Increase Short-Term Revenue Without Hurting Profits
Most executives want short-term increases in revenues but really need increases in profits that can help their company grow over the long-term. It's a constant struggle being stretched in two directions. Here are some simple techniques to increase profits that also can improve short-term revenue.
Positively reinforce each buying action prior to delivery. When you sell the buyer on the rightness of their decision by reiterating the benefits and results promised, you give yourself an opportunity to setup expectations which your company can easily exceed. Satisfied customers buy more often and feel comfortable making larger transaction.
Make a study of a few customers each month, documenting every desire. By helping a few customers with specific problems, you create a few model success that can be shared through marketing, testimonial, and referral communications. Spending time each month making a few customers extremely happy can build credibility that opens doors to like prospects.
Understand what is important to existing customers, doing more of what they want. Just asking customers what they want isn't enough; you must survey specific criteria that represents selling points, service characteristics, and measures of quality. Doing more of those points existing customers demand (and less of those which they do not) shows them you are listening in a way that creates loyalty.
Repeat everything you have done to get the profitable customers you have. If you document your own best practices then you understand what is necessary to attract similar customers. This insight into current practices provides the resources you need to reinforce the strong points of your existing sales and marketing teams. Over time you'll create a measure of what works and what doesn't for your company.
It isn't necessary to take all these actions right away, just pick the technique that is most likely to produce the returns your company is looking for today. For more tips you can use to increase your revenue and customer profitability, I recommend "101 Strategies for more Profitable Customers" available in our catalog of reports.
One mistake executives make when looking for short-term revenue increases is forgetting about existing customers. You don't need new customers to increase revenues, existing customers cost less to sell and can give you a quick profit gain. Which of these strategies will you be taking action with this month?