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There are lots of tips, tricks and “ultimate” guides out there advising you on how to quickly increase your company’s revenue. Truth is, there is no one-fits-all approach because strategies vary depending on your industry, type and size of business, team’s capabilities, goals, technologies being used, competitors and your target audience’s needs. Identifying ways to increase profit is usually a complex process and involves more than one decision maker.
In most cases, however, it all revolves around selling more to existing customers and/or reaching out to new clients and markets. In this article, we offer you three actionable tips to help you achieve sustainable growth.
Knowing your audience’s needs and behavior is one of the main priorities. It enables you to discover gaps and opportunities to provide an outstanding customer experience and increase your ROI.
Learning about your audience is an ongoing process of research and testing. After all, people’s needs change, and one approach that works now may stop working in a year. We suggest you use modern technology to explore your audience in-depth and understand its needs and interests. Then, provide value to it and develop its loyalty. See each stage in detail below:
There are plenty of tools that can help any digital marketer to discover how the target audience behaves online. Some of the most popular tools include Google Analytics, Adwords, the Search Console, Sparktoro, Ahrefs, custom or off-the-shelf CRM systems, Mailchimp, etc. They help companies test strategies, track audience behavior, and detect what works and what doesn’t.
Another way to better understand your audience is to ask your current clients for feedback. If you have an eCommerce business, it may be best to send emails with survey forms to fill out. This way you reach out to many customers simultaneously and save yourself time and resources. If you are in the B2B sector, however, and have an office location where clients visit you onsite, it’s best to invite them for a short talk and ask directly what they love about doing business with you, and what they wish you to improve. Then, use that feedback to adjust your marketing sales efforts.
During the AdWorld Conference held at the beginning of May ’22, Seth Godin said, “Who will miss you if you don’t show up tomorrow?” Does your brand create value, and will your clients miss you if you suddenly stop doing business?
A survey showed that no one would care if 77% of brands disappeared. If you truly understand the people you are trying to reach and sell to, you can easily determine what is valuable to them. Then, provide it via content, products, services or overall customer experience. Only then you can guarantee yourself not to be one of these 77% of brands, and build a sustainable business that is growing organically.
Acquiring a new customer is five times more expensive than retaining an existing one. That’s what loyalty programs are designed for – to collect behavior data of existing clients, but also to make them feel more valuable and special, while stimulating them to spend more. It’s no wonder that more than 90% of companies have a loyalty program.
Loyalty programs vary depending on the business and its audience. One of the most common loyalty programs is the “Reward points program” where clients collect points with each purchase. When a certain number of points is reached, clients may receive free service, product, a discount, a reward or monetize them any way they want. Another popular loyalty program is referral-based. That’s when your clients receive an incentive for bringing more new clients. If you don’t know which type of loyalty program will best fit your business, consult with a marketing agency that has a proven track record of successful loyalty programs.
Statistics show that fully engaged customers represent a 23% higher share of revenue and profitability. Below are several ideas on how you can boost your clients’ engagement rate and, thus – your profit:
Time to focus on optimizing your sales efforts to find more new clients and reach out to new markets. Again, this process may be complex and lengthy, depending on your organization’s structure and size. However, we suggest two tools that will boost your sales efforts tremendously:
A CRM platform helps sales reps prioritize tasks and keep track of leads so no prospect or existing customer is left untaken care of. Such a tool is especially valuable when companies run digital campaigns online and receive multiple leads simultaneously. Imagine if all these leads come to your general company email along with tons of other enquiries every day. It would be impossible to manage them adequately. CRMs enable sales reps to dedicate more time with customers and prospects. That, of course, leads to more closed deals and stronger customer relationships.
Optimizing your sales efforts via a CRM system involves the so-called “lead scoring”. It’s a practice that helps identify and prioritize prospects by qualifying them on their purchase likeliness. That saves time and helps focus on the most qualified leads first. The process of assigning scores to leads may be manual or automated depending on your needs, resources and volume of leads. We advise you to check the capabilities of your CRM system first, review the volume of leads and the number of sales reps you have, and then decide how to handle the lead scoring.
Integrating a sales performance platform helps you grow revenue quicker and more efficiently. It uses machine learning to match training with the skills that sales reps need to improve to close more deals faster. Companies that invest in their employees’ skills and knowledge are likely to have a long-term vision of sustainable growth. They realize that helping their employees grow and stay up-to-date with the latest trends means more closed deals and a higher retention rate of employees.
The three steps to increase revenue described above are something any company should do to stay competitive. It’s essential to find ways to provide value to your clients. It’s also important to invest in your employees and to incorporate modern tools to automate and improve specific processes. That helps you cut costs, get a 360 view of your target market, its needs, how to approach it, how to deliver value to it, and how to achieve organic growth.
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.