Expand a business by focusing on sales, coverage and solutions

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 25, 2022, 1:53 AM GMT+0

For greater success, optimise operations and “max out” current value at every stage.

According to Terminus’ Sangram Vajre, a company’s plans to expand depends on sales, coverage and solutions. Having a sound sales expansion strategy is a must. In case direct sales have plateaued, the focus must now be on building referral and channel partner programs. It is also important to invest in building external partnerships and network to improve sales distribution.

Companies can also look at expanded coverage to grow. To expand coverage, businesses could move upmarket, which involves targeting customers with larger needs and budgets. Moving downmarket would involve looking for customers that have leaner budgets and less complex needs. For a coverage-based strategy to be effective, a solid sales expansion strategy must be in place.

Further revenue teams must be aligned with customer success, and the business must progress from lead-generation to an account-based revenue model. On the solutions front, customer success must be a focal point, especially if the goal is to be a multi-product company. Develop data-driven account-based marketing and sales operations to address customer needs.

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