15 Revenue Expansion Opportunities – Business Acumen 101
Today we are going to explore methods that revenue can be increased. This information is valuable to both sales people – who need to show growth opportunities to a customer; and company executives – who need to find a way to increase their own revenue during this difficult economic period. So, I am listing 15 ways to expanse revenues:
- Add operational flexibility.
- Add manufacturing or processing quality.
- Add volume.
- Improve effective of sales team.
- Introduce new combination of products or new /improved products.
- Reduce customer returns (higher quality does this – think six sigma.).
- Apply creative sales promotion strategies.
- Speed up production and distribution (process related)
- Reduce or eliminate unprofitable products, customers, warehouses or territories.
- Improve market position.
- Add brand name value.
- Add customer benefits.
- Extend product life.
- Expand into new markets.
- Increase distribution channels.
There you have the information. Fifteen methods that revenue can be increased either internally (management decisions) or externally (sales team working with customers). All you need to do is to pick one method and focus on for a specific period of time. Then pick another one to add to your list. The key is make sure that you actually get some results from each method. Performance management and sales team effectiveness in combination will drive a positive revenue growth.
By the way, on the add volume method on the list. There are several ways to increase sales volume. The main methods include: Find New Customers; Increase the size of each sale; Increase the product mix in each sale; and increase the frequency of purchase by the customer.
If you need more information on how to increase revenues go to our website: InnerActive Consulting Group, Inc. or call us at 901.757.4434 between 8:30 to 5:00 Central Time. We have helped companies to increase sales and revenue for over twenty years.
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