How to Maximize Your Revenue Generation in 2020

As businesses start reopening and picking up momentum again, getting the most out of the rest of the year is the number one priority for everyone. If you’re trying to pull it all together and get your business back on the road to optimal revenue generation, here are a few things to examine and address in your process.

Make sure you have the right tech. Given how complex the modern business world is, automating certain tasks – like your customer service, online sales, and marketing analytics – is essential to keep things running smoothly. If you’re consistently hitting your revenue goals, then it’s possible that the systems you’re currently using are working well for you. If you’d like to see some improvement in your numbers, however, then it’s time to start doing some online research into the areas where your process is letting you down. Perhaps you need to look into new software to handle customer inquiries, or maybe your analytics dashboard needs to be updated to give you more relevant information to tackle your current concerns.
Fine-tune your strategy. Most businesses have a strong sense of what their overall strategy is, but when it comes to the nuts and bolts of sales and revenue, the strategy often falls short. Understanding your target market at a very specific level is crucial – you need to know who your typical customer is and what kind of lifestyle they live, along with their interests and attitudes. The more you can hone in on this persona, the better you can differentiate yourself to provide the products and services they’re looking for, and the better your conversion rates will be.
Pay attention to analytics. Numbers don’t lie, and if you’re not seeing the revenue numbers you’d like, then it’s time to start digging into why. Analytics tools can tell you everything you need to know about what is working for you and what isn’t, but you need to be open to the idea that you’re going to discover some uncomfortable truths about your current process that may need addressing. There is room for improvement in every business; taking note of what the analytics are telling you is an important step in discovering where those improvements need to be made.
Adjust your tactics accordingly. Seeing what you need to do is one thing; having the courage to change and actually try something new is another. Most business owners are hesitant to mess with the tactics that have given them at least some success in the past. It’s always a risk, but a series of moderate, calculated tactic changes can help you minimize that risk while exploring new avenues for growth. You might want to spend more time on video or content marketing, for example, or maybe overhaul your website or ecommerce platform. Your strategy and analytics will help you know where those changes need to be made, but that information needs to be followed up with measurable action in order for anything to improve.
We’ve all had a strange few months, and things definitely haven’t returned to the old standards of normal, but the measure of a good business strategy is the ability to pivot and continue growing through times of challenge. If you’d like some help maximizing your revenue opportunities as we head into the new, transformed business landscape, contact us for a free evaluation and some practical ideas on how to move your business forward.
Cogo Interactive is an award-winning digital marketing agency specializing in online marketing strategy, web design, SEO and social media marketing. We work with clients in Virginia, Maryland, Washington, DC and across the nation.