Most Business’s want more Revenue! There is an argument that ALL Businesses want more Revenue. With this mindset, what is the Strategy of most Business owners to raise revenue?
Is it spend more in Marketing? Do whatever it takes to create more prospects? Is it the typical try harder in sales? The simple answer is NO!
You see there are only really four strategies to increase sales and most business owners have not defined their strategy and/or have an implementation plan with specific actions. Let’s outline the Four Strategies.
- Sell to NEW Customers
- Sell more of your Services or Products to the same Customer
- Sell Additional Services or Products to your Present Customers
- Increase your Prices
Sell to NEW Customers is the panacea of increased revenue. Is it also the strategy that requires a very defined, well articulated Marketing plan. Finding new customers takes the most TIME, most MONEY and most EFFORT.
Sell more of your Services or Products to the same Customer is one of the easiest strategies to increase revenues. What do you need to do to recommend your customer buy ONE more? How about TWO More? How do you ask them? When do you ask them? Why do you ask them? If you do not know the answers to these questions then your Actions to implement this strategy will not produce the desired results.
Sell additional Services or Products to your Present Customers is another very easy strategy to increase revenue. Most business’s provide or sell more than ONE Service or Product. What complimentary Service or Product would Customer A benefit from? What about Customer B? When is the best time to introduce this to your Clients? What is the best method to introduce this to them? How will you introduce it to them? Why would you introduce this to them? Again if you do not have the answers to these questions then your actions to implement this strategy will NOT produce the desired results.
Increase your Prices is the simplest and easiest way to increase revenue at least 10%. Think about it. Every year your vendors, suppliers raise their prices to you. You are still buying from them right? So why are you NOT raising your prices annually? Want a simple easy 10% increase in revenue in 2020? Raise your prices. Now if you believe doing this will decrease or upset your Customers, I disagree. there is strong evenidence that annual price increases or price increases every two years has little to no impact on your client’s activities.
so I ask you, What is your Strategy to increase revenue? Using one of the above? A combination of two or more of the above? What are the actions behind your strategy? If you do not have a strategy for Q4 of 2019 or 2020, give me a call. We can put one together for your success.