Gold In Your Own Backyard

How would you like to increase revenue without spending more Marketing dollars? In many cases, no marketing dollars at all – but in those cases we diverted those dollars to increase sales resources.

I have been using these strategies; and there are many to help companies increase revenue consistently since 2003 and have compiled some of my winning strategies here just for you.

My clients called them Treasure Maps; because they have helped them find increased revenue and profits from relationships and customers they already had in their own backyards. There are several strategies you could deploy.  But knowing which ones are best for you business, is something we can explore at a later date.

What are the fundamentals?

  1. Finding real opportunities that result in revenue and more cash in hand.
  2. Finding repeatable opportunities to help you scale.
  3. Leveraging existing relationships; with customers, vendors & partners.
  4. Solving real problems and strengthening your brand.
  5. Leveraging Technology; specifically data and mobile technology.

Growth Strategies To Think About

  • All Clients are not made equal. Don’t treat them the same.  Do you know who your High Net Worth clients are?

I used this strategy to help one of clients increase revenue 250% in 2 years. They went from $1,800,000 to $5,250,000 using this strategy alone.

Experiment with this: Review your list of clients (people you transacted with) and review their activity with you over the last 12 -18 months.  I usually drop every transaction onto a spreadsheet and sort the data around who did the largest deals, who did the most number of deals and who did the largest volume over that period of time.  This will give you a very good idea of your clients and what they are worth to you financially.  The big question is; are you treating them the same or are your paying attention to them based on their level of engagement? You might be focusing on the wrong clients and risking good money. You might not be strengthening your relationship with a client that could be an even stronger partner.

Once you have this information, you could classify them in groups of Tier 1, Tier 2 and Tier 3 clients.  Tier 1 being the highest revenue producers.  Further assessments need to made in how you work with them and who goes where, because you also have to think through future growth potential. But at least you will have a foundation of real data to make those assessments.

Here are a few other strategies you can consider

  • Do you really know your clients? Most client organizations are complex and broken down into divisions with their own budgets and decision making process.
  • Have you got on approved vendor lists? This way you will be an insider and could hear of needs they might have before you call on them next.
  • Have you increased their frequency to transact? With you that is. You might need to get in sync with their business needs at a deeper level.
  • Have you asked for referrals recently? This process needs to be systematized and tracked in your CRM system.

There are more, but this is a good start. Do an assessment against each of these above listed strategies and see how you and your sales team are performing. Are there things you can do differently?

Remember the golden rule. Incremental increases of revenue from existing customers go straight to your bottom line.

Your cost of sale is much lower compared to acquiring a new customer.

To learn more strategies that you could use to help you increase revenue review some of my other posts here … CLICK HERE

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