Rev Up Your Revenues

Just because the economy continues to stall doesn’t mean you can’t “jump start” your business. Here are six simple, easy, practical and cost-effective ways to rev up your revenues.

1. Profile Your Customers - Take a look at internal customer records to see who contributes 80% of your sales - or better yet, 80% of your profits! Categorize them by size, industry, etc. Now use that profile information to define a target audience for your next marketing or sales effort.
   
   
2. Reach Out and Touch Those 80% Customers - Research shows that 2/3 of the customers that stop doing business with a company do so because they didn’t feel that the company viewed them as being important. You wouldn’t want that to happen to any of your customers, especially those who contribute to 80% of your sales or profits. Something as simple as a handwritten note, phone call, or e-mail thanking them for their business could make the difference between a retained and a lost account.
   
   
3. Wake Up Old Accounts - While you’re looking at customer records, find out who did business with you through the first half of 2002 that you haven’t heard from over the past 12 months. These folks are 5 times more likely to buy from you than a new prospect. Studies show 2- 10% of these sleeping customers will buy if you’d only contact them.
   
   
4. Market to Old Sales Leads - Resurrect files from previous sales efforts that failed. You’ve already spent time establishing a relationship with these folks. Why not leverage it by re-contacting them? Research here indicates these folks are 2-5 times more likely to buy than a new prospect.
   
   
5. Keep Tabs on Competitors - Learning what new marketing, sales or product strategies are being used by your competitors is a great advantage at anytime, but even more so in an economic downturn. Armed with information about competitive sales, marketing or product tactics, your revenue-generating efforts can speak pre-emptively to the value you deliver that overcomes their new efforts. For example, you learn that your main competitor is lowering prices by 10% to steal busines away from you. Your sales team may want to start reminding customers of all the added value, or extras, that your company provides to them at no extra charge. Things like quality product, long term relationships, extended payment terms, faster delivery, etc. You get the idea. The competitive threat never needs to be mentioned, you simply want to shore up your base by educating current customers to the point where they won’t even be interested in the competition.
   
   
6. Always Think Like A Customer - What needs does your company meet for its customers? Without you what would keep them up at night? Look at your company and its products or services in these terms and you’ll be defining your marketplace value. Not sure how to do this? Get started simply by asking your top ten customers why they buy from you? Chances are you’ll learn a lot and, if you use this information wisely, your marketing efforts and revenue results will improve nicely. Whether your business is zooming along or sluggishly making its way toward the future (or at some speed in between) one of the above tips will add new zip to your sales and marketing efforts and future revenues. Why not test drive one for a month or two? I think you’ll like the final destination — and how quickly you arrive.

—by Rosemary Walter

Marketing Tips to Clip

E-Mail Campaigns (NOT SPAM) That Sell
As lawmakers in Washington attempt to add criminal implications to the infraction of sending unsolicited pornography and marketing messages (SPAM) to e-mail addresses marketers need to be aware of the differences between SPAM and permission e-mail marketing campaigns. Further we need to understand the tremendous value such campaigns provide in improving relationships with current and would-be customers.

First of all, permission e-mail campaigns are the complete opposite of SPAM. Where SPAM brings unsolicited e-mail marketing offers and messages to one’s mail box from unknown senders permission e-mail campaigns bring “asked-for” VALUE on topics of interest to the recipient from known and credible sources.

So let’s say you decide to use permission e-mail marketing campaigns to wake up “sleeping” accounts, retain current customers through regular contact, or provide special content and offers to those “80%” customers...here are a few tips to make your campaigns more effective.

Get Permission - In order for permission e-mail campaigns to work effectively you MUST ask permission to contact the recipient through e-mail. Think about instituting a routine with your sales and customer service people to ask every current and potential customer for their e-mail address and for their permission for your company to send them a regularly scheduled e-mail message.

Give Them a Way Out - Every e-mail message MUST include an opting-out or canceling method. In this way, recipients are always in control of deciding if they want to continue receiving your e-messages.

Deliver on Tuesday, Wednesday or Thursday - Avoid having recipients receive your e-mail on a Monday or Friday when they are likely to be the busiest catching up from the weekend or winding down for the week.

Make it Personal - Dale Carnegie once remarked that the sweetest sound to any person is their own name. By incorporating this timehonored concept into today's latest communication technology you increase your chances for effective relationship building. Don’t just stick to a person’s name, include their company name, or other pertinent “unique” content. Advanced e-mail delivery services allow you to gather data and customize fields - and even content sections - to create that “just for you” feel to any e-mail message sent. (There are lots of different ways to use this technology to cross-sell and up-sell to current customers.)

Draw Them a Picture - An e-mail message that includes a graphic image is three times more likely to be read. This is another great reason to use HTML versus “text only” e-mail formats. If you are interested in learning more about how permission e-mail campaigns can build your business, give us a call. We’d be glad to design a program that meets your goals.