The fastest way to increasing your sales revenue might not be what you think.
When salespeople and management think about revenue and how to increase it they often think of... Cold calling Unannounced visits Social media marketing Cold emails Referrals Expanding to new Sectors or territories Whilst they are important components to prospecting and the overall sales-cycle they aren't necessarily the fastest or the easiest ways to get results Did you know it can cost a business anywhere from 5-25X more to acquire a new customer vs retaining an existing one? When you retain customers they're more likely to spend more AND spend more frequently Existing customers are much easier to sell-to especially at point of sale, they're already in a buying frame of mind In-fact, You're 30-70% likely to sell to an existing customer, compared to the 5-20% likelihood of selling to a brand new prospect Probably why I always say yes when i'm asked if my big mac meal is large Probably why I often click the 'other items you might be interested' button when online. If you or your business are not habitually up-selling and cross-selling the right ways to your existing customers then you could be leaving 30% of your revenue on the table