Corporate Revenue Building Ideas and Techniques
Ways to Make a Business Grow Financially
Jun 30, 2009
During tough economic times, the tough get tougher. It is time to pool resources and look at new ways to increase corporate revenues.
Work Collectively to Win a Large Contract
Often a sales department focuses on wining small contracts, especially if sales targets are set per individual sales person. To win a bigger contract, create an incentive for the sales department to work collectively to win a larger contract. Start with a team meeting and brainstorm possible client or customer targets and what strategies can be used to win them over. Assign tasks so that the sales team is working equally towards the goal of wining the large contract.
Get Recognized as an Industry Leader
Another technique to build company revenues is to gain the recognition of the community by making a substantial donation. Often a donation can mean very little financially to the company but can mean a great deal to the community recipients and to employee pride. Donating used equipment, product seconds, services, staff time and energy etc. can bring media recognition and publicity. Writing a press release to send to media outlets will help catch the attention of reporters. Emphasize the human interest in the story to get a positive response from reporters.
Recognition can also come from winning an award. Assign someone on the sales or communication team to research possible award competitions and the entry requirements. Most industry associations have annual awards and many magazines and newspapers publish top ten or top 100 lists. Making the top 100 companies to work for can not only lead to an increase in market share, it can also dramatically increase the candidate pool when jobs are posted.
Increase Profit Margins
To increase profit margins brainstorm with employees to look for ways to decrease operational or administrative costs for example:
- move to a location that will decrease square footage or transportation costs
- find a cheaper supplier for a large expense
- introduce new technology that will bring costs down
- look for ways to streamline process to decrease labour costs
- increase the price to customers
Guerrilla Advertising
Brainstorm with employees innovative advertising techniques that catch customer’s attention with their unique take on advertising. Guerrilla marketing techniques use big impact to attract an audience. Start by choosing a high traffic venue where the company’s key demographic market frequents. Brainstorm a unique display that will become a conversation piece and/or cause a big reaction.
Finding new and innovative ways to build corporate revenues can motivate employees and management to see a new light in dark times.
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