Revenue Growth Strategies for 2024

Revenue Growth Strategies for 2024

by GO2 Partners on January 17, 2024

The global RevOps platform market is growing rapidly. 2024 looks to be an even better year for companies to take advantage of RevOps strategies and tools.

Revenue Operations (RevOps) streamlines processes and reduces friction between sales, marketing and customer service. This results in shorter sales cycles, the ability to close more deals faster, better support at every buying and purchase cycle phase, and increased revenue in a shorter timeframe. It improves conversion rates by quickly turning leads into paying customers and a customer into more opportunities for revenue. Moreover, it improves customer retention with a smoother, better post-sale experience and unlocks opportunities for a business to deliver value to a customer.

Boost Revenue and Adjust Your Strategy

To help you jump-start and enhance your RevOps strategy, we have seven ideas to boost your revenue growth in 2024.

Build Brand Equity

What reputation does your brand have? Brand equity is a measure of the sway your brand has in customers' minds. With good brand equity, your business will be viewed as authoritative and reliable. People trust brands with more brand equity. As a result, customers will be more receptive to your marketing efforts and happier to engage with your brand. They are more likely to believe your messaging and more likely to purchase your product or service.

Substantial brand equity will also allow you to charge higher prices than your competitors for similar products or services. It will encourage people to become repeat customers as they know there is a lower risk in using your business, which generates more revenue. In addition, you will save on marketing costs since your brand name alone draws business and repeat customers.

Want to build brand equity? Start by humanizing your brand. Don’t be afraid to tell people your story. Why are you in business? What is your mission and goal? Why not show a picture of your office and introduce people to your employees? Then, build a good relationship with customers by engaging with them, asking them what they want, and seeing them as people who need help and not just as a source of revenue.

Invest in Integrated Technology

Integrated technology, especially a Customer Relationship Management (CRM) system, is invaluable to a revenue growth strategy. Centralizing your customer data and interactions will increase efficiency, reduce prospect and customer journey friction, and allow your teams to better track leads, analyze data and manage customer information.

Customer and prospect information is disconnected and impossible to use without an integrated CRM. Notes on a prospect meeting may be in a sales file, while order information is in an ERP, and your customer service team uses a spreadsheet. That’s why it’s so easy to lose track of potential customers. With the right CRM, everyone uses a single system to store and use customer information in a central, easy-to-access location. This will allow your team to collect and analyze the customer’s data to curate and streamline the customer experience. You can easily find the answers to customer questions, and the insight to unlock new revenue channels such as cross-selling.

HubSpot’s CRM platform helps RevOps managers coordinate between various teams, streamline workflows, prioritize leads and create a seamless customer experience from start to finish. RevOps professionals can use this tool to identify and address inefficiencies and optimize profits. Furthermore, this centralized platform will help create a unified environment for sales and marketing to work together and ensure all team members can access the same data, tools and processes to grow revenue.

Provide Training to Internal Teams

Do you have best practices for sales, marketing and customer support? If so, how do you train your team to best use them? Most companies have best practices but aren’t trying to train or support their internal team. That’s a missed opportunity and lost revenue, and it’s doing customers and prospects a disservice.

By training your sales and marketing teams, you can boost sales by up to 6.5% and increase your profit margin by 24%. You can set up regular training sessions to introduce best practices, provide support, and launch new tactics. Training will give your teams the confidence to handle complex sales, reduce the time to close a sale, answer questions the team may have, and help your service and sales team build stronger relationships with customers and leads.

Target the Right Customers

Do you have an idea of who your best customers are? Who you are targeting can have a significant impact on your bottom line. You can increase your profits by prioritizing your most profitable customers, even if it means letting go of your less profitable ones. Regularly take time to evaluate your customers and review your buyer personas to optimize your RevOps efforts.

If you operate a large enterprise, it may be advantageous to implement account-based marketing. In 2021, 87% of B2B marketers surveyed reported that their account-based marketing initiatives outperformed their other marketing investments in terms of ROI.

This strategy is highly effective in helping companies prioritize customers with a higher ROI who are more likely to convert. It prioritizes relevant accounts over a range of businesses that offer a lower return and potentially more investment to convert.

Improve Your Lead Generation

Successful lead generation starts by having a strong buyer persona to target your marketing efforts toward. You need to know who you are marketing to, and understand what they value, the problems they have, and how you can help them (and the value they place in your solution). You need to know when and where to talk to them about your solution and have a clear path of their expected buyer’s journey.

Once you understand your target buyer, you have a multitude of options for generating leads. Most businesses will find that you need to simultaneously manage several activities to have a strong pipeline. For example, a blog is a great way to provide information to prospects, to discuss the industry, and to introduce new products and services. Paid ads drive people to your site to capture leads and initial sales, while a webinar is an excellent opportunity to build thought leadership. A mix of lead channels can provide a robust sales pipeline.

Review Your Pricing

Finding the balance between increasing revenue and providing customer value is the key to strategic pricing. To increase revenue growth, you must understand the four pricing elements: demand, costs, competition and value. If your price is too low, you risk losing revenue and reducing the perceived value of your product or service. Price too high, and you risk losing customers and driving off prospects.

The goal should be to experiment with different pricing structures until you find one that maximizes revenue while delivering the value. This should include not only the cost, but also the pricing model that you use.

Pricing strategies and models that drive revenue growth could include a freemium model that uses a free trial to introduce customers to your business, product and service. Stepped pricing offers a smaller trial price at the beginning of the subscription before stepping up to the full price, and tiered pricing allows the customer to switch between plans. With this pricing, customers can gain access to more value by upgrading their subscriptions.

Test different pricing models to find the one that provides the most value to the customer and the greatest revenue for your business.

Evaluate Key Performance Metrics

Ensure your marketing metrics and data collections accurately reflect revenue generation. Your revenue goals should be specific, realistic to your business and flexible to change with the evolution of strategies, but also appropriate to your business and revenue. For example, likes on a social post are a good way to track engagement and reach, but if you want to drive new leads from your social marketing, you may want to look at different metrics like referrals to your website or content downloads.

Make it a practice to revisit your goals weekly or monthly to confirm that your metrics are still on target. Over time, as your prospects change and you adjust your marketing, you will need to adjust your KPIs and evaluate what data you need to make the best decisions for revenue growth.

Enhance Your Revenue Growth Strategy in 2024

As we kick off 2024, developing a solid RevOps strategy is vital for work efficiency and profit growth in the new year. By encouraging marketing, sales and customer service to work together, your business can improve workflows, retain customers and increase revenue. That starts by evaluating your current operational practices and identifying where there is an opportunity for improvement. Target inefficient activities and test new ones to see where you can improve.

Whether you’ve just begun your RevOps journey or are looking for additional ways to achieve your revenue goals, we can help. At GO2 Partners, we have experience in every phase of Revenue Operations and can provide critical insight and support to help you achieve your goals. Contact us today.

 

Topics: Revenue Operations, RevOps