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Growth: A Perspective from M. Allen

Companies face increasing pressure to drive growth and enhance profitability. M. Allen, a growth consulting company for the financial services sector, shares valuable insights on key actions that can propel organizations towards success. By focusing on organizational alignment, customer success, market expansion and alignment, compensation, market competition, data discrepancies, talent alignment, cross-functional KPIs, and evaluating the marketing function, businesses can position themselves for sustainable growth.

1. Organizational Alignment:

To boost cross-selling efforts, M. Allen emphasizes tracking and improving cross-selling processes. By clearly communicating the distinctions between cross-selling, up-selling, and renewals, teams can align their efforts effectively. Centralizing operations, where possible, streamlines processes and enhances efficiency.

2. Customer Success:

Mapping the customer journey is crucial for identifying touch-points that can drive up-selling and support. M. Allen encourages developing an operational playbook for customer success managers, outlining best practices for interacting with customers. Regularly reviewing and optimizing operating procedures and service level agreements between customer service and sales teams strengthens customer relationships.

3. Market Expansion and Channel Strategy:

A comprehensive review of target markets allows businesses to revise their total addressable market. M. Allen suggests assessing territories and market segmentation for accuracy and balance, making necessary adjustments. Establishing a channel charter and defining expansion geographies and verticals provides a strategic roadmap for growth.

4. Market Alignment:

Aligning personnel and program budgets with industry benchmarks is crucial for optimal resource allocation. Allocating additional resources to support cross-selling and renewal programs reinforces their importance. M. Allen advocates fostering collaboration and alignment between marketing, customer service, and sales teams to maximize cross-selling opportunities.

5. Compensation:

Identifying and addressing performance concerns is vital for maintaining a high-performing sales team. M. Allen suggests incorporating upsell/cross-sell targets into sales personnel compensation plans to incentivize desired behaviors. Maintaining annual quota structures and considering the introduction of accelerators further motivate high performance.

6. Market Competition:

To stay ahead, continuous research and monitoring of competitors' offerings is crucial. M. Allen advises developing an M&A strategy and identifying potential targets that can enhance the company's product or service portfolio. Launching targeted marketing campaigns highlighting cutting-edge features and differentiators ensures a competitive edge.

7. Data Discrepancies:

Evaluating the current state of the data architecture is vital for optimizing decision-making processes. M. Allen recommends creating standardized reports and dashboards that provide visibility into contract licenses and customer data. Investing in data quality initiatives ensures accurate and reliable data for making informed business decisions.

8. Talent Alignment:

Recognizing top talent and implementing retention programs are essential for maintaining a high-performing workforce. M. Allen suggests establishing a company-wide performance management process with clear goals and feedback channels. Collaborating with enablement teams to develop consistent training programs across sales, marketing, and customer service functions further enhances talent alignment.

9. Cross-Functional KPIs:

Determining key metrics within the organization's control that can influence overall performance is crucial. M. Allen emphasizes communicating these metrics across the organization to foster alignment and accountability. Regularly tracking and analyzing the adoption and impact of these metrics allows for adjustments based on business strategy and results.

10. Evaluating the Marketing Function:

M. Allen highlights the importance of evaluating marketing efforts through rigorous analysis of SEO conversion rates and lead-to-close rates. Calculating the return on marketing investment (ROMI) provides insights into the overall effectiveness of marketing initiatives. Continuously optimizing marketing strategies based on data-driven insights and feedback from sales and customer service teams ensures ongoing success.

By implementing these key actions, businesses can position themselves for sustained growth and success. M. Allen's perspective emphasizes the importance of organizational alignment, customer success, market expansion, compensation strategies, market competition, data accuracy, talent alignment, cross-functional KPIs, and evaluating the marketing function. These strategies, tailored to specific business needs, provide a roadmap for achieving long-term growth in today's competitive landscape.

Matt Slonaker Founder & CEO of M. Allen (M) 972.740.4300 (E) (W)

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