Steer Your Business Dec 2020 - Magazine - Page 18
The easy way to grow your
revenue 30% in 2021
I am a growth and scale-up coach for B2B tech businesses. I’ve worked with over 300 Fortune 1000 companies and start-ups in Australia, United States, UK, EU
When I meet the CEO of a tech company for the first
time and ask them their biggest challenge, the answer
is almost always “we need more leads”.
This is fairly natural – every company wants growth.
Most companies want new leads and more customers.
And almost every tech company wants better deal flow,
a fuller pipeline, and higher annual recurring revenue.
But I have seen the leaky bucket too many times.
The leaky bucket syndrome is a simple one: a company’s flawed processes and sub-optimal methods will
stymie their growth mission.
Whether it’s an opportunity that is not properly nurtured, or a misunderstanding of the customer’s need,
or a mismatch in expectations, there is no point getting
more leads if the water is flowing out through the holes
quicker than you can refill the bucket.
And that leaky bucket is not just wasteful on profits
and growth. It also creates frustration, anxiety, fatigue,
and lower staff morale. Not to mention customer abandonment.
So instead of lead generation, I urge you to think of
customer retention. In the tech investment world, we
call this net revenue retention.
How is this achieved? It’s simple: think customer
success. Customers pay for results. They’re not looking for the latest technology; they are looking for
outcomes. The better you understand their needs, the
higher chance you have of matching the outcomes you
achieve to their expectations.
So here are three simple ways to grow your business
by 30% in 2021...
Step One: retain 10% more customers. How? Utilise
customer success agents. These could be existing staff
18 STEER YOUR BUSINESS
that you can re-purpose for the role. Also think about
your customer journey, all of the key touch points, and
the milestones that they go through. How can you
make their life easier? How can you solve their problems more effectively? How can you guarantee them
a better result? How can you make sure they stay
engaged? Answer these questions, and you will easily
retain 10% more customers – probably much higher.
Step Two: do a 10% better job of onboarding new
customers. Understand their goals, problems and expectations and ensure you have a clear match. This onboarding process is the first “moment of truth” that your
customer will experience. Make it good, and it will allay
any of their concerns and buy you a lot of goodwill.
Step Three: do a 10% better job of understanding
customers’ needs. How? Learn how to develop airtight
business cases. This is much simpler than you think.
All that is required is that you articulate the problem
that your customer is experiencing, find the evidence
of that problem (and that will be plenty of that in their
business), and then finally understand the economic
impact to their business of NOT fixing that problem. Do
all this well and that will easily improve your deal success ratio by 10% or better.
These three steps are by far the easiest way to create
a seachange in your business – and without you having
to do a single jot more effort on lead gen or prospecting. I’d like to lay down the challenge to you – fix your
own leaky bucket by addressing these three steps and
execute well. You will be pleasantly
surprised by the instant results!
Mohammad Ali once said: “I
hated every minute of training,
but I said, ‘Don’t quit. Suffer
now and live the rest of your
life as a champion’.”
If you would like to have a chat about
your growth, let’s schedule a 30
minute Zoom call. Send me an email at