Revenue Growth Strategies

April 29, 2018

Many small businesses get caught up in the day-to-day management of operational and production issues and lose track of their sales activities. At least one person should have sales growth as their primary job description. Here is a range of revenue growth strategies to increase sales in your business.

  • Identify customer segments that you are not selling much to and promote all relevant products and services to them.
  • Consider contract packaging or manufacturing of other company’s products and use that contract to obtain bank leasing on more automated equipment, thus making your products at a lower cost.
  • Seek referrals from existing satisfied customers using proven referral methods.
  • Provide incentives to existing customers to buy more, buy more often, pre-pay annual purchases or buy bundles of products/services.
  • Build existing customer loyalty by means of loyalty clubs/frequent shopper and database marketing contacts (e.g. phone sales, personalised direct mail, newsletters, e-mail, web sales contacts, e-zines etc).
  • Ask existing satisfied customers for a testimonial and use this in promotional materials and sales support.
  • Conduct focus groups or customer surveys with major customer segments to find out what they like about your business and what could be improved.
  • Gather demographic information (e.g. ABS data – go to www.abs.gov.au) or other information on how to access or identify the major customer segments in order to promote more heavily to them.
  • Analyse all sorts of services provided to existing customers and make sure you are charging for them where possible (e.g. freight/delivery, phone support, maintenance, information, technical support, upgrades etc).
  • For retailers, use effective internal/external signage, merchandising and floor layout to boost add-on and introductory sales – bundling like products and services into “packages”. Put related products adjacent to each other.
  • Gather information on changing market demands to identify new groups who might need your products/services.
  • Brainstorm all the different and unusual customer groups who could be targeted.
  • Brainstorm all the different /unusual uses for your products and services.
  • Gather demographic data (industry associations, Google searches, government economic development departments etc) on your market and target segments you are not dealing with now.
  • Analyse your geographic areas of current sales to identify different regions, states or countries where you could sell.
  • Investigate who your competitors are selling to and make offers directly to these customers to convert them to you by trialling your products/services and then locking in ongoing sales.
  • Find new distribution channel options (e.g. agents, chains, e-commerce stores on-line, affiliate sales, distributors, wholesalers; allied/related products and services outlets, commission sales, telemarketing etc).
  • Find non-competitors, who sell non-competitive products and services to similar customers to yours and do joint promotions (e.g. joint mailings/campaigns, swapping databases, bundled products/services, incentives using your product or services etc).
  • Simplify existing products and services to create simpler, cheaper options.
  • Provide justifications for all the elements of your product and for service to build up the perception of the total value, then price accordingly.
  • Introduce “home brand” or low-price items to increase volume sales.
  • Develop a computerised standard costing calculator for all product lines that updates all prices when input stock prices go up. Put prices up asap.
  • Re-price old stock to new prices.
  • Re-price promotional stock once the promotion is over.
  • Eliminate excessive staff discounts.
  • Minimise heavily discounted “end of clearance sales” instead seeking other means of sales (e.g. to a discounter, to staff etc).
  • Sell accessories and add-on products and services to complement what you sell now.
  • Review competitors to see what extra products and services they carry.
  • Search the web for businesses wanting affiliates to distribute their products/services.
  • Conduct focus groups of target customers to uncover needs for products and services not currently ‘carried’.
  • Talk to suppliers/distributors and industry colleagues about extra products/services.
  • Use creative thinking and innovation to develop new products and services that solve customer problems, meet new needs or add extra functions.
  • Run staff competitions to identify new products and services.
  • Check competitor prices and match them wherever they are higher.
  • Create a price mix (like the supermarket) with some low-cost items (especially the basics) to build customer numbers and traffic but with consistently high prices for the rest of the product/service range.
  • Price consistently so that similar products and services are all around the same price.
  • Increase prices every June 30 and December 31, informing customers (if needed) that this is a regular, inflationary measure.
  • Offer low-cost add-on services (or product additions) that add value and increase the price.
  • Consider pricing above competitors to “position” yourself at the quality end of the industry.
  • Promote the higher priced, higher margin products and services to increase sales of this category.
  • Bundle up the prices of services (especially professional services) so that hourly rates are avoided and the focus is on what value you provide.

 

New Initiatives for FAN Members

April 28, 2018

FAN’s vision is to actively contribute to the doubling of the region’s food and agribusiness industry by 2030. A key enabler for this is facilitate new opportunities for knowledge sharing and collaboration both across our membership base and with the broader industry. To help support this vision we have 2 exciting new initiatives that we’ll be bringing our members over the coming months.

Capability Directory

FAN applied for and was successful in receiving a grant from the Sunshine Coast Council to develop a capability directory for members.

What will this do? It will provide you with access to the contact details for FAN members. It will enable you to see what they do and their key capabilities. Collaboration opportunities will also be included. For example, many of our members are interested in group purchasing, sharing storage or seeking commercial kitchen space.

In our industry survey conducted in early 2018, we asked what are the top 3 things that you’d like to know about other FAN members. We have also directly consulted with many of you seeking this information. We now have a defined list and during May, Kelly Gillies will be calling all FAN members to gather the information for the directory. FAN sponsor Sparx Digital will be integrating this into the members section of our website. We believe this will be a valuable resource for our members and lead to new connections and collaborations.

Please contact [email protected] or o466 634 465 for further information.

Member to Member Insights

FAN now has 210 members from across the value chain, including input suppliers, farmers, manufacturers, wholesalers, retailers, exporters, logistics and services. You all have unique skill sets and knowledge and experience that can benefit other FAN members. What we’re offering is the opportunity for you to host a session on a topic that you feel would benefit other FAN members. We’ll promote this to our network and manage the RSVPs through Eventbrite.

To kick of this new Member to Member Insights initiative, FAN members Brandhouse Communications and Kenilworth Dairies will be hosting a get together on 15 May to share the Kenilworth Dairies rebrand journey. To reserve your place click here.

Places at these events are limited and available only to FAN members.

If you’re interested in hosting a Member to Member Insights session please contact [email protected] or 0432 865 492.

*topics to be approved by FAN and dates are subject to FAN’s events calendar.

Eat Local Month – Celebrate GourMAY in Gympie

April 21, 2018

 

Gympie Regional Council invites you to celebrate May with the finest local food and produce during Eat Local Month in the Gympie region.

GourMAY is your chance to explore, taste and experience the great flavours of the Gympie region at one of the many foodie events showcasing the wonderful diversity of produce grown right here in the region.

Chef Matt Golinski, Food Ambassador, is an inspiring part of GourMAY and encourages you to create your own paddock to plate experience, with cooking demonstrations and tempting foodie events. With long table lunches, growers markets and delicious, local seasonal produce, GourMAY is a month not to be missed!

Make your experience unique by visiting local farms, attending talks and workshops and tasting the range of signature dishes on offer at participating local restaurants and cafes.

Key Events

COOLOOLA FARM TRAIL – 5 May 2018
Pick your ideal farm gate destination, meet producers and learn more about their product direct from the farm. The participating farms are Lindols Macadamias, Purity Essential Oils, Cooloola Berries, Bio Fields, Noosa Black Coffee, Lee Fishing, Silky Oak Tea Gardens, Alba Aquaculture. Download a copy of the Cooloola Farm Trail brochure here (PDF 8MB)

MARY VALLEY FARM TOUR – 27 May 2018
Take a guided farm tour through an organic cattle and small crop farm, an organic boutique small crop farm and a working persimmonand stonefruit orchard diversifying into pork, eggs and preserves. Stop off for lunch at Kandanga Kitchen and sample produce sourced from surrounding farms.

STRAWBERRY TRAIL – 5, 12, 19 and 26 May 2018
Take a seat at the Farmers Table and enjoy a delicious strawberry inspired breakfast buffet. Stay for a farm tour every Saturday in May.

5 CHEF’S LONG TABLE DINNER – 26 May 2018
Acclaimed chef and Gympie Region Food Ambassador Matt Golinski will lead a team of local chefs to present a five course degustation experience featuring the best of regional produce. Meet the producers, hear from chef Matt Golinski and celebrate in GourMAY style!

PAELLA IN THE PADDOCK – 6, 13, 20 and 27 May 2018

GYMPIE GARDEN EXPO – 5 and 6 May 2018

And many more! For more information, visit here.