Creating Long-Term Sales Growth

Whether you make widgets or sell a service, sales growth is always a major issue affecting your company's long-term success. But if you are like many other organizations, how you go about creating long-term sales growth is a daunting challenge. Sell harder? Advertise more? Modify your product or service? What's the most effective path to take, AND how can you do it without spending an inordinate amount of money?

In order to understand how to go about creating long-term sales growth, it's best to get back to fundamentals. The first fundamental understanding involves general market dynamics. If you want your market to buy more from you than your competitors, you need to give them a reason to do so. Is your price consistently lower? Do your products/services better meet their needs? Do you provide better service during and after the sale? Do you understand their business better, or have you established better relationships with their people?

The market is very difficult to predict in many areas. But one area that is predictable is that the market will, by itself, vote for the company that is perceived as meeting their needs the best. And the market votes for the winner with dollars. 

The second fundamental understanding is more specific to your market(s) and your company. What is the nature of your market, its current and evolving needs, and what is your company's perceived ability to meet those needs relative to your competition?

The reason to gain this fundamental understanding is undeniable. As is common with most of us, our perception of the forces and trends affecting our markets and our companies is based on a combination of issues. It is based on our interpretation of various events and situations over time, as well as our many experiences in dealing with those events. Sometimes our interpretations closely match our market's interpretations, but many times they are off base, either by a little or by a lot. If you believe your perception of the market is closely aligned with the market's perception of you without testing that assumption, then you may be in trouble.

Setting sales growth strategies based primarily on subjective perceptions will probably result in something less than what you desire. Furthermore, if you want to get your people behind a strategy, you need to support it with something better than just your good thinking and intuitive prowess.

Obtaining that information is critical. It will serve as the fundamental basis for a strategy to create long-term sales growth. But how do you go about getting that information and what do you do after you've gotten it? That's where research strategic planning comes in and the use of an outside, integrated consulting firm proves its value in helping out.

Research/Information Gathering

Determining market dynamics and your company's competitive advantage is a result of learning your customers' perceptions of their industries, their current and evolving needs, and their interest in companies that are vying to fill those needs (including yours). Normally, this is accomplished through intensive surveying using a number of proven methods. This is best done by an expert, third-party consulting firm. By combining this information with internally generated data, (e.g., sales history, financial performance, etc.) the dynamics of the market and your position within it can be viewed and discussed objectively by your management team. As a result, a consensus can be achieved as to the starting point for determining the sales growth strategy that is right for your company.

Long-Term Sales Growth Strategy Development

Determining the correct sales strategy for your company is the result of combining the work done previously with the fundamental understanding of general market dynamics mentioned earlier. The market embraces the company that meets their needs better than the others. Determining your company's long-term sales strategy will involve defining what those needs are and what you can do to stand-out in meeting those needs in the marketplace.

Think about the affect the activities described previously would have on your company's ability to create long-term sales growth. Your people would see the logic that was involved and be more enthusiastic in supporting and contributing to the company's new and/or revitalized direction.

If you are trying to establish long-term sales growth, we can help. Call us toll-free at 1-800-999-6615, email us at mail@tweedweber.com and/or visit us on the web at www.tweedweber.com. Also, be sure to follow us on LinkedIn (Tweed-Weber, Inc.) and Twitter (@TweedWeber). Tweed-Weber can help you include your market(s) and their perceptions as a foundation for your continued success.