Binah Advisory, Presents Tips for Increasing Revenues During a Recession | Binah Advisory – Tullio Siragusa

Binah Advisory, Presents Tips for Increasing Revenues During a Recession

The economic crisis has contributed to renewed attention by Entrepreneurs & Senior Executives in improving the day to day operations of business. Improving areas of the business that are ineffective is one critical step towards weathering the recessionary storm.

Most of the times improving those ineffective and inefficient areas of the business that matter most can give your business a competitive edge, and prepare you for hyper growth when the economy turns around. Where many see doom and gloom, the smart businesses see opportunity. Becoming more effective in the day to day business operations is critical to focusing on creativity and seeing new opportunities otherwise missed.

Tullio Siragusa, in his book “Unlocking Your Empire”, by Binah Advisory Publishing, offers sound advice on getting more from your existing book of business.

“Continuously Introduce New Versions of Products”

Around the turn of the twentieth century, Henry Ford revolutionized the automotive industry by applying the assembly line process to the production of cars. Ford Motor Company became more effective in the production of cars compared to their competition. This resulted in Ford becoming the dominant producer of cars at that time. Within a short time, other car makers adopted the assembly line process in order to compete with Ford. But Alfred Sloan of General Motors decided to offer several different models and continuously introduce new versions of its models.

Ford, the market leader, had a small, non-evolving product line, which restricted the customer’s choices. However, General Motors offered a diverse product line. It also continuously introduced new versions of its product line to attract new and repeat customers. This approach enabled General Motors to surpass Ford Motor Company in terms of market share and profitability for decades. Today, essentially all car manufacturers periodically offer the customer new versions of their products. Some do this at regular intervals.

This money-gathering principle can be applied to markets beyond the automobile. You can implement this idea with products that traditionally do not change. For example, companies publish books with non-evolving content. Some companies introduce these same books many years later with a new title or a new introduction and epilogue. But the content in these books remains the same.

Thus, companies miss the opportunity to sell new versions of books to past customers, as well as attract new customers that did not buy the first version. You can apply this principle to audiotape programs, compact discs, and other traditionally non-evolving products. An effective way to introduce new versions of a product is to plan for them during the design of the first version. By consistently introducing new versions of your products, you can increase repeat sales and sell your products to more people in your market.

“Cultivate Repeat Business”

Getting a new customer to buy a product from your business requires hard work. However, getting an existing customer to buy another product from your business requires less work. The primary reason for cultivating repeat business is to increase sales in the most effective way possible. This can lead to increased profits. Offering original values, giving greater use-value than the price you charge and introducing new versions of products can increase repeat business.

If your customers need or want your products, and your business generates customer satisfaction, you can develop customer loyalty. That customer loyalty can increase sales. How? Through:

(1) Repeat business
(2) Customers telling other people about your products

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Binah Advisory’s Tullio Siragusa is a certified professional consultant, with 20 years experience engaged by Fortune 200 companies, specializing in process and workflow optimization solutions for sales, marketing and operations. Clients in the past 20 years include: Viacom, Disney, NBC Universal, MSN, Facebook, JPMorgan Chase, Dow Jones, Citigroup, Zurich Financial, McKinsey & Company, PricewaterhouseCoopers, General Electric.

Clients who engage Tullio Siragusa, learn how to break boundaries, by enabling their business to run like a well oiled production machine; allowing the Entrepreneur and Senior Executive to become a constant creator of new profitable realities.
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To get your free soft copy preview of Tullio Siragusa’s book “Unlocking Your Empire”, send an email request to: tullio_siragusa@yahoo.com

You’ll get an inside view into how to:

1) Make better use of time (control time vs. letting time control you)
2) Create effective operating systems to manifest more strategies
3) Set up repeatable and scalable operating systems
4) Integrate Business Dynamics (Actions, Thoughts, Time, Speed)