Consultant Proficiency Resources (CPR) How to Series work week continues with keyways to raise revenue. Today's post considers five of their top recommendations for doing business in the 21st century.
(1) Increasing Marketing Investments
Ideal Revenue Strategy for: (adolescent and mature stage)
Organizations with budget allocation imbalances and those being outpaced by competitors in marketing funding.
Considerations:
Additional web creative and collateral needs
Increased lead volume to sales teams
Why?
Scaling up marketing investments can generate more leads, which is a direct revenue driver. To succeed, marketing and sales teams must communicate openly about current undertakings, upcoming plans, and overall objectives.
(2) Changing Sales Compensation Plans
Ideal Revenue Strategy for: (adolescent and mature)
Organizations that are sales-driven and leads are plentiful.
Considerations:
Added demands on account representatives
Potential for undesirable revenue outcomes
Why?
An ineffective compensation plan can hamper growth by failing to encourage sales teams to capitalize on all available opportunities. The sales staff not motivated by financial, social, and other incentives will underperform, leaving potential revenue on the table. However, some revised compensation plans encourage undesirable outcomes like selling higher volumes of shorter contracts, which is why revenue implications must be considered when drafting compensation structures.
(3) Expanding Brand Awareness
Ideal Revenue Strategy for: (applicable to all business stages)
Considerations:
Sales pipeline growth implications
Development of supporting marketing resources
Ability to control the subsequent brand conversation
Why?
As the leader, focus on overall branding. Organizations can increase brand awareness throughout the market to aid in lead generation. While this is a less immediate strategy than other marketing efforts, it is still directly correlated with increasing revenue.
(5) Adopting a Premium Pricing Strategy
Ideal Revenue Strategy for: (applicable to all business stages)
Organizations with undifferentiated and value-priced offerings.
Considerations:
Product research to drive innovation
Demonstrating brand value
Strategy for re-launching offerings
Why?
Providing additional value and raising prices is a strategic move that can positively affect the perception of both an organization and its offerings. Utilizing premium pricing and justifying the increase through supporting marketing and sales support can result in a revenue lift. Furthermore, it can increase revenue without a need to vary offerings substantially.
For more great tips, please get in touch with CPR for a free 30 min consultation available for your convenience online.
Warm Regards,
CeeCee