new customers a month to 48 new customers a month, and if each is worth $10,000 over the course of the year, that’s an extra $80,000 a month or $960,000 annualized. That’s almost $1 million in incremental revenue by improving only one number by only 10%. This is powerful.
Handing your CEO an extra $1 million in revenue would be an incredible gift, and the investment required to deliver an improved close rate would produce an ROI that is off the charts.
Gift #3 – A Marketing Effort That Comes Along With A Healthy Return On The Investment
Speaking of ROI, it’s an elusive effort when it comes to marketing. Any CEO would love to have a marketing effort that had a positive and significant ROI attached to it. The challenges are in calculating that ROI. What numbers need to be part of the investment side, and how do you accurately capture the results to effectively calculate true ROI?
For example, you need to look at lifetime value of a new customer. Let’s say it costs $2,000 all in to get a new customer and they spend $10,000 a year with you. So you make 20% net profit on that $10,000, but then you invest $2,000 to get back $2,000, resulting in a 0% ROI. Who would do that?
Now let’s imagine that prospect continues to be a customer of yours for five years and spends not $10,000 but $50,000, resulting in an ROI of not 0% but 400%. That’s impressive.
In this case, it could be the gift that keeps on giving, especially when your new customers stay with you for a long period of time.
Gift #4 – A Dramatic Reduction In The Cost To Acquire New Clients
If it’s costing you $2,000 for every new customer you get (and that includes both marketing and sales expenses), then reducing that is going to be high on almost any CEO’s wish list. Typically, this means starting with the big-ticket items like sales and then working down to other marketing-related expenses.
If you eliminate the need for sales to be involved until further in the buyer journey, you can dramatically reduce the cost to acquire new customers. If you then start looking at marketing expenses and start reducing those (essentially eliminating underperforming programs), you can deliver a holiday gift of lower cost per newly acquired customers.
This means stopping ineffective online advertising, or at least optimizing that spend to produce the same or better results with less investment. It might also mean moving an investment from one platform to another.
But what you truly want to look for in this case is how to improve performance of your existing marketing, which usually means your cost-per-click goes down dramatically. When you run high-performing Google AdWords or Facebook Ads campaigns and those ads produce high click-through rates, both Google and Facebook drop the cost of those clicks dramatically because they see them as highly effective ads that their customers value.
This effort can produce significant savings and dramatic reductions in the costs required to acquire new customers. It’s not always about spending more and getting more. Today, it’s about being smarter and lowering costs because your campaigns are highly effective.
Gift #5 – The Tools To Activate Your Existing Customer Base To Increase Revenue Per Customer
There is a hidden asset in your current business, and you can give this to your CEO this holiday season. That asset is your existing happy clients.
Your happy clients can help you close more new business. All you have to do is activate them. Better yet, they can help you close more new business within your current customer base, so you don’t even need to find new companies to sell into.
How many of your current customers purchase everything you sell? When we ask our clients, the answer is almost always in the 40% to 60% range. That means there’s a tremendous opportunity to do more for your current customers. By getting your customers to talk about how they use your products or services, tell their story and share their solutions and successes with other customers, you’ll unlock hidden revenue opportunities buried right now in your current customer base.
This simple effort might mean the difference between falling short of your revenue goals in 2018 or exceeding them by 20%. This is a gift any CEO would love to get around the holiday season.
These business metrics are what CEOs care about. Most CEOs aren’t concerned about the details associated with marketing campaigns and sales execution or the technology to deliver both. If you produce results, they’ll have the faith and trust that you’re on the right track.
The gifts outlined above are not pre-packaged gifts you pick up at the marketing or sales store on your way home from work. Yes, it’s possible to deliver these, but they take work, strategy and smart people to plan, build and grow them over time.
They also take experience. If you’re longing for something similar in your company, or if you’ve been asking for results like this only to be continually disappointed with the outcomes or the explanations for why you can’t have gifts like these, then it’s time to do something else. Extensive experience is needed to deliver results like these. You can’t get that experience by reading a book, watching a video, taking classes or logging into a webinar. You only get experience like this by doing it for other companies.
In 2018, consider investing in the expertise required to add these strategically important pieces to your already successful company, and hit the acceleration pedal. As these elements com online, you’ll see the investments paying off for years to come.
Square 2 Marketing – Innovating Marketing And Sales To Match Today’s Buyer Behavior!