Building predictable revenue can be one of the biggest challenges for business owners. But it’s what we need to achieve if we’re to get off the see-saw of having the money and then chasing the money over and over.
Despite what you may be told, the truth is that building predictable revenue in a business follows a process that needs planning, effective execution, and continuous refinement as we go. It needs patience!
Here are 13 simple steps to help achieve predictable revenue
- Set a goal
In any endeavour, we always start off by deciding our goal. The goal needs to be an amount that we haven’t achieved before, something that’s going to stretch us and require us to grow. We need to write down our goal and have it somewhere we can see it often.
- Know your customer
Be sure to take the time to carry out thorough market research to understand your target audience, their needs, preferences, and buying behaviours.
- Be clear on the benefits your business provides
Clearly define and communicate the unique value your products or services offer to customers. They need to know why they should buy from you. Highlight how your offerings solve specific problems or meet specific needs better than competitors.
- Create a sales and marketing plan
Develop a comprehensive sales and marketing strategy that includes the channels you’ll use, messaging, content, and promotional activities with timelines and key performance indicators (KPIs).
Try out a mix of online and offline marketing efforts to reach and engage your target audience.
Remember that 80% of marketing doesn’t work so we need to test and measure everything we do to find the 20% that does.
- Build your brand
Establish a consistent and recognisable brand identity that resonates with your target customers. This goes beyond your logo and colours! It’s all about what you stand for, your values, and your mission beyond profit.
- Focus on your customers
Provide exceptional customer service every time to build strong relationships and encourage repeat business.
Ask for feedback from customers and use it to improve your offerings and customer experience.
- Consider creating a subscription model
If it works for your business, think about offering a subscription-based model that can provide a consistent stream of income.
- Have your eggs in different baskets
Do you have any opportunities to expand your product or service offerings to cater to different customer needs? Diversifying your offerings can help mitigate risks and provide more stable revenue streams.
- Sales forecasting
Numbers are critical and give you objective data so you can make informed decisions.
Collect and use data to track and analyse your sales trends, customer behaviour, and any market fluctuations. These numbers are like gold. Use the data to make informed decisions, find out what’s working and what’s not and adjust your strategies as needed.
- Give incentives for long-term commitment
Offer discounts or incentives for customers who commit to longer-term contracts or higher-value purchases. This can encourage customers to make larger and more consistent purchases.
- Continuous improvement
Regularly review your revenue-generating strategies and identify areas for improvement. It’s important to stay adaptable and open to refining your approach based on changing market dynamics.
- Invest in lead generation
Unless your existing customers are bringing you sufficient referrals to meet your revenue goal, you’ll need additional effective lead-generation strategies to maintain a steady stream of potential customers. This is probably the trickiest of the steps to get right which is why step 6 above is so important.
Develop some form of sales funnel system and nurture leads through the funnel to convert them into paying customers.
- Employee training and development
Be sure your sales and customer service teams are well-trained and equipped to communicate your value proposition and address customer needs super effectively and to the highest standard. They can make or break your business.
Finally
Building predictable revenue takes time and consistent effort. Be patient! It’s important to stay agile, responsive to market changes and always committed to delivering value to your customers.
Let me know if this has been helpful. If you have any questions, feel free to get in touch.
