increase revenue in spite of this global economic slowdown
TRANSCRIPT
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How to Increase Revenue
During This Global Slowdown
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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.
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Start Leveraging Your Data
Today
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KiniMetrix helps companies usetheir sales, pricing, market, and
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