Companies constantly ask themselves what to do to increase their sales, however this is a very ambiguous question, a company can increase its sales but also its costs, which directly affects its profitability and consequently the company is negatively affected.
That is why companies are beginning to rethink this question, instead of focusing on increasing sales, now their focus is on driving company growth, which implies increased sales, but goes further, seeks the general well-being of the entire organization.
To boost the growth of your company, there are two ways to achieve it, through linear or exponential growth. The difference between the two slopes is the same as between adding and multiplying.
Linear growth focuses on adding the percentage of growth of each year, on the contrary, in exponential growth it is about multiplying it, this also requires multiplying our efforts, however the reward is very satisfactory.
3 factors that intervene in the exponential growth of your company
There are 3 key points that you should not neglect in your company if you want to go from linear growth to exponential growth. These 3 points at the same time are ways or strategies to increase your sales with less effort.
Get more customers
Most companies tend to focus only on this point, it seems logical to think that to increase sales you need to attract more customers, that is, prospect; However, this will not always be the most effective way to boost your growth, this because it implies a greater effort and time to achieve it.
Increase purchase frequency
This is one of the strategies little used by companies, but it is one of the ones that yield the greatest benefits in less time. Your current customers have already trusted you, this becomes a great strength, and now all you have to do is make sure that the experience with your brand continues to be positive, so you will ensure that they always buy from you.
Balancing the value for money
When companies start to think in terms of profits and not sales, the first thing that occurs to them is to increase prices, but if consumers do not also perceive an increase in the value they receive from the product, the most likely thing is that you will start to lose sales and your profits fall. You must make clear those benefits that your product offers, that there is no doubt that you solve a problem or cover a need better than anyone.
Now the question is, which of these 3 strategies should you implement to boost your growth exponentially?
Certainly, to have the results you expect, you should not neglect any of the previous 3 points.
How to identify new revenues streams
Digital identity solutions provide not only the safer and more confident environment necessary for the wider digital economy to grow, they are themselves a source of considerable revenues for the operators enabling them, and the partner organizations they are designed to benefit. Here are some ways to identify new digital revenue streams for your business.
Finding Your Relevancy
Start with your existing market and existing customer base. Everyone’s world has drastically changed in the last few weeks. What’s on your customer’s mind and what they care about today is different than what you’ve always known. Put yourself in their shoes. What are their goals, pains, wants and needs? Not sure? Ask them. You need to understand how their day-to-day has changed, and position yourself to be relevant in their new world.
Ideate on Digital Strategy
Once you have a well-rounded understanding of your customer’s world it’s time to dive headfirst into developing a digital strategy. Start by brainstorming with your leadership team and have the conversation be fueled by the new learning’s.
Some questions to consider
- Is there a new market you can serve?
- What are the unmet needs of your customers?
- How should your existing business adapt?
- What digital touch points should you take advantage of?
Don’t Jump to Building an App
The hardest digital strategy and the one you shouldn’t jump to immediately is to build software. I’ve heard it time and time again: “I think we need an app.” It is a natural progression - a company sees an opportunity, and so the knee-jerk solution is to build an app “that will take their business to the next level.” But how do you know that an expensive, labor-intensive app is actually what your company needs?
Adding a software component to your business is like adding a whole new business to support. It requires a different set of skills, vision and leadership. Building an app for the sake of building an app is not an adequate digital strategy. Focus the digital strategy on your customers, not on a shiny object.
The Stakes in a Digital Experience
Customer expectations are at an all-time high as it is, but one thing that has become clear in the last few weeks is that customer experience is the great differentiator in times of crisis. This directly translates to digital and should impact the strategy you put together. Each digital touch point should be executed flawlessly as to leave a positive impression on your customers. Navigate this correctly and you could snag a customer for life.
Digital is more important now than ever before, and having a digital strategy can lead to new sources of revenue for your business. You just have to figure out where it fits within your business strategy.