No one could have predicted how this year has turned out so far. No one saw the coronavirus pandemic coming. While there may be measures to tackle a resurgence of the Spanish Flu or a recession, there was no precedence for what 2020 has brought on. Countries, business and individuals alike have suffered and may suffer even more. However, with the right strategies and action plans, business can survive these times.
Speculations and predictions suggest that the entire economy would have opened up by November. In Lagos, Nigeria’s business capital, moving through the streets suggests that everyone has literally moved on. Already, some businesses have reopened and started picking up. The travel and hospitality industries, for example, have reopened and are getting business done.
However, reopening after such a long lockdown may not be as easy for business in Nigeria. Most will have to invent and reinvent themselves in order to resume revenue generation in the new realities. As an executive or business owner, you can adopt the strategies below to position your organization, maximize available opportunities and drive revenue growth.
- FOCUS ON KEY ACCOUNTS AND REPEAT CUSTOMERS:
Instead of spending unavailable resources trying to gain new customers, you can focus on upselling or cross-selling current customers. This is significantly more effective and cost-efficient as your current customers/accounts are already acquainted with your products and services and are therefore more likely to do business with you.
A customer appreciation gesture such as special discounts and freebies will lead your past customers and clients to their next purchase. This gives them the impression that you went the extra mile for them because they are important to you.
Connecting with your existing customers can also be an excellent way to acquire new customers to boost business growth. Since people are inclined to connect with others like them, giving existing customers a strong referral incentive can be a big win for your business right now.
- INCORPORATE A DIFFERENT APPROACH TO MARKETING
You need to take a different strategy and approach to marketing. This might seem like an obvious way to improve sales and ramp up revenue but it can only yield results when done the right. Back up every decision with data and analytics from customer interactions.
Since most buyers and decision-makers are spending more time on the internet during this era of COVID-19, it is time to leverage your marketing activities on social media. If you operate in the B2C space, use Instagram, Facebook, and Twitter while B2B corporates should focus more of the marketing efforts on LinkedIn.
- RE-EVALUATE YOUR BUSINESS GOALS
This is the period where you need to have a sit-down and have a clear evaluation of your current business goals. It is important to realign them with the current economic reality. The first step to achieving this is by conducting a SWOT analysis to determine the current state of the business. You need to ascertain for sure the strengths, weaknesses, opportunities, and threats of the business. This will give a holistic view of things that will assist in developing business goals that are geared towards rigorous revenue growth. There is a particular saying at the SalesRuby Academy; “It is easier to make good better, than to make bad good”. What is the point? Focus on the good and try to make it better than the best.
As we enter the last part of Q3, CEOs and leaders need to focus on a three important things in order to maximize revenue generation before the year ends:
- Cost Minimization: A primary focus of leaders should be cost reduction and variability. Many CEOs and organization currently have fixed costs and making them variable is a way to makes it easy to earn the profit needed to scale the business. This also makes it easy to separate personal wealth from the business’ accounts
- Understand The Customers: There has been no time better than now to focus on your customers. Customers have to be at the heart of every business decision. Therefore, take time to gather knowledge and understand their pain points
- Leverage on Technology: Technology provides tools that make sales processes easier. For example, prospects outreach activities like emailing and calling, hitherto done manually, can be automated into a workflow and cadences. Processes and tools like this would make your sales people more efficient and productive, doing more with less.
Despite the effects of the pandemic, there are still many revenue generation opportunities for every business to explore before the end of the year. It takes only strategy and purposeful action.
These insights were shared by the CEO of Wakanow, Bayo Adedeji, and SalesRuby CEO Bunmi Jembola, during an executive strategy session hosted by SalesRuby Academy for business leaders to align their strategies for optimal revenue generation amidst the coronavirus pandemic.
Source: Pulse Nigeria.