How to save your business from loss ?

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GNN - Growing your business is an upheaval task in such a competitive environment as rivals are introducing innovative product , and ideas to get ahead in the business world that has made not only survival ,but also growing difficult in the contemporary arena. According to Bloomberg,”eight out of ten entrepreneurs who starts business fails within 18 month”. is it astonishing?

The questions over here arise why most businesses do not get Success? Why their survival becomes difficult? Why do not they progress as to our expectations?The answer lies in the fact that we over think our strategy, make our product-line complicated, and worry too much our staff ignoring the most important area that brings ‘CASH”- Yes, it is selling that is where we should focus-selling and on our customers to go ahead.

Analyze the customer needs:
Meeting with prospective clients to introduce our product is not enough, we need to chalk out what our customers want and what is their need? According to Nathan Furr and Paul Ahlstrom (co-author of the book ‘Nail It.Then scale It), “dialogue is a key. And, 140 characters tweets don’t count. Real dialogue with real customers (via whatever channel is best for them)”

Interaction with potential customers:

After knowing customer needs, we need to interact with customers as much as we can would results ultimately in our business growth. So, if you are newly start-up business we should devote 80 percent of our time to this function and 30 percent in case of having established business because the more we will meet our customer, the more our sale would increase and the more cheque get written.

Having outstanding product line do not assure the success in the business world as there are several organizations like this, yet they are struggling to survive, but all the giant organization-like Google, IBM, Pepsi, McKinsey employ superb techniques to elevate their customer base-means they are good at selling. So, Few measures can be implemented to be good in these area mentioned below.

Up-selling and Cross-Selling Program:
Up-selling strategy and Cross-selling are great ways to enhance sale as it increases sale as well as your customer base. Up-selling is a technique under which we sell the relevant product as well. The popular example for Up-selling is about the restaurant when we are asked to buy french fries along with a burger. When we sell the product related to the different class other than the product being viewed is called Cross-selling.

Next-Selling:

Having adopted the techniques of Up-selling and Cross-selling, Now, what should the sales representative do to increase revenue? This is all about Next-Selling: Next-selling is tools by which we grab longer term contract from customer.

Unbundling the Product-line:

If you have complex product line, then split it into different parts to get the better productivity, and that purpose can be achieved just by doing unbundling and now,several companies like McKinsey has already adopted unbundled strategy.

Persuading the customers to send more customers:

Getting customers through customer is a successful selling strategy that should be implemented to meet the goals. Viral marketing, referrals, blogging (get the bloggers to write review), creating contest, tweeting can be done to persuade our existing customers. So, do not ignore.

Having analyzed the kind of organization , we can implement the above mentioned strategy to achieve desired sales result and can grow it up to required level making adjustment from time to time as circumstances are very volatile.

Source: AIP, AJ, GA