Ready to Increase Sales? Use These 7 Tips
You’ve already started on the marketing suggestions we’ve offered, now it’s time to focus on generating revenue. Channel partners want to increase sales. After all, that’s one of the biggest reasons for specializing in telecom and networking, right? Generating more revenue, though, is often easier said than done, especially when you find yourself taking on multiple roles — company head, bookkeeper, marketing guru, and even occasional janitor. Your time is limited and precious.
Knowing all of that, we’ve compiled seven ideas to help you increase sales without devoting all of your attention to that goal. You still have to run the business you have. Check out these pointers, act on them, and let us know how your business grows!
1. Expand your product line.
When was the last time you added new services or platforms to your portfolio? The options are always evolving in the telecom and networking world. Diversification matters and should inherently increase sales. Stay up to date onand add as many as make sense for your business model. And remember, products aren’t just about the product itself. Instead, in the communications sector, a product reflects critical capabilities including . Your customers are looking for solutions that help them, too, increase sales. on behalf of buyers will go a long way toward reaping more revenue.
2. Charge for your services.
You knew this suggestion was coming as you seek to increase sales. However, we don’t put it out there lightly. While everyone is dealing with the aggravations of hyperinflation, a number of businesses have taken advantage of macroeconomic pressures and increased rates simply because they can. That’s uncool and can sour buyers.
So, we do not recommend implementing rate hikes unless you have a solid rationale for them. For one thing, you’ve spent too much time and effort building customer trust. You don’t want to wreck that to bring in more money without justification. However, if you can answer yes to one or more of the questions below, consider that license to charge more.
- Have you earned certifications or otherwise gained expertise that merits higher prices?
- Do you have more staff or other overhead to support than in, say, the past three to five years?
- Have you been undercharging all along and need to make up some financial ground?
- Or, have you recently been absorbing the costs of inflation so you don’t pass them on to clients? If so, how is that affecting you and your company? It could be time to ask customers to share the load.
As for how much more you should charge, we can’t say. Consult with peers or an outside adviser. Until then, here’s a strangely effective barometer we’ve seen people use: Say a number out loud and see how you react. If you laugh, it’s too high. If you nod or otherwise feel good about it, it’s probably about right. (Unscientific, we know, but it works.) Backing up that number with a gut check among trusted colleagues, though, would be wise.
3. Evaluate operations.
A few years back, research firm IDC estimated that small businesses lose 20-30% in revenue each year because of inefficiencies. That can add up to an astounding number. In particular, too many internal manual processes create waste, in terms of time, productivity, and efficiency.
If it has been a while since you took an in-depth look at your own business processes, including the number and purpose of the meetings you hold, there’s no better time than now to do so. Check out this article on Entrepreneur for some tips. Even though it’s a few years old, the advice remains as relevant as ever. Evaluating operations can increase sales because employees will have more time and capacity for customer service.
4. Find new customers.
Similar to the question above, when was the last time you considered the demographics of your client base? Perhaps now is the time to branch out to new types and sizes of users — or to dedicate focus on serving a very specific niche and identifying buyers in a market you’ve not previously targeted. Adding customers represents a significant way to increase sales. Doing this requires some effort. Go here for our guidance on simple, low-cost methods for getting your brand in front of prospects.
5. Boost ARPU (Average Revenue Per User).
Cross-selling and upselling enhance average revenue per customer. Note, though, that we don’t recommend pushing this option unless you know your client will benefit. You don’t want to risk your reputation as a trusted adviser and be seen as a huckster out for an extra buck. Rather, explore your customer’s environment so you understand where efficiency and productivity are lacking. From there, you’ll have the insight to offer guidance about which new products or services will support better, and measurable, outcomes.
Takeas just one example of an upsell that can increase sales. Conversely, you also can identify what’s working well within the customer environment. That will lend an opportunity for you to suggest ideas for even more refinement in the name of customer efficiency, productivity, and revenue.
Heres an easy way to boost ARPU: ACS developed a tool for our partners that produces service options within minutes. Our partners use the proprietary PricingPRO™ to quickly show their clients the options they have at their business addresses. The FiberLookup™ tool has a simple user interface that helps clients understand exactly what they need.
6. Concentrate on retention.
Securing new customers takes extensive time, effort, and investment. Adding buyers to your roster is vital, as we’ve noted. On the flip side, keeping clients generates even more revenue. Estimates abound but a general rule of thumb is that acquiring new customers costs about five times the amount required to keep existing ones. Not surprisingly, user retention comes down to building trust, offering the right solutions, and delivering high levels of service.
Altogether, this recipe results in loyalty and helps increase sales. Evaluate those areas and if they need some strengthening, assess how your people, processes, and policies are functioning. Make adjustments as needed.
7. Hire more salespeople.
This might be an obvious suggestion but we couldn’t overlook it. If you’re running a company, you likely can’t spend the majority of your time trying to increase sales. If that’s the case, hire someone. They don’t have to know telecom and networking. People can learn the ins and outs of this industry on the job. What you can’t teach is likeability, authenticity, or drive. Find those latter three qualities in one or two salespeople and your company will increase sales.
Most channel partners have sales pitches and conversations down pat. Yet if you want to increase sales, it’s prudent to not only consider the recommendations we’ve provided here, but also the guidance we’ve offered for growing your business via some. Marketing and sales, while different, go hand in hand. Put them together and we’ll pretty much guarantee you will increase sales.
As a partner with ACS Cloud Partners, we help you build your business through countless resources like our FiberLookup™ and PricingPRO™ tools and dedicated sales support teams. Our partners also benefit with customized commission structures and marketing techniques to increase revenue. Because of our established relationships with providers, you are able to market the full portfolio of products to your customers.