If you are in business the first thing you should be concentrating is in building revenue. Everyday you should be engaged in income producing activities for your business. Each aspect of your marketing strategy should include how the marketing will positively impact the revenue while increasing your brand awareness. I have worked with many companies over the last 30 years and many have had general managers and owners who did not see the importance of marketing with a goal to increase their revenue. I have seen many businesses over the years fail or lose money because they were not willing to invest in activities that would produce income down the line. Sometimes the initial outlay for a promotion may seem exorbitant but in the long run it will produce revenue while building brand awareness so that you attract more customers and as a result increase your market share.
In all of the business classes and seminars that I have attended this is a recurring theme. The idea is to understand that marketing is an investment in your business. The key is to spend your money wisely so that it leads to an increase in revenue. In my over 30 years of working for businesses I have seen those willing to spend money and invest succeed while also witnessing those who would not spend money or spent money incorrectly and failed. When spending money you must look at what you want the money you are spending do for you. You must have a plan that will create a return on your investment over time.
If you are to build revenue you must have a plan and you must work that plan. Before you even open your doors and build out your business you must know the demographics of the area, how many competitors there are in the area, and what the sales of comparable businesses around the area are doing to see if there will be enough residual support to support your business. If you are to build revenue you must know who your client/customer is and where your customer/client is and the buying habits of your client/customer. This is where have a promotional budget and plan comes in handy. Sometimes as you work your plan you need to make adjustments along the way so as to achieve the ultimate goal of building revenue.
At the end of the day it is about the revenue that your business generates. Take a look at what you are doing and the results that they are generating. If you are going to do a promotion and you have 5000 fliers made up make sure they are being distributed to places that are synergistic with your business. Make sure you are posting your promotion across all of your marketing platforms. Make sure you have measurable goals along with a realistic budget and realistic expectations. Make sure you put everything on paper as to what you hop to accomplish. You can say I want to build revenue but without a plan to build revenue you will be lost and left spinning your wheels. You must make sure that you have a defined plan and defined goals so that you can increase your revenue.
If you want to truly build revenue be open to receive ideas from your employees as they are the ones who see the everyday working of the business and what is happening. Also make sure you are putting the right people in leadership roles so that they will be empowered and inspired and as a result will motivate the staff to exceed the revenue expectations. When everyone has a buy in to the business the business increases revenue and grows.
Make sure you are taking action daily to increase revenue. If you are out in the community make it a point to share who you are, what you do, and give people a reason to do business with you.
The real money is made in the follow-up. I have heard so many times oh I will be back or I need to think about it that I have started to carry a clip board around the retail store where I work and have asked for their name and contact number so I can send a reminder note or make a follow-up call to get them back tot he store to make a purchase. I have learned if it is slow in the store I have to do something to generate interest into the store and develop sales.
Make sure that you have a strong presence on the internet as more and more consumers are going this route to purchase retail items. I always recommend that a business has an e-commerce program so as to have a global reach as this increases revenue. Make sure people can find you and give them a reason to do business with you. make sure you are adding value in all you do on the internet from your website to your social media be consistent. Make sure your message is relevant, entertaining, and resonating so that the client/customer will want to do business with you.
Make revenue building through sales a priority by accessing and meeting the needs and desires of your customer client. Remember it is not about what you want it is about what the client/customer wants. Stay Positive.
I was born in Bethpage, NY. In 1972 moved to Florida. Graduated Hofstra University in 1987. I currently do Emcee Work, Inspirational Speaking, PA Announcing, Vocie Overs, and Life/Business advising.
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In all of the business classes and seminars that I have attended this is a recurring theme. The idea is to understand that marketing is an investment in your business. The key is to spend your money wisely so that it leads to an increase in revenue. In my over 30 years of working for businesses I have seen those willing to spend money and invest succeed while also witnessing those who would not spend money or spent money incorrectly and failed. When spending money you must look at what you want the money you are spending do for you. You must have a plan that will create a return on your investment over time.