- A low customer/client retention rate
- High customer/client acquisition costs
- High turnover in the sales staff or the lack of a sales staff all together
- Negative cash flow consistently
- Poor leadership
- Poor operations
- Poor customer service
Revenue Challenges are not always easy to predict.
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PRACTICE AND MASTER CROSS-SELLING AND UPSELLING — The key here is to leverage your current customer base by selling them more of your products and services. Selling more stuff to people who already know, like and trust you is a no brainer. Offering complimentary bonuses, upgrades or add-ons is a great way to sell more. It’s important to think of ways you can enhance or increase the customer’s experience with your company so that they want to spend more money with your business.
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FOCUS ON CLIENT RETENTION –The key here is to hang on the customers and clients you already have. It costs 5 to 10 times more to get a new customer than it does to keep an existing one. If the customer is already happy with you, your job is to find more ways to meet their needs, solve their problems, and keep them coming back. Focus on nurturing your current relationships by providing superior customer service. And always, make sure you are doing something to stand out from your competition.
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SYSTEMIZE AND AUTOMATE LEAD GENERATION — The key here is to make getting leads systematic and automated. You can use marketing strategies such as email campaigns and social media ads to keep leads coming in. You can also use content marketing to attract your target audience through educational information. You can even hire a lead generation company or a virtual assistant to obtain leads through direct outreach.
- DIVERSIFY YOUR REVENUE STREAMS — Every business should have more than one source of making money and generating income. Ideally you should have at least 3 to 5 sources of income at the very least. Some people will argue that 7 to 8 sources of income are ideal. However, I tend to believe that if you have at least 3 to 5 solid sources of income that produce money for your business consistently, you are doing better than most.
- HIRE THE RIGHT TEAM — Hiring the right staff will allow you to free up your time to focus on scaling your business. Even if you don’t have the time to fire a full-time staff, you should hire contractors or virtual assistants to help you carry out day-to-day operations of running the business. Delegating certain tasks and activities to a trusted and reliable staff is one of the best ways to grow a team and eventually scale a business toward success.
- CREATE A LOYALTY PROGRAM — Customers like to be rewarded for remaining loyal to a particular business or organization. If you don’t have a loyalty program, you should strongly consider adding one to give your customers a reason to continue buying from you.
- REGULARLY ANALYZE YOUR PERFORMANCE — Taking the time to consistently measure what products and services sell the best and why will serve you well as you go about strategies to increase your sales. It’s important to track and measure what works and what doesn’t. Numbers never lie and data leads to dollars.
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This article is written by Dr. Lori A. Manns. Want to use this article for your website, blog or newsletter? No problem. Here’s what you must include:
Dr. Lori A. Manns, CEO of Quality Media Consultant Group, a business consultancy firm specializing in advertising, media and sales solutions for your optimal success. Dr. Lori is the founder of Trailblazer Business Academy;™ where purpose-driven entrepreneurs go to learn next level strategies to grow their businesses as well as, the Sponsorship Sales Secrets System;™ that shows you how to get more sponsors and sales for your business, guaranteed. To book consulting services on marketing, advertising/media, or sales and learn how to increase your revenue and grow your business; please visit www.qualitymediaconsultants.com.