How Today’s Sales Leaders Use the RapidKnowHow Formula to Drive Sales Growth
Ford Harding and his RAINMAKER team studied the last 20 years sales professionals and their secret of success in generating and growing sustainable businesses.
Along the way the learned of a few sales stars who achieved compounded sales growth rates of more than 20 per cent per year.
With that kind of growth it didn’t take long for many of them to build large businesses.
In today’s business world fake news and short-term gains drive transactional business relationships. This attitude destroys the economic and social value of businesses and our society.
Smart business leaders have changed their strategic actions to drive sustainability.
They want to build long-term business relationships to drive stakeholder value.
That’s why we’ll provide a new sales strategy for building relationships with LOYAL stakeholders to drive sustainable stakeholder value. Let’s get started
3 Key Factors to Drive Compounded Sales Growth
The team identified three factors being decisive for generating compound sales growth.
- Increase the Size of Your Target Customers Network
- Increase the Percentage of Loyal Buyers
- Increase Sales per Clients
Increase the Size of Your Target Customers Network
Sales stars demonstrate value-added solutions to specific loyal and value-added seeking clients.
They build business network of value-added clients faster.
Increase the Percentage of Loyal Buyers
Sales stars focus on increasing the number of loyal buyers.
They nurture business relationships with key stakeholders (decision-makers, experts, users, influencers and purchasers) from loyal buyers.
Increase Sales per Client
Sales stars focus in increasing sales per loyal buyer.
They’re early in identifying customer problems to offer tailored solutions rapidly.
The Compounded Sales Growth Model
Doing all three factors at once creates compounded sales growth.
See assumption table: Growth Rate per Year
- Network Size: People
- Percent Buyer: %
- Revenues per Client: $/€
|Sales Factors||Year 0||Year 1 to Year 10|
|Network||100||+20 People per year|
|Percent Buyer||2%||+ 1 % per year|
|Average Revenue per Client||100||+ 5 % per year|
The 1-Hour Sales Leader: 7 Ways to Grow Your Network of Loyal Buyers and STAKEHOLDERS
If you want to create and grow your network of LOYAL buyers and stakeholders, then you need proven ways to succeed. Here are the seven ways to grow your network of loyal buyers and stakeholders.
1. Present Buying Clients
Present buying customers are usually the best targets for securing existing business and generating new business.
You already have established contacts with the key stakeholders and you know their needs.
Your goal is to increase the share of existing and new business.
2. Former Clients
Look through all your former client files to get names of stakeholders you’ve worked with on an interim project or a long-term working assignment.
Your goal is to re-establish your business relationship by calling them or via social networks (LinkedIn, Facebook)
3. Former Prospects
Look through all your former prospects files to get names of stakeholders you had contact. That a person from a prospect considered hiring you is strong evidence that he or she is a warm contact.
Your goal is to contact them asking how business is going and connecting with them on LinkedIn
4. Old Business Cards
You have been saving them all these years for a purpose. The time has come.
Your goal is to evaluate your business contacts strategically.
Does it make sense to re-establish business relationships?
What would be the specific benefit of your old contact and you?
5. Connecting on LinkedIn
If you want to build your business worldwide, then you can establish your LinkedIn presentation.
Your goal is to connect to your former and current business friends.
6. Nurturing Relationships Using LinkedIn
After establishing your professional LinkedIn profile, you can start re-establishing warm contacts with your business friends. Just call them. They’ll take the phone.
Your goal is to COMMUNICATE,COMMUNICATE, COMMUNICATE by sharing specific information or else to solve a problem.
7. Identifying Strategic Alliance Partners
Put your alliance partners on your list.
Strategic networks of customers, suppliers and partners that make you business model work.
Your goal is to optimize your business model, reduce risk, or require specific know-how e.g. digital business modelling, or acquire tools and resources.
Today we’ve learned seven ways to grow our network of strategic stakeholders.
RapidKnowHow to use the seven ways to build your strategic business network to drive compounded sales growth. Wish You All Success!
Harding, Ford (2008) Rainmaking: Attract New Clients No Matter What Your Field, Adams Media, Avon, USA