Impacting Revenue & Tracking Results
What are the 3 biggest threats, but also your biggest wins, when it comes to impacting revenue for your business? Just like many things, some of the best ideas and the best strategies can also be your downfall if you do not complete it the correct way. Proper implementation of your strategies can be the difference between a huge revenue year and losses. These 3 things should be tracked and monitored so you can always adjust for the better and to see growth in your business.
- You need to properly invest your marketing budget.
The pit of loosing money on marketing campaigns can be pretty deep – but it definitely does not need to be. Hiring a marketer that understands the current trends as well as your brand and tried and true tactics will be a great investment. Further, investing in the proper channels and getting your name in front of your potential customers is priceless – if it works! Always be testing. Run campaigns with the intent of closely monitoring how they are doing so that you can fine tune, or pull out altogether, if it isn’t going well. Testing is never a bad thing, but throwing money at something that is hurting you, is.
- Understanding what resonates with your audience.
Revenue is good? That mist mean your audience is loving what you are doing and is happy with you! Great work. However, when revenue is down, it could be because you have not properly connected with your clients and customers, even just in that certain season. Resonating with your audience is not just a one time thing when you design your brand packaging and materials. Connect with them is on-going. It is meeting them where they are at and understanding their seasons of life. The biggest threat to your revenue is loosing customers and the biggest improvement is gaining new ones! Finding and connecting with these potential customers is so very important & tracking their spending habits with you is equally vital.
- Knowing where your revenue is coming from.
Do you know when and where you make your sales? Do you notice an increase after an email blast? Do you notice when you chat on Instagram Live that your sales start to trickle in? Find what works best for you and your brand – and once again, it’s okay if it takes trial and error. The best way to impact your revenue over time is to know exactly when and how your customers will remember to re-purchase from you and doing that with great effort!