Many small business owners struggle with how to increase revenue consistently in their businesses. Of course in order to be successful selling your products and services, you must learn the best principles and practices to apply. Sales principles are the underlying structure of any sales success achieved. Sales practices are the activities that you utilize to apply each principle. In today’s business climate, the key is to success is being able to rapidly accelerate your sales efforts.
Here are 3 key sales principles to help you increase revenue in your business rapidly.
Plan and Prioritize
The sales process comes about as a direct result of your marketing. If you do not have a marketing plan, chances are you are not generating enough leads. Your marketing plan should be functioning as a lead generation machine for your business. Create a comprehensive marketing plan that targets your most ideal clients and positions a sale.
Prioritization is important. Start with prioritizing your day, week, month, etc. What do you have to do to create revenue in your business every day, week or month? To prioritize your day, you’ll need to create a process by which you close sales. Prioritize the tasks that help you get the results you want. Identify the practices that render the best and quickest results. Start your week by writing out what are the items of most importance that will generate cash for you. These are your “must do” items that take priority over everything else. Then follow those items with your “important to do” tasks. These are supporting activities that may include systems and administrative work. The key is to make sure you are being productive at all times. For expert productivity tips, click here.
You must prioritize everything including your process. Do you need to make 50 calls to get 10 sales? Do you need to run an advertisement once per month to get new leads? Test between a few options to find the best strategy for your business. Don’t waste too much time on something that doesn’t work. Continue to test and evaluate different variables until you find what works best.
Focus on Revenue Generating Activities
Revenue generating activities are the specific actions you take to create and make sales happen in your business. In order to generate revenue consistently, you must be willing to look at ways to grow your revenue streams. Once you create multiple revenue streams in your business you must define the specific activities needed to enhance each revenue stream for optimal success. Revenue generating activities can vary. Here are some examples of revenue generating activities: content creation, direct outreach by phone, forming joint venture collaboration partners, speaking and creating e-commerce products or services. Of course these are just a few ways you can generate revenue in your small business.
You must determine which activities yield the highest return on your investment in terms of time and cost to produce or implement. After you’ve tested and measured, document the results for future reference. This way, you will have a better handle of how to increase your revenue on a systematic basis.
Revisit Relationships with Past Clients
The best source of new business is repeat business from former customers. Showing your customers that you value and appreciate their business goes a long way.
Periodically you should be checking in with former clients to assess their needs to see if you have the solution to a new problem or challenge they may be experiencing. Checking in with your former clients will give you an opportunity to update them on new products and services as well as position a new sale. Additionally, former clients are always a source of referrals. Getting referrals are warm leads that can quickly turn into hot leads and enable you to close a sale a lot faster.
If you utilize these principles you will create more revenue in your business rapidly. If you don’t learn principles to grow your revenue, you will undoubtedly experience the feast or famine syndrome. Without a plan to bring in new business, you will experience inconsistent results and be plagued with the uncertainty of how much money you are going to make each year. However, the business owners who consistently focus on sales strategies and systems to create new business will reap the benefit of increasing their revenue as well as their income every year.
Here’s your assignment:
Discover what ways you can become more productive in your business. Form the habit of writing lists every single week. Make sure to write out your revenue generating activities for the week. Don’t stop until you’ve crossed everything off of your list. You will feel much more productive, and most importantly, you will have made more money!
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This article is written by Lori A. Manns. Want to use this article for your website, blog or newsletter? No problem. Here’s what you must include: Lori A. Manns, CEO of Quality Media Consultant Group your marketing and sales success mentor, and founder of Marketing For Trailblazers™ & Sponsorship Sales Secrets System;™ that shows you how to get more sponsors and sales for your business, guaranteed. To purchase consulting services on marketing, advertising or sales and, learn how to increase your revenue and grow your business; please visit www.qualitymediaconsultants.com.