The four fundamental strategies to increase business revenues
The four fundamental strategies to increase business revenues
By Andrew Neitlich
One of the jobs of a business coach, consultant, and advisor is to help clients quickly see a path to get results. In the case of increasing revenues, there are four primary strategies that business leaders need to master.
Strategy One: Increase the number of people who are aware of and interested in your products. In other words, generate more prospects. There are literally hundreds of ways to get more visible to your target market, and every business owner should have at least five to ten marketing tactics at work all the time in order to attract more prospects. The more visible you are – with a compelling marketing message for your target market – the more business you will generate.
Strategy Two: Increase your conversion rate so that more prospects buy from you. Visibility is not enough. You also need to hone your sales process to convert prospects to customers. For instance, many online businesses incorrectly focus first on driving traffic to their website when a more profitable strategy would be to focus first on having a website that converts more visitors to customers. What good is traffic if few people buy when they come to your website? Similarly, sales-oriented businesses should develop a consistent, constantly improving sales process, so that every sales person follows proven best practices.
Strategy Three: Increase the average price per sale. Many businesses have an opportunity to earn more money per sale by bundling products, adjusting pricing, cross-selling, and changing the products or service portfolio. For instance, one retailer of proprietary products for parents had a $20 average sale until she bundled products into beautifully packaged gift sets and increased the average sale to over $65.
Strategy Four: Increase the number of sales per customer over time. In today’s economy, it is expensive to attract new customers. Therefore, customer loyalty – or a high lifetime value of a customer – is essential to the survival and success of almost every business. It is crucial to have a business with products, services, a service model, and relationship marketing that keeps customers coming back and has them raving about your business to others. Business owners need to put in place a process and systems to build ongoing relationships, continue to provide value to customers, and be the first business a customer thinks to call when they have a need.
The above strategies are an excellent framework for business owners to consider how to increase sales. From there, the business coach and business owner can develop the right tactics, a set of ambitious goals, and an action plan to optimize each strategy and take the business to the next level of growth and profitability.
Of course, as with any framework, the business owner also has to be sure to have systems in place, cash flow, and operational capacity to handle growth, along with a gross profit margin that feeds the bottom line as revenues grow.
The four fundamental strategies to increase business revenues - To learn more about this author, visit Andrew Neitlich's Website.
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The Four Fundamental Strategies to Increase Revenues
By Andrew Neitlich
One of the jobs of a business coach, consultant, and advisor is to help clients quickly see a path to get results. In the case of increasing revenues, there are four primary strategies that business leaders need to master.
Strategy One: Increase the number of people who are aware of and interested in your products. In other words, generate more prospects. There are literally hundreds of ways to get more visible to your target market, and every business owner should have at least five to ten marketing tactics at work all the time in order to attract more prospects. The more visible you are – with a compelling marketing message for your target market – the more business you will generate.
Strategy Two: Increase your conversion rate so that more prospects buy from you. Visibility is not enough. You also need to hone your sales process to convert prospects to customers. For instance, many online businesses incorrectly focus first on driving traffic to their website when a more profitable strategy would be to focus first on having a website that converts more visitors to customers. What good is traffic if few people buy when they come to your website? Similarly, sales-oriented businesses should develop a consistent, constantly improving sales process, so that every sales person follows proven best practices.
Strategy Three: Increase the average price per sale. Many businesses have an opportunity to earn more money per sale by bundling products, adjusting pricing, cross-selling, and changing the products or service portfolio. For instance, one retailer of proprietary products for parents had a $20 average sale until she bundled products into beautifully packaged gift sets and increased the average sale to over $65.
Strategy Four: Increase the number of sales per customer over time. In today’s economy, it is expensive to attract new customers. Therefore, customer loyalty – or a high lifetime value of a customer – is essential to the survival and success of almost every business. It is crucial to have a business with products, services, a service model, and relationship marketing that keeps customers coming back and has them raving about your business to others. Business owners need to put in place a process and systems to build ongoing relationships, continue to provide value to customers, and be the first business a customer thinks to call when they have a need.
The above strategies are an excellent framework for business owners to consider how to increase sales. From there, the business coach and business owner can develop the right tactics, a set of ambitious goals, and an action plan to optimize each strategy and take the business to the next level of growth and profitability.
Of course, as with any framework, the business owner also has to be sure to have systems in place, cash flow, and operational capacity to handle growth, along with a gross profit margin that feeds the bottom line as revenues grow.
The four fundamental strategies to increase business revenues - To learn more about this author, visit Andrew Neitlich's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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