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 who 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.

Remember, Mosaic creates customers and increases sales for business-to-business companies through specific project work, on-going retainer assignments or marketing coaching sessions.

Until next time.....

Rosemary Walter
847-483-5018
Rose1Walter@MosaicMM.com

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