Originally posted by Darrell Amy on LinkedIn.
When it comes to revenue growth, most companies focus on the total revenue goal. Doing this usually ignores a critical driver of revenue: cross-sell revenue. The goal for cross-sell should be 100% sold.
Most companies do a reasonable job at landing new clients. The majority of companies struggle at expanding inside their base. With marketing focused on generating leads and sales focused on closing net-new business we have a tendency to land new deals and then walk away.
My first real sales job was with a company that drilled into my head the concept of 100% sold. A client becomes 100% sold when they are taking advantage of all of the products and services your company offers. As marketing guru Jay Abraham would say, “You want all of our clients to get the best and highest value from your company.”
100% Sold: What percentage of your clients own all of your products and services?
As I lead Revenue Growth Workshops across multiple industries the common trend is that companies tend to focus expectations on marketing and selling their core product. Little attention gets placed on new products and supporting offerings.
Too many companies have only paid lip-service to cross-selling more products and services to their current client base. As a result, low-hanging fruit sits rotting on the vine. Even worse, smart competitors that grab that fruit can use their relationship with your customer to displace you from the account.
100% sold should be tracked on three levels:
1. Company Wide
What percentage of your client base owns each of your product and/or service categories? You may have a core product that 100% of your clients own. Then, you may have a service offering that 25% of your clients own. You may have a secondary product offering that 10% of your clients own. Company dashboards should include the percent of clients that own each of your products. 100% sold should be a topic in every company meeting.
2. By Sales Rep
How well is each rep doing at 100% sold across their client base? Measuring reps by the percentage of their clients that use each product and service keeps the focus on cross-selling. If a given rep is underperforming in selling a product or service category their development plan can include learning how to sell that service. Bonus structures can be configured based on 100% sold metrics. Stack rankings can be presented by 100% sold.
3. By Client
For any given client, what percentage of your product and services offering do they own? If you have four lines of business and your client only has one line, they are 25% sold. They may be a big client for that one line of business but they are still only using 25% of your products and services. Account reviews with marketing (yes, I said marketing) and sales can include developing strategies to get to 100% sold. This is especially fruitful for your Ideal Clients.
How To Get To 100% Sold
It’s time to get serious about cross-selling. In Revenue Growth Engine I present marketing and sales processes that can be leveraged to cross-sell. There are many processes you can build to align marketing and sales around this goal.
The first step, however, is to set the goal of 100% sold and track the progress. Whether you own a company, lead a revenue team, or work in sales, you can put this to work right away.
Get your copy of Revenue Growth Engine. In the book, I unpack the concept of 100% sold and offer key marketing and sales processes you can put into place to maximize revenue by driving toward 100% sold.
Develop the account management sales skills to drive 100% sold with the Authentic Client Management program, part of the Trust-Building Series from Selling From the Heart.
You don’t have to wait for your company to set your own 100% sold goals and build the skills to execute. Join the Client Management part of the Trust-Building INTENSIVE from Selling From the Heart to begin enjoying the low-hanging fruits of 100% sold.