The beginning of a new year is a time for everyone to set new goals and resolutions, and businesses are no exception. Many of the goals that businesses set revolve around increasing revenue. While a goal of increased revenue is both reasonable and understandable, it is also easier said than done.
Here are 5 tips for increasing revenue in 2018.
Create Goals and a Strategy
Without a goal and a plan to achieve it, it will be tough to increase revenue this year. Your entire growth team (which consists of your marketing, sales, and leadership teams), need to be involved in the creation of these goals and strategies. Writing these goals down, communicating them to your entire team, and creating a plan to reach them makes them more achievable.
Align Marketing and Sales
Creating these goals together reinforces the idea that success is shared and strengthens the alignment between marketing and sales. If you haven’t yet aligned these two teams, today is the day to start. When marketing and sales are tightly aligned in this way, companies see 36% higher customer retention rates, and 38% higher sales win rates.
It’s important to take a hard look at your pricing and determine whether or not you are under-valuing yourself. Should you be charging more for your services? We need to stress here that you should not raise prices just for the sake of increasing revenue, but to best match the value of what you are offering. It’s critical that you communicate the value of your products or services to your prospects and customers so they understand their cost and what they are receiving.
Your existing customer base represents an opportunity to increase revenue. Are there additional products or services you could offer current customers that are in line with their needs and goals? An upsell like this allows you to increase both the value you offer a customer and the revenue you generate.
Evaluate Your Sales Process
Your sales process is a map of the interactions you will have with a prospect. Creating a sales process allows you to determine when marketing hands a lead off to sales, when your sales team will interact with a prospect, and who is responsible for each of the touchpoints that needs to occur in this journey. The greatest value in creating and refining your sales process is that it allows you to ensure a prospect has the most positive experience possible with your team. While a positive experience does not guarantee a lead will become a customer, it does make it far more likely.
Increasing Revenue Starts at Home
You might be surprised that all five of these tips involve strategies you can evaluate or start today. We didn’t suggest generating a huge list to cold call, or a mass email to send out. Instead, the process of increasing revenue starts with evaluating what you are currently doing, which is far more achievable and far less daunting. The end result is a greater value for your business and your customers.
We’re passionate about helping businesses create a strategy to achieve their goals. If you’re interested in learning more about how we could help your business, set up a time to meet with us below!