Sales revenue can be stagnant and even decreasing during these current times. Financial advisors may be dealing with difficulty guiding their clients in certain directions, and things in the economy continue to change.
I understand financial advisors need business coaching to service their clients much better. Increasing revenue can be achieved through simple planning. There are three areas to look at: pricing, customers, and services.
Analyzing pricing
When discussing finances with clients, financial advisors should be going over pricing structures with them. It could be time to adjust prices on their products and/or services. The costs of goods sold will need to be reviewed as well as profit margins to see if there is room for price adjustment where it won’t affect sales negatively. Raising pricing too high could cause a direct effect on consumers causing them to go to competitors so be mindful.
Aside from regular pricing, financial advisors should question their clients about any overflow or overstock of inventory at the moment. To achieve increased revenue, it would be a good practice to have a sale for clients to recoup their investment in inventory and accumulate a profit even with a temporary price decrease.
Customer experience
If businesses are not careful, they could struggle to increase sales revenue by not building or utilizing their existing customer base. New customers are the more important part to focus on for growth reasons. I will coach financial advisors on how to advise their clients on consumer growth to achieve higher sales revenue.
Clients of financial advisors need to review their current target market to see if there is a possibility to build on the current demographics. Consider if consumers of different ages, income levels, or geographic locations can benefit from the products and/or services. Financial advisors should advise clients to look at age groups and income levels that are just above or just below the current target market for potential customer growth.
Aside from growing new customers, I can assist financial advisors with them coaching their clients on upselling existing customers to increase sales revenue. This can be achieved by offering products and services targeted to benefit the purchases they make.
Product or service improvements
Another way to increase sales revenue would be to focus on improving current products or services. Is there some possible quality improvement which could result in raising the price of the product or perhaps creating higher-quality versions of the product?
Could there be a new product or service idea forecasting higher sales numbers? As financial advisors, you need to encourage market research is being conducted for your clients. There could be a window of opportunity to earn higher sales revenue by perfecting what is offered to customers.
Explore the possibility of scaling up the inventory of products or services with the most demand. There could be a much faster opportunity to increase sales revenue if the demand is there.
Professional business coaching for professionals
The support given to financial advisors coached by me will help those client relationships get stronger to achieve revenue goals. Reach out for business advice on being a financial support system for business owners.
