Are you looking for ways to increase your company’s profits, but don’t know where to start? Is your business relatively successful, but you have a sneaking suspicion you could be generating more revenue if you doubled-down on profit maximization? There are simple ways you can increase your business’ revenue-generation opportunities if you are strategic in your approach to growth. Review the following 5-point checklist from Brent Cherne and integrate the tips into your company’s sales strategy for maximized business revenues this year.
Survey Stagnant Accounts
One of the quickest ways to increase your business’ revenue-generation opportunities is to survey inactive accounts. Previous customers have indicated they’re willing to purchase from your company. The onus is on you as a business builder to determine why they’re no longer purchasing from your business. Sometimes a simple phone call, text message, or email is all it takes to turn a stale account into an active account.
Tweak Product/Service Margins
Tweaking your company’s product/service margins can increase revenues for your business if you are strategic in your approach. Understand which elements you can alter without impacting customer satisfaction. Focus on making small changes on a variety of products and services, and you’ll be impressed at how better margins increase your business’ revenue opportunities.
Personalize Consumer Interactions
“Personalization is an excellent way to increase revenue-generation opportunities for your company,” stated Brent Cherne. Integrate personalization into everything from your email marketing to your social media networking. Consumers respond to personalization, making it easier for you to increase your revenue-per-sale rate while boosting your customer satisfaction rate at the same time.
Up-sell Existing Customers
Failing to up-sell existing customers might be cutting into your company’s revenues. Introduce your customers to your latest products or tell them about new services your business has recently launched. By adding even a small amount to each sale your company makes, you can significantly increase annual revenues. Teach your team members the fine art of up-selling and cross-selling and you’ll be thrilled with your yearly sales increases.
Offer Lean Versions of Product/Services as Bundles
Not every customer wants to be up-sold. Some consumers want scaled down versions of your existing products or services. Think about offering lean versions of your products/services you can provide as alternatives. You can reduce your price on specific offerings and bundle them together as a package. While this might reduce your revenues on some items, bundling them together increases your overall profits.
Integrate these five tips into your business development strategy, and there’s a good chance you’ll build a more profitable company. Increasing revenues doesn’t have to mean increasing prices. If you’re strategic in your approach to profit building, you can grow a financially sound business and keep your customers happy at the same time.
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