According to the infographic by Graphs.net, the Dallas Cowboys are the most valuable team, with an estimated team value of $2.3 billion, followed by the New England Patriots at $1.8 billion. Not surprisingly, the Cowboys have the highest attendance, and the New England Patriots have sold out every single home game since 1994. It is evident that their base of loyal customers is one of the biggest drivers of their high valuations. But, how can organizations implement strategies that will keep their customers loyal and spending?
According to a 1to1 Tips & Takeaways article, "Actionable Steps for Accelerating Sales Growth," the first step in realizing sales growth is setting up objectives and laying out a strategy for getting there. However, a study by the CMO Council estimates that only 50 percent of global marketers have a strategy for penetrating and monetizing key account relationships. Without the right strategy – and tools to support the strategy – in place, organizations will be left behind as the competition surpasses.
The article uncovers a five-step approach to optimizing sales growth:
- Develop the right strategy. Many organizations fail to develop the right sales programs and strategies that are aimed at the right sets of customers. In order to create a successful sales strategy, use data to determine which customers to target with specific products or services based on their needs and purchase history. Then, establish a sales goal based off of this information. That way you will have a better idea of feasible goals, instead of just blindly choosing a number.
- Make the processes feasible. If your sales processes aren’t executable, it will be impossible to effectively attract and engage customers. In addition, outdated processes can be difficult to conform to changing customer and market demands. To remedy your processes, focus on one problem at a time. Next, make the necessary improvements and analyze the results. Once you’ve resolved one failing process, prioritize the others that may be in need of your attention.
- Select the right tools for your organization. Identify which of your current technologies are working well, and which are in need of retirement or upgrades. This will help you visualize the gaps. Once you know what’s missing, do some research to see what tools are available in the market to support your specific needs.
- Identify the right way to execute. If you don’t know how to properly use your tools, they won’t help you reach your sales goals. Make sure the tools you have selected are filling your gaps in order to ensure proper execution.
- Foster an adaptable culture. No matter how brilliant your sales strategy may seem, it will fail without the support of the right culture. Make sure your culture is adaptable to industry changes, and act quickly when a cultural change is needed. The right culture will help ignite your sales growth to the next level.
Following these five guidelines will ultimately accelerate your sales to the next level, whether or not you win every game.
This infographic was created by Graphs.net, and this article summarizes some of its contents. The original infographic is here.