In the hundreds of marketing training workshops I’ve conducted, one factor that has been consistent – and surprising to me – is that a majority of small business owners have not clearly identified the basic methods to increase revenue – no matter the product or service. Today’s article gives clear direction on the basics that must be addressed and become a stated part of your marketing plan.
To start at the most basic level, the goal of any business owner is to grow their business; this is accomplished by increasing sales. The goal of marketing is to understand your customers’ needs, and to develop/implement a plan to supply products or services that meet those needs in order to achieve the company’s goal of increasing sales.
You can increase sales in only limited ways. They include:
- Acquiring increased numbers of customers
- Persuading each customer to buy an increased volume of products during each visit
- Obtaining increased numbers of visits from existing customers which results in increased purchases overall, and
- Persuading customers to purchase more expensive/higher-profit products.
Each of these methods will increase a business’ sales and should be addressed as part of your marketing plan. Future postings to this blog will focus on each of these revenue generation methodologies individually and will provide specific thoughts and ideas to help you develop your company’s specific strategies to accomplish your revenue goals.
The author, Linda Daichendt, is Founder and Managing Consultant at Strategic Growth Consultants with over twenty years’ experience in working with small businesses. Linda can be contacted by email at firstname.lastname@example.org. The company website can be viewed at www.strategicgrowthconcepts.com