There are three activities CEOs need to start during December to increase revenue in 2023:

1.       Segment your market

2.       Nurture your leads

3.       Close a higher percent of leads

Following is a summary of the activities. Each has a link to a blog with detailed information (including tables and specific examples) on how to increase revenue.

As you review each section, ask yourself why more aggressive action has not taken place to date, and how you can focus your teams on simple yet powerful activities that drive tangible results. As CEO, you have heard for years now that digital marketing, as an example, is the Holy Grail but takes time. How much more time are you going to give it? I am not suggesting that you throw the baby out with the bath water. Test your way into improvement so that you are confident in your results.

Note that none of the actions I suggest will cost you money. They will save you money while increasing revenue.

1.       Segment Your Market

B2B marketers have never had the same rich data sources as B2C marketers. Yet B2B marketers have more data than they think. I tell my clients, now that I focus exclusively on the B2B space, that any data file can be segmented based on history, overlaid information and intuitive judgment.

There is a table within the blog linked here that shows how to drive 40% more revenue without additional spend.  

2.       Nurture Your Leads

Standard B2B lead-generation programs produce a 4% to 5% lead rate. Advanced lead-generation programs which include nurturing produce a 12% to 15% lead rate—three times higher.

Rather than take a one-size fits all approach, lead nurturing breaks the target market into sub-segments with a different cadence or sequence for each segment. Sample segments include but are not limited to: Lead, Pipeline, Nurture, No-Response, Not Qualified, Other.

This blog provides details to help you get started with lead nurturing.

3.       What Percent of Leads Should Sales Close?

What is a healthy close rate for your solution(s) and/or service(s)?

How much money could you save if you managed to the best close rate?

You reduce spending on generating leads when you focus on finding leads with high potential – not just a high number of leads. Leads cost more than you think, but probably a lot less than you are currently paying.

Here are some examples of the break-even lead rate for a software solution with a 60% margin:

• For a $300,000 deal ($180,000 in margin) the close rate would need to be .694% (not even 1%).

• For a $100,000 deal ($60,000 in margin) the close rate would need to be 2.08%.

• For a $10,000 deal ($6,000 in margin) the close rate would need to be 20.8%.

This blog gets into the detail of what percent of leads sales should close and how to look at your current close rates to set goals for improved future results.

It’s not too late. Start segmenting your market now. Put a nurture program in place now. And stop focusing on lead quantity, rather than lead quality—and boost your close rate. The new year is close, but there’s still time to make the sales and marketing changes that will make a difference next year.

Let’s talk. Email me or call me at 770-262-9021