There are a number of recurrent themes when it comes to the sales strategies adopted by companies looking to increase their revenue numbers.
Some of the most common sales strategies include:
Entering New Markets
This sales strategy is often mistake for entering new geographic markets, and while it can mean that, we challenge our companies to think broader than that.
For example do you have unique IP or insights from your current product offering that would allow you to leverage that insight and sell to new customers with the same product, but in a slightly different way.
Introducing New Products or Services
Often a company gets comfortable selling the same product or service they always have without realizing that there is a world of opportunity that is within reach.
To determine if introducing a new product or service has any potential we recommend asking your best customers about how they use and engage with your product or service.
This process can often uncover insights that allow you to add complementary offerings to your product suite.
Increasing Up-sells and Cross-Sells
Selling to people or companies who already know who you are is infinitely easier than trying to sell to people who don’t know you or haven’t come across you just yet.
In our experience we find that many companies don’t push the up-sell or cross-sell hard enough because they fear annoying their existing customers.
Very rarely does this happen and if positioned in the right light then many customers will actually appreciate that you are thinking about them and how they can get the best use out of your product/service.
Increasing Conversion Rates
Getting people to your website or to try your product/service is often 80% of the battle. Too often we see people drop a lead as soon as any objection is raised. And while you can’t win them all one of the easiest ways to increase sales is to boost the conversion rate for people who are already speaking too.
Boost Repeat Business
Finally another common issue is that many companies package their products or services wrong. They create a pricing structure that encourages a single purchase rather than an ongoing relationship.
We encourage all businesses to consider their go to market and pricing strategy to see if they can turn a one off encounter to an ongoing business relationship that will often see their customer increase consumption over time.