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Increasing sales revenue is a key process of developing a company successfully, but doing so is not so easy. To make matters more complicated, increasing sales does not always lead to an increment in revenue. This makes even the best advertising techniques fall short of serving towards the business objectives for profit and growth.
But if effective marketing is not enough, what is a business supposed to do to increase their sales revenue and promote healthy growth?
Here are some tips to increase your sales revenue,
1. Map Out Your Current Processes
Most businesses have an informal sales process, where everyone sort of knows what is supposed to happen and who does what.
The first thing you will want to do is plan out these informal processes to get a formal understanding of all the steps to making a sale.
2. Define Your Key Performance Indicators
Writing down your processes will allow you to track prospects as they advance from one step to the next. This will allow you to estimate how many leads successfully move through your pipeline. You will also know how long it takes to finish a sale on average from start to finish.
3. Follow-Up And Measure Performance
Conducting sales meetings are a good way to ensure a regular analysis of sales data. The purpose of the meeting should be to decide what possibilities are in the pipeline and how leads are moving through the process.
Your key performance indicators can also be used to estimate individual performance. Employees usually appreciate the transparency of understanding how they are judged. It can also be a great way to encourage friendly competition within your team.
4. Use Technology To Simplify Monitoring
Your next step should be to centralize all your client and contact information. This database can be in a simple form of a spreadsheet, but as your business grows, you will probably want to spend on customer relationship management software.
5. Start Forecasting Your Sales
You can think of your processes as a funnel or pipeline. By measuring your progress rate at every step, you will be able to determine the inputs you need to accomplish your sales goals.
6. Develop Your Competitive Advantage
The customers need a reason for buying your products or services, in terms of the benefits, results or outcomes which they would not get from purchasing from your competitor.
7. Increase Your Sales
After you have planned your processes and set a prediction, it becomes simple enough to increase your sales.
Two ways to do this are to,
Increasing Your Average Order Size (sell more products)
Consider granting discounts for larger orders, free shipping for orders over a certain threshold, or upselling and cross-selling items.
Improving Your Conversion Rate (sell more frequently)
you can also tweak your sales script, create offers that are more appealing and provide additional training to your sales staff.