When it comes to growing a business and turning profits, it can be tempting to look only at long-term success. But the reality is that long-term profits are made by short-term goals.
Maximizing profits in the short-term can be tough. While you might be making moves to support long-term projects like new products or major marketing strategies, these take time and won’t do much for your profits on a short deadline.
Keep reading to learn three simple tips you can use to maximize sales in the short-term and get a head start on 2020 sales.
1. Never Let a Customer Slip Through the Cracks
If you want to keep your bottom line up and sales strong in the short-term, you might think that bringing in as many new clients as possible before the end of the year is the best way to go. But while new sales are never a bad thing, they shouldn’t be your only focus.
Studies show that existing customers are far more valuable than new ones. Repeat customers spend on average 67 percent more than new customers during a transaction. They also require less work since the relationship between the customer and company already exists. Your existing customers already know what your company is about and what you have to offer. If they were happy with your business in the past, they already trust you and your products or services.
Using Infor CRM, you can track and maintain customer relations so that you’ll never let a customer slip through the cracks. When you’re looking for ways to scale in the short-term, you can easily check your software and choose which customers to target for repeat sales, a process that’s far easier and more streamlined than starting over with a search for a new client.
2. Lean Into What Works
Just as you should lean on your loyal customers when times are tight, you should also lean on what you already know works for your business. When you need to boost numbers before the end of a term, it’s not a good time to introduce new products.
Instead, use your CRM software to track past performance and find what has been working well for your company recently. Focus your efforts on these products to help boost your sales in the short-term.
3. Reign in Areas of Waste
On the flip side of figuring out what works well for your business, it’s also important to examine what doesn’t. Finding an area of your business where time or funds are currently being wasted is also a smart move for improving your bottom line in the short-term. There was a time when more products guaranteed more profit. Now, consumers are shifting towards a preference for fewer choices instead, and a simplified customer experience.
Once you’ve found potential areas of waste, look for ways you can trim. For instance, products that aren’t selling well or marketing tactics that are underperforming can be simple areas to reduce spending when you need to maximize profits in the short-term.
Maximizing Your Short-Term Impact
Maximizing your short-term impact doesn’t have to mean a scramble to boost your sales at the last minute. Instead, focus your efforts on growing relationships with existing customers, lean on products or services that are working well, and look for ways to reign in areas of waste. Not only will these tactics help you improve short-term performance, but they are also important for keeping your business strong in the long-term as well.