Recently, I was a guest on the Mavens of Marketing podcast with Rachel Durken and…
Right now, we are at a strategic inflection point.
“A strategic inflection point is a time in the life of a business when it’s fundamentals change. It can mean an opportunity to rise to new heights or may signal the beginning of the end” – Andy Grove, Chairman of Intel
What’s changing? It’s the ability to see your entire marketplace.
All businesses are resource constrained. How is it possible with your limited resources, can you get your message, your unique value proposition in front of everyone who is interested in buying what you sell? How can you educate all the people who should be interested? They are suffering from the very problem you solve, but they don’t know who you are or how you can help them.
A.I. is changing that dynamic right now. Today. We can now see your entire market. Everyone who is researching solutions to problems, consulting authority websites, visiting your website or your competitor’s website.
What’s the value of all the business you are not competing for?
It’s a lot more than you imagine.
Say you have 2% market share (which is a big deal) and you competed on 1,000 proposals last year. With a 20% closing ratio you won 200 new accounts. If your average new account is $5,000 then you won an additional $1,000,000 in new sales. Hats off to you!
But if you have 2% market share, what about the other 98%?
That means there were about 50,000 proposals you did not compete for! You can’t win if you aren’t on the field.
If you were able to close at your 20% rate, that’s an additional 10,000 new accounts, or $50,000,000 in new account revenue.
So, what did not seeing the entire market cost you? How about $49,000,000.
Big data, identity resolution, and machine learning – what I refer to as A.I. – will give you the ability to put your message, your unique value proposition, in front of everyone who is looking right now for what you sell. And, do it for just pennies.