I NEED TO GROW MY BUSINESS!
How do I do so?
It happens before you even realize it. Stagnation. Sales this year look a lot like sales last year. Perhaps, revenues are even declining. Unless you do something, the trends do not bode well. But, what’s the best way to grow your business? Should you introduce a new product or service? Upgrade an old one? Have you considered reducing your SKUs and concentrating only on your best selling items? What about your customers? Do 20% of your customers account for 80% or more of your customer service work? Where to start?
In today’s markets, product lifecycles are short. If you’re selling the same product that you sold three years ago, your competitors likely have upgraded theirs. And what about your auto-ship, subscription or loyalty program customers? Customer churn is a reality. How do you replace those lost customers with still more?
You can’t afford a “throw-it-at-the-wall-and-see-what-sticks“ growth plan. So, how do you create and execute an effective plan to increase sales?
Profitable revenue growth can come from unexpected sources. Sometimes, creating a simple list of potential revenue drivers is a good starting point. Alternatively, you might consider acquiring a competitor or licensing a competitive technology. Have you considered, cross selling with a complementary product? Bundling your software or app with a device or OEM sale? Jointly selling at a trade show? It’s not unusual to find new revenues from old customers. We can help you analyze these, and other, sales growth alternatives.
Of course, we can also help you determine if a new product idea, new target customer or sales channel plan is recommended. Our team has worked on new B2B and B2C product introductions in a variety of markets. We are familiar with the costs that often surprise novices. We can help you prepare realistic forecasts, so that you and your investors are not caught off guard.
Doing nothing is not a growth plan. Contact us and we’ll help you grow your business. It’s what we do.
SUGGESTED NEXT STEPS
Minutes to take deep a breath and step back and define your objective.
Number of possible new revenue streams to list.
Importance to set priorities and risk parameters.