Share of Wallet, Win Rates, and Shorter Sales Cycles
One of the big advantages of using a Growth Formula is that it eliminates the guesswork associated with growing a business. For instance, you can shorten the length of your Sales Cycle, which results in revenue growth, by improving your business’s Share of Wallet. How is that possible?
Selling equipment, products, or services to an existing customer is 5 to 7 times faster and easier than selling to a non-customer. So, if your business places greater emphasis on growing Share of Wallet, there are 3 benefits that will automatically accrue to your business.
- Selling to existing customers results in higher margin revenue, improved sales productivity, and a higher ROI. Consequently, you’ll have greater revenue and increased profitability.
- Selling to existing customers increases your average Win Rate. Increasing your average Win Rate also results in more revenue growth and profitability.
- You close deals faster with existing customers decreasing the length of the Sales Cycle.
In summary, a single decision by you to grow Share of Wallet reduces your cost of goods sold, generates more, high margin revenue, increases your average Win Rate and results in greater profits.
Shortening the length of your Sales Cycle is just one of four ways to grow your business. If you’d like to discuss ways you can grow your business, you can schedule a 15 or 30 minute conversatdion with me at to https://calendly.com/talkwithkent.