Do you feel your sales are stuck?
Every business needs to increase its sales to survive. It's a key part of the business. After all, without revenue, there is no more capital to keep investing in new ideas or projects, and growing your company.
That's why in this blog post we will tell you how you can increase your revenue by implementing clear marketing strategies, specifically 4: lead generation, branding, analytics, and retention.
There are many ways in which marketing can increase your revenue, here are a few strategies:
Focus on establishing a strong brand that makes you stand out from the competition
We live in a time when most markets are saturated and most products are identical, making product differentiation almost impossible. That's why, for companies, it could more beneficial to stop competing on product differentiation and focus on branding. Building a strong brand can give your business a competitive advantage that's sustainable over time. A brand is able to speak directly to its customers in a personalized experience that leads to forming an emotional connection. Making your brand repeatedly chosen, preferred, and noticed.
This also has a direct correlation to the organization's ways to increase revenue since it can boost your sales. Branding can help you be on top of the minds of your customers, making you the ultimate go-to company whenever they want to buy something. Lastly, a strong brand is able to increase customer loyalty, which drives revenue by increasing customers' lifetime value and the chances of repurchasing.
Invest your efforts in lead generation
Lead generation is a key component in a business model, after all every business needs leads to grow right? As a way to increase revenue, generating more leads can help you spread brand awareness and promote interest in your company. They also craft long-lasting relationships with customers.
One of the most effective ways to increase revenue through lead generation is email marketing, Specially emailing people who signed up to receive news from you, because it means they are interested.
Keep your customers coming back for more with retention strategies
While we already stated how acquisition is an effective way to increase revenue, however, it's also important to keep them coming back for more. Customers that already bought from you are 60-70% more likely to buy again. Also, the cost of retaining an old customer is 5x less than the cost of acquiring a new one. Making it a steady stream of revenue worth trying.
In order to make your customer come back, it's crucial to know what makes them tick, and above all what's pulling them away. Conduct customer interviews, surveys, or social questionnaires. This will help you identify pain points, What's causing them, and how to solve them.
Two important things to understand for your retention strategies to be successful are:
Map out the customer lifecycle and how your customers transition from one stage to another, this will help you identify in which stage they drop the most and how to create segments of customers, so you can send tailored messages depending on their stage.
Make sure to understand which is the moment your customer's WOW moment when they perceive the most value out of your product/service and love it. This is important because the sooner they have that "wow moment" the more likely it is for them to come back to your company since they fully adapted to it.
Use digital analytics to make data-driven decisions
If you are selling a product/service and not implementing analytics in your business chances are there are some insights you are missing. Data analytics is very popular and in-demand right now, and with good reason! Integrating analytics tools into your business model can help you identify how your customers are navigating your website and transitioning into your funnel. Which at the very end will give you data-driven insights on which parts need to be optimized and how to increase revenue.
By obtaining quantitative data, you get information that's based on numbers and facts instead of trying to guess what went wrong. Analytics can help you track the revenue coming from any marketing campaign launched. This will also help you analyze the behavioral pattern your customers have on your website. These are some key things to track with analytics:
Where are your customers coming from? It could be organic search, paid advertising, social media, or blogs.
How are your customers navigating your website? Which are the pages your customers are staying on the most.
Which items are being added to your cart? How long does it take them to make a purchase? Identify items your customers are looking for, track keyword search, and pay special attention to the ones you do not have on your site.
Final thoughts
Every business needs to increase its revenue to grow beyond and make in the market. However, it's a complex topic, and you need to prioritize your efforts in order to stay afloat. Marketing is tightly related to the sales team since the main function is to put your product/service in front of the right audience. Four marketing strategies to drive revenue are: focusing on branding, investing your efforts in lead generation, implementing retention strategies, and using digital analytics for data-driven decisions.
Here at Digithy we can help you get started with implementing marketing strategies. Contact us for a free consultation!