Three strategies to increase revenue
.. Gary King ..
Helping frustrated business owners to stop dithering & take the next vital steps to gaining greater focus, clarity & results. I help you build a killer Business Plan & deliver it by working with you as a Business Mentor.
60 Second Snippet #18 - Three strategies to increase revenue
In order for you to increase revenue in a sustained and controlled way, there are three strategies you must adopt.
From the many businesses I chat with, most don’t execute all three and often, the ones they do adopt are the wrong ones.
As a result, they are constantly chasing their tail and working hard to back fill the business they are losing.
Here are the three strategies in the order they should be adopted:
Retain the customers you have
Most I speak to are off and busy trying to secure new customers (because they are chasing higher revenue) before the recently acquired and existing ones are nailed down and loyal.
Make sure you have your customer touchpoints identified and being implemented by you and the team to deliver maximum value & great service levels.
Mostly, customers do not leave because you have messed up, they leave because they think you don’t care about them.
Maximise customer spend
There’s no saying that grates on me more than “I didn’t know you sold that!”
Are you clear what additional products and services your customers could buy to solve other problems? Are you telling them?
If a customer is loyal, they will buy more from you. Think burger chains up-selling fries and the fuel station offering a bar of chocolate at check-out.
Remember, if you aren't selling these other services to your clients, your competitors are and they will be trying to up-sell.
Win new customers
This is usually the strategy that most are adopting without realising they have left the door open for their clients to exit.
Once you have the first two strategies in place, and only then, chase new customers.
The loyal customers you already have will recommend and refer you and act as advocates for new customers.
Then adopt strategies one and two on these customers.
Think about this like a multi-later cake. The base layer is your current customers, the middle layer, up-selling and the top layer new customers.
Once you have the three strategies in place and working well, stick a candle in it and watch your revenue grow. Who said you can't have your cake and eat it?
A good business plan should have robust sales strategies and the above should be a key part of your thinking when developing them.
Check out my recommended top ten customer Touchpoints here.
Gary