Want to increase revenue? You need to grow to survive. Specifically, you must expand your customer base and increase your revenues.
While getting more customers may seem like a straightforward process of increased advertising, you also need to broaden your market by using the strategies outlined here:
1. Improve the Proficiency of Your Sales People
Proficiency is the ability of salespeople to prepare and execute key conversations with qualified buyers. Salespeople should prepare by doing research to find specific markets for your products or services.
They must execute by getting in contact and creating a productive conversation that leads to a sale. They must ensure that the people they talk to are qualified to make the purchasing decision. Improving any or all of these skills can increase your customer base and revenues by getting more sales per sales call.
By their nature, good sales people are creative and people-oriented, preferring unstructured environments. Emotionally, though, they need structure: metrics, systems and processes.
Some of the key pieces of infrastructure include an automated customer relationship management system, sales manual, sales coaching process, templates for written documents and correspondence, and lead generation process.
Very importantly, hire the right people; look for sales people with a track record and with values similar to your company’s ethics.
2. Make Your Supply Chain More Efficient
If you improve the operation of your supply chain, you can increase revenues and accumulate more customers, according to a survey cited by the Daily Finance website. Business owners realise that getting the right products to the right customers on time breeds customer loyalty.
Businesses can launch new products in a timely manner if the supply chain operates smoothly, and this can increase revenues. Simply getting the right products on time can help get you more revenue, retain more customers and gain more customers because of your reputation for efficient, on-time delivery.
3. Combine Products and Services
If you sell a product, you can add services such as training customers in how to use your products, maintenance and removal of old products that yours replaces. For example, a company selling refrigerators can teach customers how to program the new computerised models, conduct regular refrigerator checkups that include coil cleaning and haul off old refrigerators when a new one is delivered.
If you sell a service, you can add products that enhance the service; hair salons can sell hair-care products, a cleaning company can sell cleaning aids and computer repair companies can sell computer accessories, cables and even replacement keyboards. Combining products and services can increase your revenue and gain new customers who will be attracted to your combined offerings.
4. Increase Your Employee Satisfaction
According to the Rainmaker Group employee satisfaction translates into customer service. By focusing on your employees and how much they enjoy their work environment, you can gain more customers and increase your sales revenues. Employees who feel they are respected and cared for tend to respect and care for customers.
Even employees who do not come into contact with customers contribute to customer satisfaction by accomplishing quality work. Satisfied employees doing quality work can help you gain a reputation with customers for exemplary service, which can lead to higher revenues.
5. "Mine" Existing Clients
Companies that do not actively ask existing customers for more business achieve only 20% of their sales potential. Selling more to your existing customers is the first and easiest way to grow revenue. Although the truth hurts sometimes, ask for feedback.
If you have hired the right employees they will be more willing to ask for feedback on a regular basis about how your company is doing and what products could be added to your inventory. As Ken Blanchard says, “Feedback is the breakfast of champions.”
6. Make Better Use of Intent Data
Personalise your website experience for anonymous visitors.
When people visit your website before they fill out a form, their activities are considered to be “anonymous" but with the right technology, you can identify the company and/or industry a visitor represents based on IP address alone.
However, that visitor is still considered “anonymous” on a personal level. You don’t know who they are or where they fit within their given company or industry. They could be the CEO or MD but they could just as easily be an intern or a student.
After you identify visitors “anonymously” on your website and track the pages they view, you can use web personalisation to serve customised content to incentivise them to take a specific action.
In most scenarios, anonymous personalisation is a means to encourage visitors to identify themselves via filling out a form so marketing and sales can engage with them.
7. Identify Potential Customers Who Haven’t Yet Engaged With You
Your prospects’ purchasing decisions are strongly influenced before they even reach out to you or visit your website. For example, people consume content within their social media feeds and read reviews, which shape their opinions and push them in one direction or another. These activities are considered 3rd party behavioural data.
3rd party behavioural data is highly unstructured and the volume is massive. As a result, very few companies possess the budget or expertise to integrate such data into their existing marketing and sales processes.
But anonymous 3rd party topic data can be incorporated into predictive account scoring models to determine prospective accounts’ likelihood to buy. This information is used to identify target accounts for outbound initiatives as well as to prioritise new inbound inquiries from leads within high scoring accounts.
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Does lowering taxes increase revenue?
Lowering taxes does not directly increase revenue. While reducing tax obligations can positively impact the business's cash flow and bottom line, revenue is primarily influenced by factors such as sales volume, pricing strategies, and market demand.
How can revenue decrease and profit increase?
Revenue can decrease while profit increases if the business successfully implements cost-cutting measures, improves operational efficiency, and reduces expenses more than the decline in revenue. By effectively managing costs and maximizing profit margins, a company can enhance its profitability despite a temporary decline in revenue.
How much should revenue increase each year?
The specific target for revenue increase each year varies for each business and depends on factors such as industry, growth stage, and market conditions. Setting realistic and achievable revenue growth goals is essential, taking into account factors like market potential, competition, and business objectives.
Why is increasing revenue important?
Increasing revenue is crucial for several reasons. It directly impacts the financial health and sustainability of a business, enabling investment in growth opportunities, research and development, and operational improvements. Additionally, higher revenue provides the resources to attract and retain talented employees, satisfy shareholders, and expand the company's market presence.