In today’s environment, a focus on increasing your revenue will ensure business success into the future. As you continue to navigate through the current business challenges it’s important that you aggressively look to increase the revenue generation in your business. A strong focus on this now will pay dividends well beyond our current environment.
Over the past few months, I have provided insight on key management strategies for successful navigation of challenging times. We looked at the need to Re-Think & Re-Plan your business in May, Re-establishing Goals and Strategies in June, and Re-Affirming Your Ideal Client in July. Hopefully, you’ve made progress in these three critical areas. For a refresher visit my blog page.
Now it’s time to really focus on putting all that information to use increasing your revenue generation. Revenue generation is all about marketing and sales. So, let’s start with a few words on marketing. Your marketing efforts can be divided into two segments, Defined and Undefined. Your Defined marketing efforts focus on your ideal or target customer. These efforts are focused on a specific group. One that has individuals that you can specifically identify. You could obtain a list of who they are. Your undefined marketing efforts target a more general audience. In order to satisfy this market, you must advertise to create leads.
Knowing this, and your ideal client definition you can begin to apply these 4 basic strategies to increase sales.
1. Increase the Number of Leads.
2. Improve the Conversion Rate of Leads to Sales.
3. Increase the Average Sale Size. And,
4. Increase the Frequency of Purchases.
With each of these strategies you will need to identify the appropriate tactics that will help you achieve your desired results, but before you do make sure you have your desired range of products and services. If you need to add, or change, something, now is the time. Additionally, establish any strategic partnerships with other organizations that may help drive sales. And finally, make sure you have a well-trained sales and service teams.
Now let’s consider some tactics. Earlier we mentioned Defined and Undefined marketing efforts. This is when that becomes important, because you’ll want to leverage both to generate the increases desired out of each of the 4 strategies. Develop tactics for Advertising & Promotion to reach your Undefined market and develop tactics for Sales to reach your Defined Market.
Here are some examples of tactics that can be applied, I’m sure you’ll think of others.
Advertising & Promotions
- Improve Web Traffic (SEO)
- Social Media
- Promotional Videos
- On-line Ads
- Print Ads
- Open House or After Hours Events
- Practiced Process & Scripts
- “Yes” Attitude (Find Customer Solutions)
- Sales Promotions
- Sales Deadlines
- Payment Options
- Rewards or Loyalty Programs
- Pricing Options
- Advance Planning
Get creative and drive enhanced efforts into both the Defined and Undefined marketing segments for your business. Don’t forget to monitor the 4 strategies to ensure that progress is being made in each one. If you can make a mere 10% increase on each of these 4 strategies, you’ll be amazed at how fast your revenues will grow. Start with where you’re at, set a goal for each one and drive for the increased revenue. You’ve got this, enjoy the success.
By working with Strategic Orientation, business leaders and I work together to develop, implement, and consistently focus on performance improvement strategies. To learn more or request a free Strategic Business Assessment contact me.