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The best solutions to stagnancy in revenues

Sheela came to me with a problem that most entrepreneurs face these days — Stagnant revenues, no growth. She kept saying that she wanted me to help her with some crazy ideas which will soar her to greater heights. I asked her — “ Have you tried the regular route?” She replied. — “what’s that?” We often forget that there are well-defined methods to increase sales.

Generating revenue is not only a function of luck. If you are facing stagnancy think of the 3 pronged approach to grow —

i> Reaching out to existing customers with new/add-on solutions and products — Your existing customer base is your home market. It’s that base where your brand has a 5-star rating (hopefully). Analyse that market — Understand what are the other needs they have and then work out an add-on solution. The secret recipe to make the correct solution to up-sell and cross-sell is to keep talking to your customers and understanding from that what they find missing.

ii> Finding new geography to grow — Of course with the new normal of doing everything online we really don’t have any geographical boundaries anymore. But as a CEO you would have focussed on some specific geography. Now that it’s your org’s growth time find the next best place to promote your brand/offering. Customize to make sure you go the glocal way — global in thought and local in action.

iii>Finding a new customer base — If you have been selling to a particular demographic base it’s time to analyze how you can finetune your offering for other demographics. Often without realizing our solutions tend to attract a certain section — when we want to grow it’s important to understand what needs to be modified to similarly attract other sections of the population.

Using alliances to grow is a very full-proof strategy especially in new geography as recommendation works best as a pipeline generation method. No one knows your business better than you do; so while you will get loads of suggestions in form of “frameworks and difficult jargons” on how to grow your business the final onus lies with you as a CEO and I suggest taste the known flavours first and then plunge into something drastic!

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