(5) Adopting a Premium Pricing Strategy, (6) Incorporating Discounted Pricing Tactics, (8) Developing Cooperative Sales Agreements, (20) Offering Additional Payment Options and Terms, (21) Eliminating Bad Customer Relationships, Pros and Cons of Favorite CRM Software Whitepaper, The Business Networking Preparedness Checklist, Step by Step Hiring Process Template for Developing a Sales Team, Additional web creative and collateral needs, Potential for undesirable revenue outcomes, Development of supporting marketing resources, Ability to control the subsequent brand conversation, Market research to identify brand differentiation opportunities, Legal partnership agreement considerations, Availability of current products and future product capacity, Need for increased staffing (especially among specialized roles), Alignment with the overall organizational mission, Mutually beneficial reciprocity expectations, Additional contract and clause requirements, Assessment of the possibility for sales cannibalization, Strategic marketing resources to align and promote new offerings, Understanding of new industry competition variables, Additional need for experienced sales personnel, Audience research to identify product use capabilities, Preservation of existing offerings to retain existing customers, where appropriate, Assessment of channel expansion possibilities, Additional staff needed to solidify customer relationships, Specialized marketing tactics to engage existing customers, Shifting marketing emphasis from customer acquisition to retention, Effect on sales team compensation and performance objectives, Technological upgrades needed to establish and maintain the mobile experience, A complementary tech-savvy focus among employees, Implementation of customer rewards programs and incentives, Engagement tactics that meet customers where they thrive, Availability of complementary organizations willing to engage in partnerships, Legal considerations for partnership agreements, Risk assessment of aligning with third-party individuals, Legal considerations of social collaboration, Supply chain and logistics considerations, Additional staffing required at all levels of the business, Financial feasibility of payment expansion, Legal considerations of extending payment terms, Social implications of eliminating customers.
• Rewards: You can also offer actual rewards. Setting goals is a great way to encourage your team to do their best. Nurturing customer relationships encourages brand loyalty, increasing revenue figures organically from the brand advocates themselves and their personal networks. However, some revised compensation plans actually encourage undesirable outcomes like selling higher volumes of shorter contracts, which is why revenue implications must be considered when drafting compensation structures. By clicking Start My Free Trial you are agreeing to Data Axle Genie’s Terms & Conditions. Aka: Revenue Strategies - the Foundation for CRO Success, In a recent confidential interview, a CEO shared his thoughts about the next 12 months: "We believe we will achieve our revenue and profit goals over the next 12 months with our current resources. For online businesses, social selling is another possible method to expand distribution channels, by allowing sales of products directly from the social platforms where consumers are already interacting with the brand. For example, if your revenue goal is $1 million and your average order size is $2,500, you’ll need 400 orders to meet your goal. Aside from education, motivation is also important. Organizations with excess sales team capacity or inefficient compensation and bonus plans. With these tips, your sales team won’t simply meet their revenue targets -- they’ll blow past them.