There are many ways to identify opportunities and grow sales as a marketer. And at times a commercial leader can feel overwhelmed and distracted by the countless possibilities. In this video tutorial, Drew Boyd draws from his extensive marketing experience to provide tips on what next steps you could take in identifying and embracing future sales growth opportunities.
- As you've seen in this course, there are many ways to identify opportunities and grow sales. That's the good news, but guess what? With so many opportunities available to you, you run the risk of getting overwhelmed and distracted if you're not careful. So here are my recommendations on your next steps. First, you have to realize that you can't do this all on your own. You're going to need a cross-functional team to help you evaluate opportunities and prioritize the ones to pursue.
You should have representation from finance, for example. They can help you quantify opportunities and estimate costs to pursue them. Consider adding a member of your supply chain team. You can even ask partners outside the company, like your advertising agency, to join you. Once you've formed this team, put them to work by delegating responsibilities. I suggest taking each of the growth areas covered in this course and assign them to one or two members of the team. Each person or subteam has the responsibility of flushing out their assigned growth area.
That means researching the opportunities discussed in this course, recommending a way to experiment, and pinpointing ways to measure success. On this note, a very important consideration is what criteria you'll use to evaluate opportunities. Generally, you want to have criteria that relate to how well the initiative fits with the culture of your company as well as the impact it will have on sales. Be sure to include some criteria related to your core competencies.
If you want to pursue a new sales growth opportunity, be sure you have the skills to pull it off, otherwise you're asking for trouble. I suggest you evaluate your various opportunities using a 2x2 Matrix like the one you see here. You can find this in the Exercise Files. On the X-axis, I have fit to culture, high or low, and on the Y-axis, I have impact on sales, again high or low. So in the upper right quadrant, I would place opportunities that meet my criteria as having both high impact and high fit to the company culture.
Those are your winners for sure. Take the rest of the initiatives and plot them into the matrix the same way. That way, you have a visual tool to show your leadership so they understand why you're pursuing some growth opportunities and not others. They don't want you wasting your time on low impact, low fit opportunities. And finally, sales growth doesn't happen without strong leadership. That's where you play a critical role, but that doesn't mean that you have to have a very senior position in the company.
Companies value leadership at every level of management so no matter what level you are in the organization, success won't happen without your commitment to first identifying sales growth opportunities, aligning the organization around your recommendations, and then going out there and getting the job done. Good luck.