Three Pillars of Revenue Generation
Pillars are often thought of as something that one can stand on such as their beliefs. While running your business you will hear of numerous pillars for success, . Revenue generation is no different, you must implement processes and procedures to stand firm on.
Below, I’ve listed three steps for your Revenue Generation Pillars of Success, they will appear to be implicitly simple on the surface. But, delving into the meaning of each pillar shows that there’s a lot of work to generating revenue for a successful business. With a good understanding of what makes up the foundation of these pillars, you too will be able to generate revenue. Here are three pillars of revenue generation for your business:
- Gaining new customers is your first priority. For this, you need to have a solid lead generation, marketing plan. Your moves need to be broad in reach, but narrow of focus. Meaning, you’ll need to reach a lot of potential customers in your niche. This will be accomplished with a mix of great products and services, good content marketing, social media calls to action, and lead generation techniques.
- Increase the frequency of transactions per customer, here your intention is to get your customers to use other quality products and services you offer. Customers always have an upper and lower limit when spending money. When a customer purchases an entree, you offer them appetizers, drinks, and dessert. For example, the more of these items the customer purchases, the more they spend, and the more revenue you collect. Your job is to ensure your customer is getting the highest grade product their budget can handle.
- Turn new customers into repeat customers, a satisfied customer will be your best friend and this increase will bring in more revenue for little effort. Getting new customers is hard, but if you manage to make them repeat customers your sales will increase exponentially. This can be accomplished with a loyalty program, including referral incentives, content marketing, and an exclusivity, by creating a community around your brand. Word of mouth, will not only help build your brand but build connections among like minded individuals.