Top-Line Growth And 199 New Leads!
Despite opening a new division and falling well short of our sales goals for it, we still grew our top line by 2%. This was driven primarily by our 30% growth in income from our monthly recurring revenue managed IT contracts. We grew our monthly recurring revenue year over year by 50%!
Our marketing engine is performing well. To date, we have brought in 199 raw leads, of which 91% (179) of them were qualified! Our cost per qualified lead was $196. We closed 11% of our leads, which brings our client acquisition cost to $1,961 per client. We expect these numbers to improve as we anticipate closing more of our leads this year due to the long sales cycle.
Transforming Innotek Into A Million-Dollar Business
In addition to our sales growth and monthly recurring revenue growth, we recently achieved other notable improvements as well. First, we hired a full-time outside sales representative who has brought in considerably more sales leads. Next, we have successfully implemented EOS/Traction throughout our organization. We are conducting weekly Level 10 meetings that are really driving our quarterly initiatives going forward.
Plus, I am now delegating many of my former responsibilities, including cash-flow management. Delegating this task has freed up my time and reduced my stress. These structural and management changes have allowed me to focus on my primary goal of building a sales and marketing engine that can generate $1 million in new sales annually.
Winning Campaigns That Brought A Tidal Wave Of Leads
Our best lead-generating campaigns continue to be referrals, Google organic, drip e-mail, seminars, trade shows and cold calls. From our referral campaign alone, we brought in 32 leads and added 10 customers for $173,104.30 in total sales! We scored $17,310.43 in profits from these referrals.
From Google organic search results, we got 19 leads. Three of these leads signed on with us for $5,416 in total sales. We had great luck with Robin’s Sneaky Duck direct mail campaign, which brought in 12 leads and one new customer worth $22,200 in sales. Cold calling also resulted in one new client worth $11,700. And our improved website got us seven leads for $1,272 in revenue.
Because we are more confident in our marketing and the results we can produce, we will expand our market in Q4, starting with a new office in an outside area. With our increased sales resources, we expect a 20% increase in our top-line revenue and several monthly recurring revenue milestones next year, such as $1M in annual MRR ($83K/month) and even reaching the $100K MRR mark.
Thank you for the community you are building and the resources you provide to companies like mine. I couldn’t do this without you!