7 Easy Ways to Accelerate Business Revenue During COVID-19
Many had hoped that the pandemic would be over before the leaves hit the ground this year. Unfortunately, COVID-19 as well as its economic impacts are still here. It has been a tough time for everyone, not least of all entrepreneurs. Many businesses have been struggling to keep their revenue up for months now and are desperate for solutions. Yet, here are seven ways to accelerate business revenue during COVID-19.
Review Your Sales Strategy
The first way to accelerate business revenue during COVID-19 is to take a fresh look at your sales strategy. If it hasn’t changed since the pandemic hit, it’s overdue for an update.
For example, perhaps you closed most of your deals through product demos. You may no longer be able to do those in person, but you can still conduct them through videoconferencing tools like Zoom. Think through the steps your salespeople need to set up, put on, and follow up after video-based demonstrations.
Updating your sales strategy is also a chance to consider whether your competitive advantage still holds. Market conditions tend to change rapidly during economic crises.
Visit your competitors’ websites, and check with other leaders in your space. A business similar to yours may have rolled out a new feature, built relationships with new audiences, or dropped their price point. Make sure you have a plan to counter it.
Spend Less Time in Email
Since COVID-19 made remote work the norm, you’re likely sending and receiving more emails. But not every message merits a follow-up, and you may need to try different channels with recipients who aren’t seeing your messages.
Stop wasting time in your inbox. Use email tracking to see who’s actually opening your messages and clicking links in them. This information can keep you from spending precious time on leads that will never convert.
If you notice a recipient is seeing your emails but not responding, ask someone in their network how they prefer to communicate. A phone call or social media message might work better.
Tighten Your Ad Targeting
This economy is not the place to cast wide, expensive advertising nets. Instead, spend your resources on smaller, more focused campaigns aimed at your most likely customers. This will help you accelerate business revenue during COVID-19
If you already have a good idea of your ideal customer, tick those demographic and interest boxes when placing digital ads. Google, as well as sites like Facebook, offer incredibly granular targeting tools. Make sure your ads are customized to the people you’re trying to reach.
What if you find yourself unsure of which boxes to check? Spend some time getting to know your existing customers. Send out a survey, or set up a focus group. Provide a small reward, such as a gift card, to thank people who participate.
Raise Your Rates
The simplest way to bring in more revenue is to raise your prices. While not every industry’s conditions support such a move, you might be surprised: Some sectors, like digital marketing and media, have grown during the pandemic.
Of course, raising your prices risks losing current customers. But a slight price increase may actually help you attract new business.
Many consumers assume a higher-priced product is of higher quality. Just make sure your customer service is strong enough to support those higher expectations.
Bundle Your Services
If rate increases aren’t the way to go, consider mixing up how your products or services are sold to accelerate business revenue during COVID-19. Many cable television providers, insurers, and B2B agencies offer package deals because it increases their average order volume.
Take a look at what customers usually buy together or in sequence. Pairing those items might improve your customer experience while enabling you to move more merchandise.
Bundling, when done well, can also build trust. Customers want to know that the companies they do business with can anticipate their needs.
Over-management doesn’t just take time; it can actually discourage your salespeople. Nobody wants to work for someone who’s never satisfied.
In a recent study, 68% of those who’ve experienced micromanagement reported it hurt their morale. More than half said it negatively affected their productivity.
Begin by setting clear expectations. Whenever possible, give hard numbers so employees know whether they’re missing, meeting, or exceeding the target. If your team knows exactly what you want, they’ll be in a better position to deliver it.
While you’re at it, practice delegating. Letting employees own projects improves their confidence and requires less time from you.
Most importantly, let go of perfectionism. Rather than nitpick everything your employees do, realize that done is always better than perfect.
Revisit Your Website
Your sales strategy is strong. Your marketing is relevant and targeted at the right people. Your team is operating at peak efficiency. But if your website is weak, you still won’t see the sales figures you want.
Though it may not seem tightly tied to your revenue, your website can absolutely win or lose you sales. In this age of social distancing, your company’s website is its front door. Make sure it’s a welcoming, informative place.
Just as you would on your physical front door, post changes to your operations on your website so your customers know what to expect. For example, if you operate a call center, set the expectation that wait times are longer than usual due to high call volume.
Another key to a revenue-promoting website is pages that load quickly. About half of consumers expect websites to load in two seconds or less, and even a one-second delay can reduce your conversions by 7%.
Yes, the pandemic has stuck around for longer than you’d have liked, and no, that’s not good for sales. But more of the revenue equation is in your control than you might realize. Focus on those components, not the ones you can’t change.
The best part? When the good times return — and sooner or later, they will — the changes you make now will continue to pay off. Until then, this is a good place to start so you can accelerate business revenue during COVID-19.