Digital Marketing Company, Lounge Lizard, Shares 6 Strategies to Boost Revenue Growth

NEW YORK, March 11, 2019 /PRNewswire-PRWeb/ -- Lounge Lizard is globally recognized as a top Digital Firm within the web design and development industry. Lounge Lizard's brandtenders are creative, tech-savvy, and passionate in developing innovative strategies that drive conversion for both startup and established clients of all industries, making them the "best of breed since 1998."

Most every business has some form of sales goals. While the specifics can vary from business to business and industry to industry, a typical goal involves closing more sales in less time to allow increased opportunity to generate additional revenue. This concept is referred to as sales velocity and it is directly related to growth. Today NY based Digital Marketing Company, Lounge Lizard, shares 6 Strategies to Boost Revenue Growth.

Sales velocity is defined as Number of Opportunities times Average Deal Size times Conversion Rate, then divided by the Sales Cycle Length (or Pipeline Length). Along with being used as a metric for tracking overall success, it can be used to focus a sales strategy to increase specific segments which will have the biggest impact on boosting revenue. In many cases making small improvements to certain areas in the sales process can produce dramatic results once those key areas are identified.

• Obtain more leads – The first metric in sales velocity is the number of opportunities and most opportunities begin as a lead. Therefore, obtaining more leads is always a good starting point. A system for lead generation should be developed and nurtured by every business, if one is not in place already. This system should include things such as content marketing, inbound marketing, email campaigns, social prospecting, contests/giveaways, and PPC lead generation. Increase opportunities is a way to boost overall growth, if the process for qualifying and nurturing those leads is in place and effective.    
• Enhance the lead qualification process – For any business that is not maximizing leads and converting them into qualified opportunities, it is important to focus on that process. Improving the conversion rates at this point is another key aspect in overall growth. For example, if your business generates 100 leads per month, qualifies 20% of them and then converts 50% of those then increasing your conversion rate at this stage by just 5% represents a 125% growth to revenue. There are two areas that should always be looked at which are optimizing outreach messages and follow-ups. Outreach messages, which includes emails, should be tested and adjusted to increase response. Little things such as an email subject line can play a big part in open rates. Follow-ups are another key area as leads should be followed up on quickly, emails can be followed by phone calls, and repeated contact (but not badgering) will often be necessary.
• Improve the sales discovery process with data – A frequent problem in sales is a lack of research in discovery. The sales pitch is focused on more from the business perspective, touting features and benefits without considering the problems or circumstances motivating the target audience. Rather than flying blind or working from the gut, obtain more data initially which allows conversations to be approached with actionable sales data in hand. Find the common ground between a customer's needs and the benefits of a product or service, understand the target user on a deeper level, then use that information to ask more engaging questions during the process which will open the door to honing the message needed to turn a "no" or "maybe" into a "yes".
• Use strategic upsells – The best upsells are made at the perfect time. This is a key way to increase the average deal size which in turn will boost revenue. Amazon makes the most of "Other customers typically also bought X product" to entice a customer with social proof of other, related products after an item is added to the shopping cart. The key is that Amazon offers that additional benefit after the initial problem is solved. A buyer is looking for and found the perfect coffee table and added it to a shopping cart, meeting their initial need. But have they considered adding an end table or lamp to that room? Amazon's system automates strategic upsells with perfect timing.
• Focus on mid-market sales – Two common approaches to sales are to focus on either the big fish or high-volume quick sales. This is sometimes called the elephant versus mouse approach as the elephant sales are large but slow and the mouse sales are small but quick. However, these approaches leave the middle of a market largely untouched which opens the door for opportunity. The middle offers an increased deal size compared to mouse approach without added too many changes to a sales process. On the flip side, moving down from the elephants will increase close time while using many of the same successful techniques that closes an elephant-sized deal.
• Condense the sales cycle – The sales cycle length is the divisor in the sales velocity formula, so by condensing it, velocity automatically increases. One way to do this is utilizing automation in specific areas within the sales funnel such as using automated messages for some follow-ups and touch points. If the average deal requires 5-8 touches, reducing the number of those which are manual will drastically speed up the process as well as freeing up valuable time to focus on other areas. In addition to automation, defining the timeline of the buyer's decision can shorten the cycle as well. If there is a greater expectation placed on the customer to make a decision sooner rather than later, less time will be spent qualifying opportunities that are just going to eventually drop out.

Lounge Lizard is an award-winning, high-end design boutique specializing in website and mobile app development, digital strategy, UX/UI, branding, and marketing. Lounge Lizard excels in creating the ultimate brand strategy, fully loaded with expertly crafted visuals that work together to increase sales and effectively communicate a client's unique personality.

Media Contact: Ken Braun, Lounge Lizard, 631-581-1000, ken.braun(at)oungelizard.com

SOURCE Lounge Lizard Inc.

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