As international, national and local markets contract the primary concern for many businesses is what impact will this have on our sales? If you do nothing, chances are, in this current economic environment, your sales revenue may start to fall. The question then becomes, what can we do to minimize or reverse the impact.
It is important to understand that sales revenue is a function of price and quantity i.e how much you sell for and many you sell. Increasing your price in the current climate may not be the best strategy, so your focus may well need to be on how you can sell more units (volume)?
The key drivers for selling more units are:
• how many leads you generate
• how many leads you convert to sales
• how many repeat sales you make to your customers
• what additional items can you sell for each transaction
Increase any or all of these drivers and you will most likely see an increase in sales volumes and therefore sales revenue (assuming your sell price remains constant).
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