How To Rapidly Recover Revenue

The sales landscape is ever-changing. Now is the time to develop a roadmap to lead your sales team into the weeks and months ahead. This means taking care of your customers and then planning for recovery. Communications professional Julia Nimchynska says that the most effective leaders focus not just on recovering revenue, but on recovering it quickly. They do this by following the SHAPE model:

  • Start-up thinking: Be quick to adopt new ideas and embrace risks in a tumultuous environment.
  • Humanity first: Put the needs of people first. This includes your customers and your employees.
  • Acceleration: Gather information and learn swiftly, tapping into digital tools to highlight the different points of the sales journey.
  • Purpose: Double-down on your customer-first approach.
  • Ecosystems for adaptability: Stay nimble and be ready to adapt to new trends and demands as they emerge.

How can you apply this approach at your organization? Keep reading this issue of Promotional Consultant Today for Nimchynska's suggestions on steps to take to achieve revenue recovery swiftly.

Embrace virtual selling. Even when the pandemic fades away, you will likely still communicate with customers and prospects digitally. Whether through live chat or conferencing, take this time to get your sales reps comfortable with interacting online. It's a safe, convenient and cost-effective way to sell. Nimchynska also recommends that businesses work on building their digital presence. Make sure pricing is easily found online and help your customers get what they need through live chat.

Do a deep dive into customer needs. Your customers likely have new needs and expectations. To win revenue quickly, look for new sales opportunities and maintain your existing relationships as much as possible. Nimchynska suggests beginning with your current customers and opening your mind to new go-to-market tracks that may not have been possible in the past. Can you offer webinars or digital consultations? This can be an excellent way to add value in an age of physical distancing.

Accelerate your digital transformation. Before the pandemic, many businesses turned to tools such as artificial intelligence and cloud technology to connect with their prospects on a deeper level. According to Nimchynska, the digital landscape has changed at record pace and shows no signs of slowing. When you fine-tune your digital presence, you simplify the sales process. It's much easier to communicate with connections and close more deals since you eliminate the need for travel. This opens the door to not only more revenue, but faster revenue.

Take risks. Some organizations prefer to play it safe when the economy gets rocky. However, Nimchynska points out that this way of thinking will not set the state for revenue recovery when new opportunities arise. Instead of waiting things out and staying cautious, she recommends taking risks and leaning into worthwhile opportunities.

Most companies are operating on lean budgets these days. Instead of letting that set you back, use this time to try new things. Ramp up your virtual selling capabilities and get to know how you can better serve your customers. By experimenting now, you can learn what will deliver results—and revenue—in the future.

Compiled by Audrey Sellers

Source: Julia Nimchynska has a background in SaaS marketing and PR. She uses her experience to convert B2B communications into revenue.

filed under July 2020
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