Data from a recent McKinsey survey has revealed that companies with superior sales and marketing capabilities tend to experience revenue growth 30% higher than the average company within the same sector. This week, we want to encourage business leaders to reflect on their sales and marketing position. These five questions should get the ball rolling:
1. Is your competitive advantage strong and sustainable?
2. Do you understand your clients’ priorities and know better than your competitors how to meet their needs?
3. Do you know the size of your market, which segments are growing the fastest and where you are gaining or losing market share?
4. Do you have a clear understanding of which of your products and/or services are profitable and why?
5. Is your sales force operating at its full potential?
Starting with these questions will help ensure that your company focuses its resources on building marketing capabilities, which is crucial to shaping the future of your business.
Next week, we will look at the importance of innovation in business.