Increasing sales Revenue is a top priority for most businesses, regardless of the industry they operate in. Brands usually generate a decent revenue by following the same strategies that got them popular in the first place.
However, there comes a time when you need to try something new to see an increase in revenue. The market is competitive, and the brand that goes above and beyond to impress their customers is more likely to sell more products or services.
If you haven’t seen the growth you wish, you must be prepared to employ new strategies. In this article, you will learn how to increase your revenue with six steps.
How to increase your revenue
A company cannot thrive without a successful sales department. This team is all about creating the best experience for customers and leading them down the sales funnel.
How can a sales team provide a positive experience to buyers? According to consumers, they must:
- Listen to their needs
- Reveal relevant information
- Not be pushy
- Respond quickly
Focusing on your customers is the best way to increase your revenue. You need to learn about people’s values, interests and habits so that you can respond to them.
Your revenue will grow if you manage to impress buyers. From the moment they purchase a first product from you, a customer gets to know your brand and the strategies you use. After some time, they become immune to your tactics because they have seen them over and over again.
When this happens, you need to try something new to give your revenue a boost. Luckily, however, there are many reliable steps you can take.
Keep in mind, though, that any new tactic should make sense for your brand. You should only undertake it if you are certain that it will resonate among your customers. Every one of them should help you successfully target people and boost sales.
That being said, don’t be afraid to think outside the box or try a new strategy. Here are six steps that can help you increase your revenue.
- Define your marketing goals
Your business can’t grow if you have no marketing goals to work towards. That is why you should develop a strategic plan before you can increase your revenue.
Although the plan does change after some time, you need it to get started. The plan can consist of objectives that align with your company’s vision. To determine your marketing goals, respond to the following questions:
- How much revenue should the business generate in a year?
- How do you measure the success of your sales and marketing teams? Which metrics should you keep track of?
- Which new products or services will you launch this year?
Don’t develop your marketing plan without answering these questions. Otherwise, you won’t have a clear idea of what you want to achieve.
Once you have determined your marketing goals, you can think about the activities that your business needs to undertake.
Another great starting point is marketing data from the year before. Tools like Google Analytics can track your website’s traffic. By using this information you can understand which channels are the most effective so that you can focus on them for sales purposes.
- Choose your go-to marketing strategies
Did you know that 87% of sales and marketing professionals say their businesses grow because of a collaboration between the two departments? That’s right—you can’t actually increase your revenue without marketing.
Your sales and marketing teams should work together towards the same goal. Marketers can prepare and analyze data on consumer purchases and preferences to create a customer journey map. Sales reps can then use that map to develop a strategy.
To have access to data, however, marketers should use some of the following channels:
- Social media marketing and advertising
- Pay-per-click advertising
- Email marketing
- Content marketing
- Search engine optimization
Mind you, you don’t need to use all of these channels. Brainstorm with your teams which channels work the best for your audience.
When you select your go-to marketing strategies, ask yourself these questions:
- How can you address your customers’ challenges on multiple channels?
- Will you showcase your brand’s ability to solve those challenges?
- How will you do that?
Customers who know what they can expect from your business are more likely to purchase from you. Adopt a multi-channel marketing strategy to speak to their pain points. This is how you can increase your sales!
- Expand your geographic reach
Many businesses start small. They only focus their marketing and sales efforts in a single location. This is a reasonable move in the beginning. As you grow, however, you should think about expanding your geographic reach.
For instance, if you are in the ecommerce business, you can cover more areas for delivery. This will increase the number of customers who can purchase your products or services. You can also run marketing campaigns targeted at people living in a specific geographic area. This way, you’ll have better chances of meeting people’s needs since they largely depend on the place they live in.
- Encourage your sales team
A company’s revenue largely depends on their sales team. Sales reps will generate the best results if they are motivated to do their job.
For starters, you can consider providing incentives to them. Whenever they reach a specific milestone, they get a reward from the company. This will encourage them to keep working hard.
Motivating your sales team also means giving them the tools they need. You can offer:
- Training programs for sales professionals
- Sales manual
- Customer relationship management software
- Existing templates for correspondences
Good sales reps are often creative and customer-oriented. They also require structure to help you increase your revenue. That is why you should provide the above to them. When they have a set process, it will be much easier for them to sell better.
- Target current customers
According to research, it is less costly to retain existing customers than it is to acquire new ones. Your business should pay close attention to repeat consumers. They are already engaging with your brand, so you should use this in your favor.
One advice would be to train your sales team in upselling. This practice encourages existing customers to purchase more expensive products, services or upgrades. The goal, of course, is to increase revenue.
For instance, let’s say that a customer paid a monthly subscription to your platform. They are satisfied with your services and keep returning back. You should capitalize on this and have your sales team explain why a yearly subscription would be a great choice for them.
Upselling is easier when you try it on current customers. They already know your products or services and what to expect from you. This makes them more likely to do business with your brand.
Nurturing a relationship with your existing customers can also lead you to new buyers. B2B companies with referrals generate a 70% higher conversion rate. This proves that your sales team should start writing referral emails!
- Offer discounts
Discounts and special offers are perhaps one of the most effective ways to generate increased sales. You have to create a special opportunity for customers that encourages them to take action.
Your marketing and sales team can collaborate to come up with discounts that make consumers click “buy.” They can launch discounts that only apply to limited products or to every item. The existing customers will feel valued because you are giving them a chance to buy at a lower price.
Discounts are also helpful if you want to attract and onboard your customer. You can advertise the discount and target an audience that resembles the one already purchasing from you. When they see the incentive, new consumers are more likely to consider your brand.
All of this increases sales. At the same time, it nurtures customer loyalty. Why would a buyer purchase a product from your competitor when they can have it at a lower price thanks to your discount?
Increasing sales and revenue is important to any business. Sometimes it is enough to try a new strategy to encourage people to buy more. Just keep in mind that your sales and marketing teams should work together if you want your business to grow.
When the teams are on the same page, go over the steps we mentioned in our article. See which steps are suitable for your business and start increasing your revenue!
About the author
Bowen Moody is the Co-Founder & CEO of Wonderway – a sales performance platform proven to increase the revenue per rep. He’s built hundreds (thousands?) of sales training programs to set up sales people for success all over the world.