In business, you adapt or you eventually fade away. Part of this, however, is knowing what to do in order to adapt successfully, and this is where a lot of business owners simply come up short.
In this post, I will present a few things that businesses are getting involved with as they seek to creatively adapt to revenue shortfalls.
1. Leverage Sales Intelligence to Find More Prospects
Marketers aiming to reach top prospects who are become desensitized to the average pitch are turning to companies that specialize in sales intelligence. This is a huge trend and part of the overall marketing automation push, which I wholeheartedly endorse. Big players include Sales Loft, Radius, Sales Genie, Marketo and Salesforce’s Pardot.
Sales intelligence agencies constantly research and analyze the latest news and industry developments to give sellers key information to advise buyers. They have up-to-date profiles of the decision-makers at all levels of various businesses so sellers know who to contact and cultivate. Furthermore, these agencies offer vast social connections to help sellers better develop professional relationships with small business executives, a.k.a potential clients.
With many customers doing their own research and refusing to engage with sellers until the very last minute, firms who use intelligence to offer an elite level of salesmanship and guidance are the ones who will grow revenue in 2014.
2. Offer in-house financing
Grow interest-based revenue by offering in-house loans to customers when they buy big ticket items. This can prompt customers to complete more transactions since they don’t have the hurdle of finding outside financing. Businesses who have significant capital assets and can conform to federal lending laws, such as Truth-In-Lending and the Fair Credit Reporting Act, are great candidates for this option.
3. Sell Subscriptions
For any company, deciding to rent products and services in 2014 through subscriptions rather than sell them outright can be an income-boosting move. This can be particularly profitable for software companies, and one large player who shifted entirely to a subscription model is Adobe Systems with its Creative Cloud. One benefit, apart from lower entry costs for the buyer, is that businesses get nearly guaranteed repeat customers as they grow dependent on the convenience of subscribing without large capital outlays — which might also offer them tax benefits.
Even for businesses who sell consumable goods that can’t be used again, the subscription model can be employed by signing customers up to receive products at discount when they agree to purchase again and again on a regular cycle.
4. Co-branding.
Teaming up with one or more brands to create a multi-brand marketing push can be the source of much profit. Companies that offer related goods can choose to boost sales by sharing ad campaigns and websites. Not only can the lead company charge a fee for piggyback advertising, but all participants can reduce promotional expenses and grow revenue in 2014 by offering wider variety — which will allow them to engage more people for longer periods of time.
5. Sublet unused business space.
This last one might be a stretch to consider at first, until you look around and see how much surplus space many businesses have in an era of increased telecommuting. What is that space was used to bring in a partnering firm that would benefit all parties?
Renting surplus space to related businesses that draw on the same clientele can be a lucrative solution. The lessee gets to make money off extra space by letting another shop open as a neighbor. Meanwhile, both businesses create a bigger presence that draws on both customer bases and attracts new customers with the overall increase in activity.
With so many creative options for expanding income, it’s a shame for companies to miss out by just doing the same old thing. Commit to adding at least one to two new revenue streams by the end of 2014. Okay?
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