Is it a button I click somewhere?
Revenue Optimization.Everyone’s talking about it, but what is it actually? More importantly, how you do work with it?
Yielding more from the same crops. That’s what every farmer is working towards. That’s what will make his or hers farming business more efficient.
So is Revenue Optimization only for farmers? No. It’s just a simple way to describe what every business should strive to achieve – getting more of what you already have, or working more efficiently with the tools already purchased.
Many consumer businesses are constantly looking to get new customers or new markets. It makes sense though, because it gives them a sense of growth. A sense of a business that is thriving with interest and new customers are being added all the time. They are being added to an existing stack of customers. Customers the business has been working hard to acquire only to move on to the next target.
Now, who’s looking after the existing customers and how they are doing? No one. For many businesses it’s too difficult to look into individual customer performance. They are just looking to add new business and let the old and existing business take care of itself.
The amount of opportunities that businesses have in their existing customers is mind blowing. And yet, most are on the ever-lasting hunt for new ones.
If you want to beat your competition and make more out of what you already have, you should work actively with Revenue Optimization.
Getting more from less
You have your customers. You’ve worked hard to get them. Now you are shifting your focus from getting the most out of what you already have (continuously!) to getting new customers in an endless effort of just adding to the top line of the business. Who knows, maybe someone else in your company thinks this is the way to go. Or maybe this is just the way you’ve always done – reasons can be many. The reason to change perspective however, is definitely there 💸
Optimizing the revenue or performance of your customers doesn’t have to be directly related to sales or monetary transactions. It can also be about optimizing indirect costs related to how you are managing, processing or using software tools (and what tools!) in your business. By working with the best tools for your businesses and the processes you need supported you are able to create an efficiency that can be quite impactful. Especially if you turn away from the Swiss knife solutions where some tools want you to think they can handle everything from Accounting to eCommerce to Customer Service to Social Media Management.
Instead, you should look at the areas in your business where you believe that there is an opportunity for creating efficiency and thereby support revenue optimization and then select the suite of heavy hitting tools that will enable you to accomplish the goals you set.
Revenue Optimization for B2B eCommerce
If your business is like most other consumer brands, B2B and wholesale is your biggest and most crucial sales channel. Regardless of the hopes you have that your D2C efforts will surpass it, because of the countless hours of developing and internal discussions on the branding and experience you set out to deliver on your brand site, chances are slim and is it even ideal? It’s more likely that partnering up with the right retailers and wholesale partners will be a better and more fruitful business strategy. For it to be exactly that, fruitful, it’s time to look at some more specific revenue optimization activities and solutions for your wholesale and B2B business.
Software that can improve your business performance and achieve revenue optimization goals
Based on your business, the type of vertical you’re in and the way you interact (or do business) with your customers, there will be a number of areas that will be no-brainers for you to start optimizing on. To give you some specific examples to start your own internal analysis, these are some of the tools and process that our customers often find powerful yet simple to implement for their wholesale and B2B businesses:
- Analysis of purchase behavior: Are you selling the same products to the same customers at the same (or lower) frequency? Chances are that you aren’t providing your customers with the right methods and tools to buy your products, to discover new products where other brands are giving them a better alternative. Take a look at your customer experience and what you are asking them to do when placing an order. Are you doing enough for them to make this process a walk in the park, maybe even a fun one?
- Nurture customer relationships: Customer Relationship Management Systems (CRMs) are around for a reason. They do a great job at solving the task that is pretty clearly described in their name. They are used to manage your customer relationships! A lot of tools that deal with customer data try to be CRMs too, but we recommend getting one that is dedicated to this purpose. There are many to choose from, some are even free and a great way to get started.
- Internal processes: How does orders end up in your business currently? What tasks and processes are required by your business (internally) to complete and serve the customer with what they’ve purchased? Too many manual processes, too much employee-dependent knowledge to be taken into consideration, outside partners to be notified? More? This is where there’s usually a lot to improve and the solutions can be simple enough, but if you don’t know about them they will seem overwhelming.
These are just a few examples of how you can get started with revenue optimization and almost see an immediate effect on your business.
How does Turis support revenue optimization?
Generally, Turis is a tool that is all about optimizing your business. Turis intersects with many of the processes that is related to the wholesale activities of your business. However, instead of putting a bunch of features in Turis that you already have covered by specialized tools (such as your accounting system or ERP), we integrate with these systems to ensure that your B2B and wholesale business is at its best.
That is simply because we believe in providing you with the best wholesale eCommerce platform possible is only possible by focusing on that and not a bunch of other things.
From a revenue optimization perspective, Turis will enable you to
- 🤝 Provide your wholesale customers with a wholesale eCommerce solution they’ll enjoy using and order from time and time again
- ⏰ Save countless orders on admin work whether it’s typing up orders, emailing back and forth with customers to generate an order, answering questions about pricing and availability
- 💰 Get more (and bigger) orders from your existing clients and nurture new clients from the very beginning to ensure that they’ll generate a positive return on your wholesale business even faster than before
- 🖥️ Use tech that is made for you and wholesale. Stop tinkering around with home-made solutions that aren’t cut out to serve your hard earned customers and the requirements they have for a nice user experience
- 🧑💼 Make your employees happy and motivated as they won’t have to deal with tedious tasks. Let them create even more value by giving them impactful tasks.
- Try out Turis today or reach out to us for a personal demo – we’d love to show you around!