The last few of years have been tough for many businesses.
The lockdown period saw many businesses facing huge drops in revenue and whilst some have recovered well, others are still finding it hard going. Whilst the task of recovery might feel imposing, it’s not insurmountable.
Recovering lost revenue is a tall order, but it’s still totally doable. Here, we’ll suggest some routes you can take to face that challenge.
- Adjust prices.
Selling at the wrong price point, can impact revenue. If your sales were below what you wanted over the last few years, then it might be worth reviewing your pricing strategy.
Getting your pricing right is much easier said than done, but there are still things you can do to help you get it right.
You have to understand the state of your industry and how your competition sets their prices. Having a feel for where you want to stand (relative to any alternatives) is central to pricing thoughtfully and recovering lost revenue.
Beyond that, you need to consider current demand for your product or service and broader economic conditions. You also need to take the fixed and variable costs associated with your product or service’s production.
- Consider if your marketing needs adjusting.
Your company’s marketing strategy might be dated, irrelevant, or just plain ineffective. In those cases, doing more extensive market research, taking your competition’s strategies into account, and tinkering with your broader marketing philosophy is probably the way to go.
- Streamline and automate administrative tasks.
Time is money, so if you waste the former, you’re bound to waste the latter. Burdening your sales team with easily automatable administrative responsibilities is inefficient and can undermine your team’s ability to sell freely and generate revenue.
Invest in a system like a CRM to take the legwork out of processes that don’t need to be done manually. Consider automation resources like email tracking for prospecting, email automation sequences and meeting scheduling tools all of which could give your sales team the flexibility to focus more on actually closing deals and recovering revenue.
- Refine your lead generation infrastructure.
The volume and quality of leads your sales team ultimately deals with have a significant bearing on your ability to generate revenue.
Take a look at your lead generation infrastructure. Make sure that your lead qualification process and criteria are relevant and productive. If the leads your sales team are working with are consistently going nowhere, consider how they’re qualified. Once you have that sorted, you’ll be in a better place to start recovering some of your lost revenue.
The Covid period is over, but its residual impact on businesses is still with us. Plenty of revenue was left on the table over the last couple of years, and it’s going to be a struggle to recoup it. But as overwhelming as that undertaking might seem, it shouldn’t intimidate you. It’s going to take some serious thought, strategy, and hard work, but if you approach it with tact, patience, and effort, you’ll be able to work it out.
If you’re still facing an uphill struggle, the perhaps working with an experienced coach could help.
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