12 August, 2020
4 Ways to Increase Sales Revenue
In business today there are only 4 guaranteed methods to increase our sales revenues. We have to accept that it’s critical to review and work on our business to improve sales revenues, increase our customer loyalty and most importantly improve profitability, strengthening our business in an increasingly difficult market.
The following 4 principles for sales revenue growth are the most basic, but true principles.
We lose sight many times of what is practical in the pursuit of new age business philosophy, ignoring what is blindingly obvious, because…… it sounds too simple, too basic, and too easy.
1/ Find more customers –
This can be difficult in today’s market; however it is essential to grow our customer base using a mixture of mainstream marketing and referral marketing.
- – Do we have a sales and marketing strategic plan for the next 3 years?
- – Is there a business plan to achieve this over the coming 12 months?
2/ Increase our prices –
Now that can be an unpopular idea, however with the development of a sound approach to existing clients and a strong value proposition price rises can be an option.
- What is our value proposition (VP)?
- Do our customers understand our VP?
- What are our oppositions VP?
- Do we understand what a VP truly is?
3/ Increase your yield –
This is where we increase the range of services and products our customers buy from us.
An existing customer is our best customer.
“Do you want fries with that?”The McDonald selling method. It was around long before McDonalds, it’s just that McDonalds placed it firmly in pop-culture.
Sell what we give away –
If we did not have to value add, or bonus up a client we all would be making more money. Easier said than done, but in today’s market it is possible to increase our sales revenue by not value adding as much.
Much of the focus of sales management is spent on option 1. Increase the number of customers we have.
This leads to placing greater pressure on option 2 – Pricing (so we discount to win the new customers.)
This in turn leads to extra value adding making option 4 impossible. Where-as we would be better served reviewing our yield, average customer value, and planning our strategies from there.
Do our customers understand our complete range of services and products?
Have our customers been given the opportunity to understand, or even source a quote?
Or perhaps received a business efficiencies and economic health check from a supplier. Increasing the yield is for many businesses the key to growing sales revenues.
The acquisition cost for that sale is lower, resulting in increased gross profit, as well potentially creating longer term, higher yield from each subsequent sale. The challenge is to ask for the additional sale, to ask for the opportunity to quote or present on additional services or lines.
Go ahead and ask, no-one ever died from being told ‘no’.