YOUR REVENUE IS LOW; HERE IS HOW YOU CAN MAXIMIZE IT
Written by Momentum Creative
No, wait. Please don’t leave. The above headline is not a clickbait, we promise.
According to The Personal MBA, there are 5 aspects to every single business:
- Value Creation – Discovering what people need or want, then creating it.
- Marketing – Attracting attention and building demand for what you’ve created.
- Sales – Turning prospective customers into paying customers.
- Value Delivery – Giving your customers what you’ve promised and ensuring that they’re satisfied.
- Finance – Bringing in enough money to keep going and make your effort worthwhile.
Or put in a more general term, a business is something that…
- Creates and delivers something of value…
- That other people want or need…
- At a price they’re willing to pay…
- In a way that satisfies the customer’s needs and expectations…
- So that the business brings in sufficient profit to make it worthwhile for the owners to continue operation.
That’s it. Take away any of those 5 aspects and it’s no longer a business.
If you’re reading this article, I guess it’s safe to assume that you’re currently managing a business and want to drive your profit up. (It’s OK if you’re not currently managing a business, you can continue reading anyway; I’m a blogpost, not a police.)
Back to the topic, you own a business. You want your revenue up. So then we have to look at those 5 aspects to understand how to optimize them.
1. Let’s start with value creation, what is your main product and/or service? Are you 100% sure that there are demands for your products and/or services?
The fastest way to do this is to do a market test. Now with the era of Facebook and/or Google, this is as simple as creating a landing page, injecting it with some marketing budget to gauge public interest. Benny Hsu managed to get a profit of $100,000 selling t-shirts in 5 months just by focusing on value creation. He ran 21 campaigns before finally making money. Those campaigns were created with one single purpose in mind: to make sure he was creating a product people want. Here is the article if you want to read further into it.
Value Creation also revolves around your (potential) competitors, but let’s save that for another post..
2. If you’re sure that your products and/or services are in demand, the next step is to attract attention. Not just ANY attention, you need to attract the right people. This is where you have to ask yourself who your ideal customer is.
Here are several questions that will guide you to find who your ideal customers are:
- What sex and age group is most likely to want/need my products/services?
- How much money does he/she make?
- Where can I find them during weekdays and weekend? Mall? Cafes? Seminars?
- Where can I find them online and what websites do they frequent? Facebook? Instagram? Detik.com?
Now that you have a general inkling as to who your ideal customer is, you need to create a marketing plan that would attract those people. If your ideal customers are young teens, you will have more luck investing your budget in social media marketing than in TV commercials. (Most teens I know no longer watch TV.)
3. Now with those two points out of the way, we go into Sales. Sales is where you turn prospects/leads into PAYING customers.
If you’re running products, this is where those plenty e-commerce platforms (like Tokopedia) come in handy. There are several techniques to optimize this conversion; one of the most used techniques is testimonials/reviews. When people are already interested in buying your products, most of the times, they’re looking for that final push and testimonials/reviews provide just that.
If you’re running services, since it’s less tangible than products, you will need a likable sales force that understands your client/customers’ needs. But we’ll save that for another post.
4. Value Delivery is important to retain your customers. Do more than what you promised you would do and satisfied customers will share your products and/or services to their friends and bring more sales to you.
Now, back to you. Which of the five aspects in your business do you think should be improved on?
If you genuinely want to drive your revenue up, feel free to consult with us by dropping us a quick message or calling +6221-2933-7142. We look forward to working together with you!
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About Momentum Creative
PT Momentum Kreasi Indonesia adalah agensi branding, design, dan digital marketing berlokasi di Jakarta, Indonesia. Ragam servis yang kami tawarkan adalah corporate identity branding, design/penulisan annual/sustainability report, pembuatan marketing kit (company profile/brosur), hingga pembuatan kalender/agenda/greeting cards.
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