Have you ever wondered what it takes to increase revenue? There are tons of ideas and directions you could go. But it can get confusing if you don’t focus and find the most effective way to increase your cash flow.
The best way, especially for the long term, is to deliver more value to your customers. In your case, that means providing as much value as you can to the buyer and equipping them to succeed in their own business.
As a brand marketing company professional looking to achieve goals, you need to understand the cost and revenue dynamics of buyers, but also the cost and revenue dynamics of their target audience.
Your sales demand relies on their sales demand. This makes it a two-way strategic alliance. And if they aren't able to hit their goals, it'll negatively affect you and stunt your growth. When you empower them and help them succeed, you solidify your future.
This is a significant element to grasp because if you make it easier for buyers to sell the product, then they will be able to increase revenues through the sales chain.
Your Role as a Marketer
When you market a product, you need to understand the economic, political, cultural, internal, and external constraints in terms of time, quality, and costs. This helps to develop trust through the value development infrastructure.
Having open relationships and open channels of communications creates a comprehensive framework, which allows you to understand who the potential end-customers are at present, who they will possibly be in the future, and what their changing needs will become moving forward.
Open communication allows you to learn from the insights of your partners. You can learn what their customers need now and what they will need in the future. You can also identify their pain points. This occurs because everyone has a different perspective, different vendors, different relationships, and unique resources.
This is why open communication helps you become more competitive as you learn what others know. These are significant factors that increase customer satisfaction and revenue.
Researching and understanding the various perspectives will help you cohesively achieve goals, all the while minimizing costs.
Market orientation requires the overall consideration of the entire value chain; not only of immediate customers because true value is derived from end customers. When you understand what everyone needs, you are in a better position to make it easier to play a support role. After all, even though immediate customers such as wholesalers and retailers may be interested in a product, success frequently requires the customers who are further downstream to also appreciate the value.
Expanding your view beyond the immediate customers will also contribute to better product positioning and improved organizational performance.
Imagine you sell your product to a wholesaler. They are happy with the quality and the potential. When they put it out to market though, they fall short of their revenue goals. Do you think they are coming back? Probably not. That hurts you and your business.
When we continually learn and find ways to serve our buyers and their customers, we safeguard ourselves from pitfalls and create a powerful business model designed for growth.
Here Are Some Key Steps We Can Do to Make It Happen
- Study the Buyer’s Needs: Most of us are already good at this since it is our primary business. What do they need? Can we provide it to them? Is it good quality?
- Study the Customers’ Needs: When we go the extra mile, we can fulfill needs throughout the chain. Discover what customers actually want in the products. Improve or acquire the right products based on what you know.
- Find Out the Customers’ Satisfaction Level: Are they happy with the products? If not, how can change it? If so, how can you double down?
- Equip the Buyer for Success: Once you know everything about your buyers’ customers, you can equip buyers with the best way to position the products, communicate their value, and ultimately sell them.
Ultimately, you should ask yourself, "how can I serve my buyers through the whole value chain?" This will help you strategize and make sure everyone wins. If we are all winners, then you'll ride an upward wave of growth.
With the speed of innovation and the increased rate of competitors entering all type of industry segments, there is an ever growing importance of having anticipated and proactive customer orientation systems in place. This means that your organization needs to look into the future of what consumers will expect from your industry; this way you can deliver that value before your competitors do.
Although being responsive to customer requests plays a critical role in satisfying customers, qualitative studies have been conducted, and the insight states that in B2C and B2B business customers also want their vendors and providers to proactively understand and intuitively address the latent and future needs; mainly as an ongoing, value generating, personalized process.
Knowing what customers currently value is not enough, so this is why we say that suppliers and manufacturers must also have the research and develop the capability to anticipate what customers will value in the near and distant future.
Big Data plays a catalyst role in this initiative. Knowledge of anticipated consumer needs provides any supplier of goods with the right co-brands to gain a competitive advantage.
When we decide to become leaders in the industries we serve, we can provide this value to all of our partners. This also positions us as an authority in the field, further securing our future in today's partnerships. If they can trust in your expertise, they will have confidence in your value.
When we are proactive, practice open communication, and obsess over increasing our value, we can grow our companies and benefit our partners at the same time.