In sales, one thing is a constant. And that’s everybody always wants more. And that ‘more’ is usually revenues. So to summarise the options when you want more, here are the big four routes to more revenue you can explore, either singly, or in combinations.
Four ways to more sales revenue
There are four ways you can grow sales revenue. They are:
- Find more – optimise sales lead generation
- Win more – close more forecast deals
- Keep more – minimise customer churn
- Grow more – by increasing your share of the customer’s wallet
And as I said in the introduction, you don’t have to depend on just one of these. Nothing stops you using combinations of the big four to build your own specific plan.
This is all about finding more situations you can work on, so it’s all about prospecting. Prospecting is driven by a number of actions, but by far the biggest is to do it.
Most salespeople hate prospecting in its many forms. Certainly I do. The thought of having to make hundreds of phone calls in the slim chance of finding somebody who is prepared to talk to you and who is also interested at that moment in what you have to sell is slight.
It’s far better to set up an intelligent prospecting plan to attract customers to you. Work your plan through to knowing exactly what you have to do and when, and then execute your plan. A good intelligent prospecting plan means you will probably spend an hour a day or less trying to find new prospects, and that makes the process so much easier to get on with.
You might find my training course Sales Prospecting Made Easy helpful in building your own intelligent prospecting plan.
This is all about using your time well on cases that can be won, and not wasting your time on cases that can’t be won. In short, it’s about qualification.
Qualification is another one of those activities many people shy away from, and I really don’t understand why. If I’m wasting my time on something that’s unlikely to lead to business, I’d rather know sooner than later so I don’t waste my time.
To make your life easy, we have created a simple but powerful Qualification Spreadsheet. You can download a free copy of it now from our member’s area. All you have to do is register. Then go to our Member’s Area to download any of our free sales resources to help you succeed.
This one is all about retaining and developing your existing customers to sell them something else – a cross-sell or an up-sell of some form.
That of course relies on you doing two things. The first is giving great customer service, so that you are a trusted supplier the customer will be happy to buy from again. The second is having enough knowledge about your customers to be able to figure out who might be an opportunity for what.
Many companies achieve very high percentages of their revenues by growing existing customer relationships. They do this by using robust Account Management processes they follow regularly.
Need help in pulling your Account Plan together? You can download a free Account Planning Template from my Members Area – just register now, then go to our Member’s Area to download your copy now.
Grow more is quite closely related to ‘Keep more’ in that it’s about getting more from your existing customers. Though this time it is about increasing your share of their wallet – getting them to spend more with you rather than your competitors.
It is similar to the account planning described above, but this time it has a specific focus on looking at the competitors who are active in your customers, and specifically targeting that business.
This starts out as a research job to figure out who your customers are spending money with, and why. From there, you can then start to build some specific value propositions with the specific aim of winning over specific spend currently going to your competitors.
Once again, you might find our free Account Planning Template helpful – just register now, then go to our Member’s Area to download your copy now.
Here’s what to do next
If you’re interested in how this could help you, or feel I may be able to help you with some of the challenges you’re facing, please get in touch for an informal discussion.
There’s no commitment, we’ll just discuss your situation to see if working together might be a good fit. Contact me now.