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To say the least, modern day sales revenues routinely range in the billions of dollars. Making a few million, has become commonplace, even for small one man operations. So how did we get to making such a vast amount of wealth, in just the last few years? The answer has it’s foundation in technology. The advancement of computer technology has made business, BIG BUSINESS.
We can deliver a sales “experience” to the customer, unlike anything in our world history. One small company, can seamlessly and effortlessly, integrate their business fundamentals with the largest multi-billion dollar companies on the planet. Take Apple for example. They have an entire developer network dedicated to assisting the individual with the development of any app/software on the iOS platform. Never, in the history of business, has any powerhouse leader ever embraced the small entrepreneur with such dedication. Just imagine if Andrew Carnegie, steel magnate, had established a devoted business division to help pave the way for new steel products developed by small, often one man, entrepreneurs. The world we live in today would be a much better place, and Carnegie would have destroyed his competition because of the devout customer loyalty.
When we look at history, and see what we could have had, this should have you asking, “What can I do?” To say the least, there are more business opportunities today, then in any time in history. The better news is that it’s catching on, and growing at an exponential pace. Gone are the days of industry leaders simply focusing on destroying their competition. This new found cooperation is focused on taking new and innovative ideas, often times born from the ideas of small entrepreneurs, and turning them into the next billion dollar product.
To say the least, past business models had their limitations, thankfully those days are gone, and today’s modern business has a wealth of revenue streams to manifest greater profits, and growth. Here’s just a few of the obvious:
- Website integration
- Automated reordering
- Technical knowledgebase
- Apps for that
- Social networks
- Virtual networking
- Video tutorials
- Global communication
In the past, businesses had primarily, mail, telephone, television, radio and print publications as their primary means of revenue generation. Today, as you can see from the list above, we have all this and much much more. A small town donut shop has instant global communication if they plug their business into the web. Not only can they simply broadcast, “We’re Open” for business, but they can also use that same technology to actually produce sales. Place your donut order online, through an app or website, and pick up your order a few minutes later, or schedule it for the next morning. No waiting, no worries, and the technology takes the customer payment, and delivers the funds right to your bank account.
Let’s put together a scenario that anyone can accomplish with any size business. Let’s say you’re a large manufacturer of air conditioning compressors. You have a variety of models, you have a sales staff, and you run that sales staff as all companies do, by using people to maintain customer accounts. The people involved are your sales staff, your billing, your shipping and your marketing. Because of the policies you have in place, everything moves in a smooth rhythm and flow. A customer calls in to your sales staff, asks a few technical questions, places an order, pays for the product, and waits for their new a/c compressor to arrive. This is all well and good, but this is how all your competition runs their businesses as well. Is this all that can be done? Of course not.
Taking this same scenario, now the customer opens your app on their iPhone, enters the model number of the competitor’s broken a/c compressor, which automatically matches the competitor’s model with your product replacement, and they push the “Buy Now” button in the app. The customer credit card info, is stored with your merchant, and you generate a sale in the blink of an eye. Shipping receives the order, with proper invoicing verifying payment, and they ship. You generate a sale, in a fraction of the time it would normally take, and the experience your customer has with your company, is overwhelmingly positive. The customer’s happy, your happy, and you’ve mastered another revenue stream.
Now you can replace industrial air compressors in the scenario above, with literally any product or service. Often times, services require no interaction by any personnel, and you make money. Now that’s the American dream!
So how are you maximizing revenues? Do you reach out to your customers, or do you cling to the antiquated business models of the past? If you’re not capitalizing on all revenue streams, you’re leaving 40-60% of your revenues on the table. That’s 40-60% that your competition can snatch up, and they’re happy to do so. You may as well hand your business over to your competitors if you’re simply going to ignore the options currently available to you.
So how effective are your sales? Do you capitalize on all revenue streams, or do you make excuses? When I look around at how most companies run their business, I have to scratch my head and ask, “Do you hate money?”
Next week, we’re going to look at a few salesman techniques that are guaranteed to deliver higher sales from every order.
Until next time,