B2B Pricing for Profit. Is Low Price the Best (or Only) Answer?

 

Businesses exist to make a profit. And price is a key component in profitability. Regarding businesses in the for-profit sector, it has long been said, “If there is no margin (no profit), there is no mission.” While other goals may exist, creating and sustaining profitability is critically important.

Topics: Profitability Profit B2B Pricing

A Simple Planning Guide for your LinkedIn Profile

Before developing your plan as a CRO, CXO or business owner, or salesperson, it is important to reflect your best self and offer opportunities for others to see “social proof” to show you are who you say you are.

On the one hand, someone who believes they are a VIP and LinkedIn is beneath them may prefer to be invisible, with no information or photo.  On the other hand, those who have a purpose and hope to influence others understand that a platform such as LinkedIn provides an opportunity to share their wealth of thoughts, make recommendations and lead.

Example: Bill Gates is not likely to use LinkedIn as a connection/communication tool, but he regularly posts activities and articles. Over 22 million people follow Bill Gates’s activities. It is true that while not every post will be viewed by his followers, they have said in public “Bill Gates is remarkable, I am interested in learning more and potentially share his posts.”

Topics: Social Media Thought Leadership LinkedIn

Build a Sales Process 101

Are you a new business that needs to develop its sales process? Or, maybe you're an established firm that sells things the same way today as you did 10 years ago.

Many companies are finding that their sales processes aren't keeping up with the times. Selling techniques have evolved significantly over the years, and companies must adapt their sales methods to meet customers' changing needs.

The vast majority (83%) of senior-level B2B executives report that business needs and priorities have resulted in them either accelerating or postponing purchase decisions in the past year.

Topics: Business Development Planning

Where Does Your Power for Revenue Originate?

Formulating a social media plan has many rushing to hyped up platforms to shout, pose, rant and act if they are celebrities and that others care. Or you have heard and hopefully not said: “We should use social media because our competition does.” This is difficult to accept as a foundation for a strategy and plan.

It’s better to walk alone than with a crowd going in the wrong direction.” 
-  Gandhi

Today I want to share some thoughts about the real power of social media and how it potentially relates to your company, team and revenue growth.

I suspect it will be much different from the noise marketers share. Please note that my focus is to support profitable B2B revenue growth and may not align well with your business.

Topics: Brand Management Strategy Revenue Generation Social Media

How to Develop Your Company's Purpose

The second foundational question (FQ) in the Revenue Development Action Plan is:

What is your company’s purpose? Why are you here?”

In the early stages of creating a business there is a strong focus on developing a vision, a formal mission statement and company values. However, the company purpose is something that is often more elusive.

Most new businesses are primarily focused on generating enough revenue to be sustainable. Business owners may have a strong personal sense of why they formed the business, but that purpose is not always reflected throughout the company. As businesses grow, however, they may naturally begin to develop a purpose that drives strategic decision-making. This direction must be refined into a clear purpose statement or the company will aimlessly wander.

Topics: Brand Management Strategy Business Development Brand Integrity Revenue Development Action Plan

CAMPS 2019 MANUFACTURING CONFERENCE – You are invited!

The upcoming CAMPS Manufacturing Conference on June 12, 2019 continues the tradition with 200 expected to attend. The conference presents to us practical applications to use current technology now, not ‘someday’ in the future.

I am especially interested in the keynote where Andy Luse will present his insights about the 4th industrial revolution. I am also curious about the A.I. breakout session as we learn about the myths and realities.

Topics: Events Manufacturing CAMPS

How to Develop Your Company Mission Statement

While creating a mission statement is typically an early step in starting a business, many mature companies have outdated versions, poorly written attempts, or are missing them altogether.

Most frequently, time is the limiting factor. Business owners and founders can be reluctant to invest the time needed and effort required to craft an effective mission statement. They wonder whether it is truly essential for growing their businesses and if customers will ever read it. These doubts can relegate creating or updating a mission statement to non-critical status, freeing up valuable time for other essentials.

However, a mission statement is a crucial document that describes the purpose of the business. It states what the business is going to do, for whom, and why. A successful organization should know the answers to these questions because they speak to the most basic elements of a business plan. As such, the company mission should essentially write itself. Yet, owners, founders, and executive leadership still struggle with formulating an effective mission statement.

Topics: Business Development Planning Revenue Development Action Plan

How to Determine What Success Should Look Like for Your Organization

Profitable revenue is the lifeblood of any organization. As such, many business owners correlate revenue with success, presuming that companies making money are, indeed, successful. However, revenue does not necessarily equate to success. While profitability, sustainable growth, and significant revenue can be components of success, true success is achieved when long-term goals are met.

The first foundational question in the Revenue Development Action Plan is “What does success look like for your organization?” This question precedes 27 more that help business owners, founders, and CEOs evaluate what is working within their organizations and what needs to be modified. Visualizing success helps identify competitive advantages, strengthen value propositions, locate gaps in existing plans and processes, recognize barriers to success, find operational areas for improvement, and seize opportunities in the market.

Topics: Strategic Revenue Growth Revenue Development Action Plan