Revenue is the economic engine for any business. If you have no revenue, you can’t cut a profit, much less stay viable in the long run. A strong revenue stream gives business partners, employees and other stakeholders the assurance and confidence to support your company.

Target the right KPI

KPIs are the business equivalent of a compass. They provide the direction for your company. But unlike compasses, KPIs are never one-size-fits-all. It should be tailored to your primary business operations. Need a benchmark? Look at other players in your industry. But industry conditions may change, so revisit your KPI targets regularly. Targeting the right set of KPIs will shine light on performance and highlight areas that need attention, which can be crucial for your company’s success.

Sustainable sales funnel

Sustainability is about optimising efficiency while reducing costs. Sales may be a numbers game but stop clogging your funnel (and precious time!) on prospects that aren’t ready to commit. Leads with low potential should be moved out right at the beginning. Instead, focus your efforts on understanding the buying behaviour and motivations of your customer. Develop a sales process that works bests for them.

Leverage on customer loyalty

Studies have shown that it costs six to seven times more to obtain a new customer than to maintain an existing one. Want to increase your profits dramatically? Retaining your customers could do the trick! Loyalty isn’t about giving out dozens of stamps or thousands of rebates. Perceived value is what keeps customers coming back. What unique value does your product offer to them? Beyond their wallets, develop strategies that encourage loyalty through value.

Source: Business Standard