02/26/2015 | By Scott Siegal
No business owner is looking to keep company revenue at a stand still though, for many contractors, it’s an all too familiar story.
In order for a business’s annual revenue to be boosted, sales must be boosted. Read below for a compilation of some of our best tips and tricks to turn a lead into a customer.
Before understanding how to increase your annual business revenue, it’s important to understand the term itself, first.
What is Annual Business Revenue?
Annual business revenue is the total amount of money brought in before cost of goods are subtracted. This dollar amount is also sometimes called sales revenue or gross annual income.
Another familiar term might be net income, which refers to the total profit a company has earned after costs have been deducted.
Increase Revenue
In short, there are four ways to increase annual business revenue:
- Attract more customers
- Upsell to existing customers
- Entice customers to return (annual inspection, for example.)
- Raise product prices
How to Make a Sale
After 19 years in the business, here are the most sure-fire ways to turn a lead into a customer.
- Establish trust and confidence. Everywhere you go there are homeowner horror stories about poor experiences they have had with contracts and home renovation. Be the answer to their problems, and genuinely so. Homeowners have a fear that they’re going to get ripped off, pay too much, and the job isn’t going to be done as promised. Address the fears head-on and follow-through on your product offering.
- Offer value, not just price. A reasonable price is all about perceived value. Educate your customers so they understand the value of the product you’re offering. This is really much more important than the actual price itself.
- Allow the customer to buy. A customer wants to buy, they don’t want to be sold to. Empower the customer(s) to choose. If you create trust, confidence, and value, you give them the option to buy. You should be saying over and over again, “This is how you benefit…This is how you benefit…This is how you benefit.”
Working on the above will help turn your leads into paying customers! More sales means more revenue, more revenue means more profit!
Boost Your Annual Business Revenue Today!
If you need more help, CCN is here for you! Let us help you boost your annual revenue! If you haven’t already, think about joining us at our annual Owners Summit in April. Click below for more details.
Building the best,
Scott
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