Revenue growth is an essential target for any business in order for it to stay significant in the long term. It’s not just enough that your business is gaining profits consistently, there has to be an established and sustained pattern of growth in profits or revenue so that your business can grow as well.
Staying on the same level of profits isn’t favorable if you are targeting business expansion in the next couple of years. Thus, as early as now, you’ll need to find ways on how to maximize your company’s revenue growth on a long-term basis in order to realize your expansion goals.
1] Significantly Expand Your Marketing Channels
Broadly speaking, a channel is your means of connecting with people whom you can market your products and services. They may be returning customers, loyal customers, or prospects. As technology has significantly improved our means of communicating, it is only right to have an adaptive mindset in order to have a broader market reach.
Thinking like a modern customer, you’ll realize that there are many channels available to effectively reach your customers and prospects. Chief among these channels are social media channels. Expanding these channels can help you reach various audiences and demographics which may match your target market.
2] Realize the Importance of Lead Scoring
A constantly updated and proactive analysis of the marketing atmosphere is important in any type of business. A recommendation by Breadcrumbs is to maximize the utilization of lead scoring to increase revenue.
To understand more about this concept, the scoring method is based on the actions that a lead or customer takes in the sales funnel. There can be varying scoring criteria by different businesses according to the industry they belong to, but they essentially follow the same principle: the higher the lead score, the better the prospect.
This means that a customer is close to making a purchase when reaching a certain lead score total. It’s not just about the sales that lead scoring is important, it also gives the sales and marketing team valuable information in formulating better strategies for achieving higher conversion and close rates.
A properly set up lead scoring model can help the sales make the proper approach for prospective buyers and customers based on the score level they have achieved in the sales funnel. Being an active marketer or seller can be a good thing, but doing so along with the initiative of the customer is a better approach.
Lead scoring can help marketers and sellers make a condition-based approach based on what action the customer takes. If the customer proactively requests a price quote or seeks a representative’s help, this is a good opportunity to showcase a good sales pitch.
However, pre-empting the customer’s intent to buy, can lower the prospects of landing a sale, as customers usually lose interest when contacted too early to make a purchase. A harmonious situation purchase and sale situation can be created with the support of lead scoring.
3] Redefine Your Company Image
Some companies become resistant to change when it comes to their brand once they have grown comfortable with their established image. While being consistent and steady are good qualities in building a solid foundation for your company’s image, the prospects for growth and expansion.
Improving your company image doesn’t necessarily mean making drastic changes, but subtle and meaningful changes can make a great impact. Brighter color palettes reflect optimism and vibrancy, while darker tones indicate focus and determination.
There is much to explore about the psychology behind colors and how this can affect the consumers, and this can be put to beneficial use by businesses.
Image improvement is also beneficial if your business is considering adding or changing features of long-established products or your company may be thinking of adding another product line to promote to customers.
Products often reflect the image of the business itself and changing the company image can help reinforce the sense of commitment your business has for its customers.
4] Expand What Your Business Offers
Expanding here doesn’t apply to the entire business situation yet. Rather, this is the expansion of the possibilities of your primary products and services and the new ones that your business is developing. Adding complementary products and services can help increase sales and revenues.
Bundling is one attractive expansion effort that you can offer to your customers. By offering your products at a larger scale and with a discounted price, customers can perceive this as a beneficial offer for them.
This can convert to higher sales and bigger savings, especially if the bundle involves less raw materials used or less manpower.
5] Develop a Network of Customer Bases
A good strategy for long term revenue generation and growth is to expand your customer base in several networks. This means that you’ll need to identify the demographics of your current customer base and how you can break down the customer bases into networks that have a dedicated marketing approach.
Rather than expanding your customer base in a single large cluster, a good way of effectively retaining a solid customer base and revenues is through a personalized customer base approach based on the particular product or service needs and preferences of regular and loyal customers.
When customers are given a tailor-fit approach, they perceive the business as having a long-term commitment to them. The customers, in turn, will continue to support your business products and services in the long run.
A networked customer base is also a good safeguard against potential product sales dips and problems. Because the customer bases are categorized and networked, the problem can be contained in a specific area while the operations or products on another area can be enhanced to compensate for the sales decrease of the other area.
This can avert a potential domino effect on sales decrease in the case of a single customer base cluster that is being offered with the same range of products.
Long-term revenue growth is always one of the priorities of any business. A forward-looking business owner should know the importance of expanding the business and should also know the ways on how to achieve it.
Timeliness is a key factor at play in any business. The earlier you can formulate and implement marketing plans for revenue maximization, the sooner you can realize the business expansion you are targeting.