Every company and individual in the world desires to grow revenues. However, few take the time to really strategies and implement a plan about where those revenues will come from. Do you want them to come from your existing accounts through cross-selling and up-selling, and/or is your focus on attaining new logos and clients? Naturally, we’d like both, but how much do you want to come from each? Once you figure this out, then you can start your behaviors and efforts accordingly. Without this, it comes down to hope and luck!
If it does include those words, it likely is not much of a strategy but rather a shot in the dark. Instead of leaving your success to chance, it's time to adopt a methodical approach that promises more than good fortune. This is where the KARE strategy steps in—Keep, Attain, Recapture, Expand. It's a framework that helps you focus your sales efforts and ensure every action counts. Let's delve into how each component of KARE can systematically transform your sales results from unpredictable to undeniable.
Keep
The 'Keep' component focuses on maintaining and enriching relationships with current clients. It's about continuous engagement and providing consistent value that meets their evolving needs. Implementing a strategy to keep your clients involves regular reviews of their goals and challenges, ensuring that your solutions remain relevant and essential. However, you’ve determined that you have 100% of their wallet share, and there is no substantial additional revenue you could acquire.
Attain
Attaining new clients is about expanding your reach and influence. It requires a clear understanding of your target market and the creation of compelling value propositions that speak directly to potential client's needs and desires. Strategic prospecting, tailored marketing campaigns, and a robust qualification process are key to ensuring that efforts are broad, deep, and impactful.
Recapture
Every business loses clients; it happens, and you need to plan for it. But do you have a strategy to win clients back? KARE's 'Recapture' element focuses on identifying lost or dormant accounts and developing strategies to regain some business. Or, since 60-70% of clients you may have delivered a proposal to over the past few years decided to do nothing, rekindling these relationships could prove beneficial.
Expand
The Expand element identifies opportunities within your existing client base for additional sales. This could involve introducing new products or services or finding new applications for existing ones. Expansion strategies require a deep dive into client businesses, understanding their future directions, and aligning your offerings accordingly to maximize their and your growth potential.
If you're anything like my clients, you'll find it alarmingly easy to get caught up in urgent activities that don't necessarily move us closer to our strategic goals. This often happens when we're not crystal clear about why we're engaging in these activities in the first place and how they align with our larger objectives.
Without a clear understanding and a strategic framework like KARE, sales teams can expend much energy without much to show for it. Assessing whether each task or initiative is worth the time and resources or is just a distraction is crucial. For instance, while attending networking events can be valuable, spending too much time at these events might detract from more impactful activities like nurturing key client relationships or targeting potential new leads that fit the ideal customer profile.
Time is a finite resource, and in sales, how you allocate this resource can determine your success or failure. Each component of the KARE strategy mandates a thoughtful examination of time investment. Ask yourself:
- Keep: Are we engaging in the correct client activities that reinforce their decision to stay with us?
- Attain: Are our efforts to attract new clients targeted and efficient, or are we casting too wide a net?
- Recapture: Are we analyzing lost clients to understand patterns and rectify mistakes, or are we just reaching out sporadically?
- Expand: Do we understand our clients' businesses well enough to identify genuine expansion opportunities effectively?
By ensuring every action is intentional and aligned with these strategic pillars, sales teams can avoid the trap of busy work and instead focus on initiatives that genuinely contribute to their most crucial business outcomes.
"Hoping" isn't acceptable as part of your sales strategy anymore. KARE provides a structured approach to ensure that every aspect of client interactions is purposeful and impactful. By focusing on Keeping, Attaining, Recapturing, and Expanding, you cover all bases and create a dynamic, responsive sales strategy that adapts to client needs and market changes.
If you're ready to move beyond hope and implement fundamental strategies that help your sales team succeed, it's time to reach out. Let's discuss how you can transform your sales approach with proven strategies that deliver.
