Wednesday, December 23, 2015

Multi - Channel Sales & Marketing to Increase Revenues and Profits

Companies often hit road blocks to increasing revenues and profits.  It can come in the form of increased competition, pricing pressures, industry disruptors, or economic factors beyond a company's control.  For that reason, all companies should look to use existing skill sets, with perhaps some modifications, to seek out new customer opportunities.  In other words, find someplace else to sell your products, or services that are different from current sources. 

While all companies should do this cost effectively, small or mid sized companies must do it cost effectively by using current employees wearing multiple hats.  Don't put a whole new structure in place to deal with these new customers until warranted by volume of business.  Use the structure that you have, even if it means stretching current employees to both sell and service new clients and customers outside the normal selling channel. 

To provide a very simplistic example.  A donut store is used to having customers come to it to buy donuts.  Very often churches serve donuts on Sunday mornings after services.  Why not contact all churches in town to put annual contracts in place to deliver donuts every Sunday morning to the churches interested.  This could be an opportunity to sell a hundred dozens or more donuts to each church, each week. While perhaps sold at a volume discount, it is another way to get to the customer that might not otherwise come to the donut store on Sunday morning.  The only addition to cost other than volume related overhead, is perhaps the delivery guys; but that will be young kids at fairly low wages creating jobs in the process. 

The point is that Multi-Channel Sales and Marketing is a way to gain new customers and expand revenues and profits.  In this particular case, the business owner has time Mid-Day to make telephone contact to set up annual contracts with churches and or perhaps other organizations that have regular meetings where donuts would be welcome.  In all probability, with focused Multi-Channel Marketing, it may be possible to double or triple revenues and profitability without adding much to fixed costs that already exist.  In this case, selling more donuts to spread the fixed cost over will increase profitability.  Everybody wins because everybody loves donuts.   This same principle can be applied to many businesses. 

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