How to Grow Business Revenue - the Key Steps

 

This poster is 100% spot on. I can;t elaborate it any better as it applies to my specific industry and would mean next no nothing to people who are just readers passing by. Let me attempt to explain below.

1. Focus on your best customers

The 80 / 20 rule is apparent here. Over the years there will be 20% of your customers who will give you 80% of your profit / revenue. Serve them well. Delight them. Bend over backwards to their every need. Do not disappoint them.

If not for them your business may not be there tomorrow.

2. Increase Customer Retention or Stickiness.

This is easier said than done. How to make your customer come back to you time and again on a regular basis. I believe the Q is reframed as "how does my business add value and continue to add value to my top customer (s) ?".

Think about the services and products which your business provides, to these top clients. Think about how to make their life easier by providing a product or service which is deemed as necessary, cost effective and makes their jobs all that more smooth in their bosses' eyes.

Don't forget giving back ever so often in terms of holidays like the Chinese New Year (oranges and hampers) and the Dumpling Festival (mooncakes),Christmas (log cakes). 

We will support the  Dinner and Dance participation with the payment to purchase Lucky Draw prizes or door gifts).

3. Fix Your Sales Conversion Rate

We are doing that every week. This is the conversion from interested party to a firm Purchase Order(s). If your upstream social media strategy is doing its part, then once the customers come into your sales pipeline, it is up to the sales team to convert any enquiry into order(s).

It is easier said or written than carried out. But it is a work in progress for us.

4.Grow Existing Accounts

From selling equipment, we have added on rentals, test services, repairs and even consultancy to our business model. Make sure we are remembered and acted upon by customers who will need our services and products when the time comes. 

Again this is easier said or written than carried out. Always brainstorm or seek external input on how to improve this aspect of the business.

I make it a point to visit my key customers every 6 months just to gauge their feeling of our service support.  

5.Build a Referral Base.

Again if we are so good, our customers will sing our praises to their friends and associates in the industry, The referral does not come naturally, since people tend to be lazy and want to keep to their own space, this referral needs to be acted upon by the vendor which is our business and its people.

Easier said and written than carried out. Again I need more work in this upstream department.