WOMBAT selling is all about replication, replication, replication.
A WOMBAT (Word Of Mouth Buy And Tell) is a satisfied customer who replicates another satisfied customer. And so on.
Michael Hewitt-Gleeson says, "Replication is one of the most astonishing facts in the universe that we know of in science. Life only exists because genes replicate. Culture only exists because memes replicate. The purpose of business strategy is to harness the awesome power of replication for profit.
WOMBAT innovation is all about revenues, revenues, revenues.
WOMBAT innovation is all about designing brand new products or services that create brand new satisfied customers who replicate other brand new satisfied customers. And so on.
x10 Thinking is the kind of thinking required for both WOMBAT selling and WOMBAT innovation.
You can design your innovative or new idea and project how customers will pay you for it and your sales team can provide you with real customer feedback on a daily basis.
WOMBAT innovation questions keep the focus on the new idea's revenue-generating potential:
How will customers obtain the new product or service?
When will customers pay for the new product or service?
How will the new product or service get to the customer?
How will customers replicate new customers?
How will new customers replicate new customers?
WOMBAT Innovation and Compensation
When it comes to selling new products sales teams sometimes err on the side of pushing established products, rather than new ones, especially if the established ones yield easier conversations, faster conversions, and greater commissions.
To ensure your sales staff is putting its best effort behind the new products try to continually adapt the compensation structure to incentivize the sale of new products. This can get sales people talking about the innovation and if customers are not buying it then sales people feed that back to you.
Metrics and KPIs for new revenues are:
% revenues from new products/services that simply did not exist 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 business quarters ago