2 Ways to Increase Your Revenue

Peter : On Rad's Radar?
| Peter Radizeski of RAD-INFO, Inc. talking telecom, Cloud, VoIP, CLEC, and The Channel.

2 Ways to Increase Your Revenue

In this slide-deck, slide 6 shows that they biggest reason businesses lose customers is due to neglect. That means that your company became a line item for payment on an invoice or credit card and at some point the buyer decided to price shop you and left.

This article suggests, "Do you know that 45 % of customers do not renew because they believe they weren't contacted? That poor data quality is a primary reason 40% of all business initiatives fail to achieve their targeted benefits! Or that 61% of companies have no knowledge of their asset base, using spreadsheets and rudimentary tools to track warranty and post warranty opportunity?"

The 2 ways to increase your revenue are as follows:

Talk to your customers! Not just a Hey how are you, but valuable follow up. An article about their industry, a congratulations for an award, or a dozen other ways to stay in front of your customer in a valuable way.

Ideally, you would have a CRM system, an email platform like MailChimp, and put out a newsletter every month, but if that is too systematic or too big for you, email them or call them quarterly.

Set up a calendar tickler to contact your customers 9 months before the contract expires. (In many cases, the auto-renewal clause needs to be shut off 3-6 months before expiration.) Ask about future plans. Listen to what they are doing. Suggest ways that they can leverage technology and services to get there. Don't simply re-cast the service, upsell and cross-sell it.

Most businesses are outsourcing some IT duties, Suggest some managed services to help them leverage a service provider'e expertise, like managed router or cloud firewall or IDS.

I talk about CRM often, because it is systems and processes that you put in place that help you make more money and help you be more productive.

Think Lifetime Value of your Customers - or as Tom Peters yells, "Get Close to the Customer!" Build Relationships that are Valuable and Lasting.

When businesses are being evaluated for sale, using a CRM system and contracted customers are two important points.

In internet marketing, it is all about your list - your email list. If you send out valuable information, people will read it and elevate you above "just a salesperson". You can become that Trusted Advisor.

Stay in front of your customers, in front of your market. Your customers are not just your meal ticket, they are your assets.

Related Articles to '2 Ways to Increase Your Revenue'
Featured Events