How To Maximize ALL 4 Ways to Increase Revenues

There are seemingly countless ideas for increasing revenues, but they all fall into one of only four general categories. That fact simplifies things when you’re trying to sort through the overwhelming barrage of possibilities offered by the countless sources of business management advice books, videos, articles, and consulting. So, more clearly, there are only four ways to increase revenues for your power sweeping business. But, what are they? And, how can you do them better than your competitors?

Obstacles to Continuously Employing All Four Ways of Maximizing Revenues

Even if you’re one of the savviest of operators of a small to midsize business in the nationwide industry, you may not necessarily be ideally maximizing your effectiveness in all four of the primary applications of revenue generation principles. It can be more difficult than it may seem to implement some of these methods, depending on circumstances, and it is certainly a challenge for many companies to keep all four consistently maximized over time.
This is especially the case in such scenarios as these:
● When one or two of the methods is working especially well, you may be inclined to depend exclusively on those approaches and not sense urgency in attending to the others.
● If your current team’s skills are not ideally aligned with one or more of the four solutions, you may rightly maximize use of the team’s greatest strengths but may neglect efforts to strengthen their weak revenue-generating performance areas.
● When one or more of a whole range of obstacles has discouraged normal sales leadership approaches, you may sense a need to pull back from fully pursuing one or more of the four routes to increasing revenues, such as in the unusual circumstances across the business sector last year (2020).

The ONLY Four Ways to Increase Business Revenues

The only four ways to increase business revenues are:
1. Increase your number of customers.
2. Increase the average amount you receive per sales transaction.
3. Increase the average frequency of sales transactions per customer.
4. Increase your prices.
Spreading a team’s efforts across all these income drivers efficiently and effectively is the singular formula for sustaining the maximum potential success of any business. Growth and maintenance of profit margins that secure the long-term financial health of a business require continuous attention and reevaluation to these four revenue-generating principles.

How To Maximize Your Four Revenue Generators

The way to strong results in efforts to increase revenues is an implementation of these four essential strategies that business leaders in any industry must master:

1. Of the people who need the kinds of services you offer, increase the number who know about your business and what it offers.

In other words, generate more leads. There are virtually countless ways to increase your business’s visibility across your target market. All business owners should develop a minimum of a half dozen marketing tactics (a dozen is better) to put to work for your business every day attracting new prospects.
For example, supply all the members of your field services team with easy digital or paper forms to identify new prospect properties that need a service your company offers and to convey the information to your salesperson.
The concept applied here is the most fundamental of all marketing principles — which is that the more visible your company is in your market and the more compelling your marketing message is, the more business you can generate. There are countless good approaches to getting the word out about what you have to offer to your target audience.

2. Increase the effectiveness of your conversion process, so more prospects will buy from you.

Increasing the visibility of your business in your market is just one of the four necessary steps to maximizing your revenues. You will also need to improve the effectiveness of your conversion skills if your closing ratio is low. Evaluate all the steps your prospects take with you through your sales funnel and identify your weak points.
Those weak points might be, for example, steps in the process at which prospects are left too long without follow up, are handled without optimum care, are met with some inconvenience in continuing through your process, encounter an unappealing aspect of your system, etc.
Develop a process for continuous improvement of your sales process and for ensuring adherence to sales industry best practices (a topic for further discussion). Often businesses are over-focused on driving traffic to their office phones or website. Instead, create a website that can increase conversions of visitors right there on the site. After all, a business website is of limited value if too few conversions result from people visiting it.
Further, and this cannot be overstressed, maximize the number of closes you attempt per period, whether live and/or online, depending on your sales model, to reasonably expect to maximize your revenues.

3. Increase your number of sales per customer over the customer sales lifecycle.

It is a much more expensive undertaking to attract new customers than to generate new sales from existing ones. So, increasing the customer lifetime value (CLV) is basic for the long-term financial health of a business in every industry. Evaluate your program for generating repeat and referral sales.
Ask yourself hard questions about the range and caliber of service products you’re providing, and about the relationship marketing, you’re doing to help inspire your current customers to want to keep doing business with you and to tell their friends about your service.
It’s one thing to express commitment to this kind of relationship building and cultivating repeat business and referral business, but you need robust processes in place that your team is routinely performing. These must include protocols for reaching out to customers to discover service issues and additional needs they may have that your business can meet, and for asking for sales and referrals.
For example, supply your service reps in the field supplied with the necessary digital or paper forms to execute service sales orders on the spot for customers who need work done soon. Yes, and include a space for them to ask for a referral.

4. Increase your average revenue per sales transaction.

For your customers who manage more than one property, or who have needs for related services that you may offer, there may be many cross-selling opportunities for you to generate higher sales amounts in transactions with them, and even for bundling your service products, i.e., offering a reasonable initial discount for trying additional services.
Another approach to increasing the average size of your sales tickets is simply to adjust your pricing, i.e., increase your sales transaction amounts to reflect costs and your business’s need for reasonable margins more appropriately.
Yet another way to increase sales transaction sizes is to diversify your business model, adding one or more related service channels, perhaps starting small with a market test of a related service option, like portering, which has reportedly proven to be a veritable “cash cow” for some power sweeping companies.

Going Forward

The above four ways to increase revenues and the strategies discussed for implementing those four methods provide a strong framework for businesses of any size to perform a useful performance needs analysis and identify areas for improvement of their sales, marketing, and service models.
The insights gained from your assessment can serve as guideposts for the development of strategies and tactics to reach even the most ambitious goals for increasing revenues, and long-term growth and sustainability.
A key takeaway point is that to avoid underutilizing the talents of sweeper truck drivers, porters, and other field services team members, they must be empowered and facilitated to help build relationships and contribute to the revenue-generating potential of the business. (Be sure to recognize and reward strong performance in this area of responsibility, of course.)
Finally, naturally, as with any part of a business management framework, the enterprise must also have the necessary systems and operational capacity to accommodate the growth generated by the newly improved processes.

https://www.centerforexecutivecoaching.com/articles/the-four-fundamental-strategies-to-increase-revenues/

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