Here’s how you can grow your startup revenue

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Revenue is the economic engine for any business. If you have no revenue, you can’t cut a profit, much less stay viable in the long run. A strong revenue stream gives business partners, employees and other stakeholders the assurance and confidence to support your company. Especially if you’re a startup looking to fundraise, having solid numbers in your pitch could be the game changer. A business that is able to consistently generate more sales over time definitely catches the attention of any investor.

To avoid the wrath of stagnating sales, read on for four essential points to think about when planning your sales strategy. Or best yet, get real advice from those who have been there, done that at Tech in Asia Jakarta this November 17 at the Revenue Stage.

Target the right KPI

KPIs are the business equivalent of a compass. They provide the direction for your company. But unlike compasses, KPIs are never one-size-fits-all. It should be tailored to your primary business operations. Need a benchmark? Look at other players in your industry. But industry conditions may change, so revisit your KPI targets regularly. Targeting the right set of KPIs will shine light on performance and highlight areas that need attention, which can be crucial for your company’s success.

Sustainable sales funnel

Sustainability is about optimizing efficiency while reducing costs. Sales may be a numbers game but stop clogging your funnel (and precious time!) on prospects that aren’t ready to commit. Leads with low potential should be moved out right at the beginning. Instead, focus your efforts on understanding the buying behavior and motivations of your customer. Develop a sales process that works bests for them. A lot of time and effort needs to be invested, but upon perfection, you’ll be making money on autopilot!

Leverage on customer loyalty

Studies have shown that it costs six to seven times more to obtain a new customer than to maintain an existing one. Want to increase your profits dramatically? Retaining your customers could do the trick! Loyalty isn’t about giving out dozens of stamps or thousands of rebates. Perceived value is what keeps customers coming back. What unique value does your product offer to them? Beyond their wallets, develop strategies that encourage loyalty through value. This could be the missing ingredient for your long term success.

Negotiation 101

Having the right KPI and sales funnel is all good. But at the end of the day, it all goes to naught if you can’t close the deal. This boils down to one thing – negotiation skills. Negotiation is simply a psychological strategy. In your pitch, be clear and confident but not needy or desperate. No matter how your customer responds, do not succumb to negativity. Everyone loves a good laugh, so stay positive and weave in a joke to lighten the mood. Sales humor may be daunting, but it can also lead to great strides!

Pro-tip: Use online payments

Payment processes are the narrowest part of the sales funnel and the final step to seal a deal. With advances in technology, online payment has become the dominating force within the world of commerce. An entire checkout process can be completed in just a few clicks – easy, secure and seamless. Whether you operate an online store or a traditional, brick-and-mortar business, take advantage of online payments to improve efficiency and create a smoother buying experience for your customers.

Another pro-tip: learn from the experts

At the all-new Revenue Stage, seasoned entrepreneurs from RevBooking, Adyen, Shopback, Sirclo, Talenta and Qraved will be sharing stories and tips that they’ve learnt over the years. Tapping on their wealth of experience and expertise, you’ll be sure to receive great advice on how to bring in more revenue for your business!

You’ve only got a few hours left to grab your passes at a final 10 percent discount before it expires at midnight (code: moolah)! Your hockey-stick growth starts here.

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from Tech in Asia https://www.techinasia.com/heres-how-you-can-grow-your-startup-revenue
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