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Sales are the backbone of any business, underpinning every aspect from hiring to product creation. Whether it’s marketing, important processes, team structure or software implementation, every part of the business’s make-up is designed to increase revenue. But which revenue strategies should your business use to fuel growth? We’ve got the answers with this guide to revenue strategies that will drive your business forward. 

4 revenue strategies to boost business

  • Identify top-performing channels
  • Expand brand awareness
  • Invest in the right software
  • Review your pricing strategy

1) Identify top-performing channels

It might sound simple, but you’d be surprised how many businesses neglect their best-performing channels searching for leads from other avenues. While you need to expand to other areas to maximise growth, one of the best revenue strategies involves doubling down on what’s already working. 

For example, if cold calling has proved to bring in the most revenue, consider increasing the volume of calls you make daily. If you bring in business via a monthly webinar, think about hosting one bi-weekly. It’s also worth reviewing channels that don’t perform well and asking if they are necessary to your growth. If not, it might be worth scaling back and refocusing your efforts on the strategies already bearing fruit.

2) Expand brand awareness

Recognition is a key issue for startups. You can have the best product or service in the world, but it’s of little use if no one knows about it. Therefore, you should increase brand awareness because you can only sell to customers who know your company exists. 

With a focus on branding, startups can improve their awareness and aid lead generation. Businesses often look straight to sales tactics to build their company, but spending time getting your name out there is a revenue strategy that can be more sustainable in the long term and directly correlate to increasing income.

3) Invest in the right software

Businesses powered by systems can handle multi-layered demands of expansion, which is why you should be fully armed with the right technology to help you flourish. This is especially true for startups, as they often need to rely on tech while employee numbers are on the lower side. 

Use a solid CRM or even lead management software if your company hasn’t yet matured to the point of needing more complex customer relationship management systems. Now is also the time to look at current operations and see what works and what doesn’t so you can remain focused on small business growth and operate an agile set-up.

4) Review your pricing strategy

Making price adjustments to pricing can help with your revenue goals. And that’s not to say a price decrease should be on the agenda. Perhaps it’s time to increase prices to generate more revenue and boost business profits. 

Before making any decision, understand competitor prices and how your pricing sits in against similar products and services. Think about regular incremental increases rather than one high price rise. Small jumps may not seem like much to your customer base, but they can change revenue in your company significantly.

Summary: Finding the right revenue strategies

Increasing revenue is the most challenging task all businesses face, especially if they’re startups. With the right revenue strategies in place, however, you can build your business and start seeing impressive increases in revenue on your way to establishing your company as a significant player in its field. 

Too often, startups can go hunting for glory without having a proper sales strategy in place. It’s not negligence as much as it is eagerness to get going. And while the desire to get the wheels in motion is commendable, it’s necessary to take stock and put a plan of action together. With that in mind, we’ve created this guide with what you should include in a sales strategy. 

Why do you need a sales strategy?

It’s vital to find sustainable traction in the market, and it’s something you’ll only achieve with a sales strategy. A well-executed strategy gives your sales team structure and something to focus on. As a result, they can zero in on the core objectives of the business from a sales perspective.

It needs to align your target demographic, buyer personas, market positioning, methodology and key channels. The strategy should be clear on customer pain points and demonstrate how your offering solves the problems they face. It’s also important to remember that your strategy will evolve as the business matures. But for now, here’s what you need to include in your sales strategy. 

What should you include in a sales strategy?

  • Target customers
  • Revenue targets
  • Tactics
  • Team structure
  • Market conditions

You need to know your target market, especially if this is your first sales plan. The exact details of the target demographic might not be fully fleshed out yet, but a sales strategy is where you can start making gains by identifying your market and customers. Ask questions like ‘do they all belong in the same industry?’, ‘what is the perfect customer?’, ‘what are their struggles and challenges?’. Answering these questions will start to give your strategy some depth and help you on your way to creating a solid plan. 

Revenue targets

Sales targets are necessary to help your sales team achieve their goals. It provides everyone with a clear outline of expectations and what’s possible. Realism is required when creating revenue targets – you need to aim for figures within reach. There’s nothing wrong with being ambitious, but it should be grounded with tangible targets that identify how much revenue your team can bring into the business realistically. 

Tactics

Tactics hold plenty of weight in a sales strategy. They essentially set out how you and your team will achieve business goals. Tactics include elements like the methods you plan on using to convert leads into sales and where you plan on finding customers. 

Team structure

What does your team look like? Is there a sales team, or are you still in the early stages where employees have hybrid roles? Whatever your approach to the overall structure of your team, everyone needs to know their role and work in the same direction to achieve results. Transparency is essential in a team structure, and this should be reflected in the sales strategy. 

Market conditions

Thorough research into your market will help everyone on the team better understand what they’re dealing with. You want to include vital information about your industry as well as the competitive landscape. Look at competitors, detail the current state of play in the market and work out your standing in the ecosystem of the industry you operate  – both where you are right now and where you want to get to by reaching revenue targets. 

Summary: A winning sales strategy for success

Whether it’s a startup or blue-chip company, every business benefits from a sales strategy. You need to know where you’re going before you can reach targets, and a sales strategy will give your business more direction and clarity to achieve your sales targets. 

There’s a lot to consider when founding a B2B SaaS tech business.

First and foremost will be product development; to ensure a unique SaaS product can create an impact in a competitive B2B market.

With a strong value proposition in place, it’s time to optimise sales and marketing operations, and take into consideration the core components of strategy, infrastructure, team and clients/community.

Strategy

As a conceptual activity, strategic planning is not always given the time and attention it deserves. A gung ho attitude will only serve a startup so well without a plan backed by real research rather than internal theory.

Having a strategic plan to align sales and marketing activity gives direction to activity in the early stages, and continues to provide focus as a startup grows.

A strategy will take into consideration brand messaging, competitors and positioning, customer pipeline, and of course in depth research of prospects, to name a few components.

Infrastructure

A solid strategy is nothing without the infrastructure to execute it. SaaS startups can practice what they preach and benefit from a multitude of SaaS providers to support day-to-day operations.

A sales tech stack can make or break a business. Consolidate services where possible, or integrate. There are many ways to do this and an API call can be all a startup needs to significantly reduce administrative burdens on sales and marketing teams. Saving a small amount of time each day can accrue into days and weeks of saved time throughout the year.

A quality CRM is invaluable, especially to support startup growth as several teams work across accounts. A CRM that can integrate with other software services ensures better control over data and an efficient sales cycle.

There exists a lot of power in automation. Utilising automation services wisely allows startups to engage more prospects and accelerate pipelines. Easing pressures on the workforce can also reduce the risk of employee burnout as engagement demands increase with growth. Different automation options will suit different businesses, and workflows should be built around unique customers for the best results. While there are many benefits to automation, businesses need to be careful however, that they do not not become robotic in their engagement.

Team

While infrastructure and automation is valuable, nothing can replace the value of real team members.

Recruitment should not be carried out in haste, and the value of diversity should be recognised. Once talent is on board, due time should be made available for teams to come together, including across departments to share insights and align activity. This extends beyond uniting sales and marketing teams to product development and finance etc, building relationships and understanding across all departments.

With a talented team in place and working cohesively, it can be tempting to try to motivate staff with targets and commissions, and while there can be a place for this, businesses should be mindful that increased sales through overpromising will lead to disillusioned customers. Short term wins do not necessarily lead to long term gains.

Providing training programmes for all staff, will not only enable the business but also empower the individual. A talented team member happy in their role on day one, will likely value the challenge and opportunity to evolve their role as the company grows.

Clients and Community

Businesses succeed when they enable their customers to be their marketers, generating new leads from word of mouth and referrals. In addition to offering referral rewards, businesses can enable customers to promote them by creating content that they can share, and celebrating their successes, for example through case studies.

For a SaaS B2B startup, the value proposition will shift in time to keep pace with new technologies. This offers a great opportunity to build trusted relationships with clients and provide feedback channels through access to beta versions.

There is a wide community out there for startups, and leads can be generated from leveraging network connections, this includes peers, suppliers and clients. Build relationships and support each other.

How can you optimise sales and marketing to close more deals?

Optimising your sales and marketing operations is not a quick one-time fix.

Successful startups constantly evaluate and refine their processes to adapt to changing times and achieve sustainable growth.

At Sales for Startups we can help you gain clarity in your strategy, gain confidence in your execution and get traction through your sales operations.