12 Ways To Increase Revenue01 09


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12 Ways To Increase Revenue01 09

  1. 1. A Dozen Ways to Increase Revenue in a Down Economy Here at Crossroads Development Group our experience tells us there are opportunities to not only survive, but even grow in the current economy. The key is take action. To that end, we offer 12 ways to increase revenue in the current down economy. They represent proven strategic and tactical lessons that our clients have learned, adopted and practiced, particularly in economic downturns.
  2. 2. 1. Protect your core business at all costs <ul><li>All businesses are looking to cut costs </li></ul><ul><li>Don’t hand your customers any reasons to cut your company through poor customer service. </li></ul><ul><li>Conduct a customer satisfaction study to identify any areas that might offer a competitor an inroad. </li></ul>
  3. 3. 2. Put your troublesome customers on probation <ul><li>Every customer is not always a good customer </li></ul><ul><li>Consider raising prices for customers who </li></ul><ul><ul><li>Make unreasonable demands </li></ul></ul><ul><ul><li>Are slow to pay </li></ul></ul><ul><ul><li>Cause stress among customer service personnel </li></ul></ul><ul><li>If they leave, direct that energy to favorable customers </li></ul>
  4. 4. 3. Become “easy to do business with” <ul><li>Don’t add to your customers’ troubles. They have enough already. </li></ul><ul><li>Become more flexible in core segments with key customers. </li></ul>
  5. 5. 4. Identify and exploit competitive weaknesses <ul><li>Use your sales force to collect competitive intelligence </li></ul><ul><li>Develop selling tactics to target weaknesses </li></ul><ul><li>Counter with your company’s value proposition </li></ul><ul><li>Hint, marketing research can help you start </li></ul><ul><ul><li>Conduct a sales round table to organize the data </li></ul></ul><ul><ul><li>Fill in the gaps </li></ul></ul>
  6. 6. 5. Cross sell existing customers <ul><li>Selling existing customers is much easier than prospecting, finding, and establishing new relationships. </li></ul><ul><li>Which products in your line are your best customers not buying? </li></ul>
  7. 7. 6. Expand your horizons, but only where you already have a start <ul><li>Look for opportunities just outside of your core business segments. </li></ul><ul><li>Prioritize and direct selling activity with a value proposition such as a trial offer. </li></ul><ul><li>You won’t know until you ask. </li></ul>
  8. 8. 7. Slow longer term new product development <ul><li>Consider delaying new products that are more than 12 months out. </li></ul><ul><li>Redeploy resources to shorter-term new product introductions. </li></ul><ul><li>Sell what you currently offer. </li></ul>
  9. 9. 8. Develop a lead qualification program <ul><li>Lead qualification is the foundation of a defined selling system. </li></ul><ul><li>Without it your sales force is like a factory without raw materials. </li></ul><ul><li>This is no time for sloppy, undirected efforts. </li></ul>
  10. 10. 9. Increase direct customer contact personnel <ul><li>“ Feet on the street” are important in a recession. </li></ul><ul><li>Increase your presence with additional customer service personnel. </li></ul><ul><li>Use distribution channels to grow beyond your core business segments. </li></ul>
  11. 11. 10. Recruit and upgrade sales personnel <ul><li>Talk to the sales people your competitors have cut. </li></ul><ul><li>Next year’s top performer may now work for your competition! </li></ul>
  12. 12. 11. Shift advertising to Web 2.0 <ul><li>The internet has revolutionized communications. </li></ul><ul><li>Prospect for new customers </li></ul><ul><li>Continue the conversation and burnish your image with existing customers. </li></ul><ul><li>Measure your results </li></ul>
  13. 13. 12. Intensify communications <ul><li>A recession is no time to be penny-wise but pound-foolish. </li></ul><ul><li>As your competitors cut back, your “share of voice” will be louder. </li></ul>
  14. 14. …and a final thought… <ul><li>Prepare yourself now for the business comeback. </li></ul><ul><li>Start to think about how you will keep up and prosper when the orders start to exceed your capacity. </li></ul>