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How to Increase Revenue
During This Global Slowdown
2
We’re in a globaleconomic slump.
We’re not going to escape it anytime
soon.
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Oil prices fell to a decade-low of
$26.55 a barrel in January 2016
Will we ever see afast-growth economy again?
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5 STEPS TO INCREASINGREVENUE DURING A
GLOBAL ECONOMIC SLUMP
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Step One:Break Out of a Commodity Mindset
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If you believe you sell a commodity, you’ll never be
able to sell your products at a profitable price.
So stop that line of thought.
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You set the price. Not the market.
Communicate how your offerings are different from
competitors and price accordingly.
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Step Two:Tighten Up Your Pricing Strategy
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Holes in your pricing strategycan be devastating during an
economic slump.
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A few pricing errors to consider:
1. Unprofitable discounts and rebates
2. Invoice mistakes3. Across-the-board pricing
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Step Three:Calculate Price Increases
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A price increase duringan economic downturn
may sound crazy.
But it’s not.
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A small, but well-planned price increase in the right place can yield
major profits.
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Tips for a Successful Price Increase:
1. Be realistic. A 1% increase is a great place to start.
2. Test increases on loyal customers first.
3. Avoid formula-based, cost-plus pricing.
4. Hold your sales reps accountable for selling at target price.
5. Focus on value when selling price increases to customers.
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Step Four:Make Prices Unique to Customers,Products, and Buying Situations
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Different customers care about different value offerings.
Give them prices based on what they consider most valuable and
the packaged offerings they crave.
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This economic slumpwon’t last forever.
Some experts even predict a rebound by the end of the year.
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When in doubt,Analyze Your Sales Data
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To maximize every profit opportunity, stay on top of every
actionableinsight your data has to offer.
Start Leveraging Your Data
Today
thekinigroup.com
KiniMetrix helps companies usetheir sales, pricing, market, and
customer data to improve pricingand increase revenue.
Click here to view a video demoand see KiniMetrix in action.
