Sales is a time-consuming effort. Save resources by discovering how to reinvent your revenue model with automation.
In today’s fast-paced market, salespeople must juggle multiple responsibilities. From identifying prospects, scheduling appointments, developing proposals, and following up with potential customers, salespeople spend 41% of their days on tasks other than selling. To provide a better customer experience and earn higher customer satisfaction for increased customer loyalty, consider incorporating automation into your revenue model. Automation can save time and resources, enabling you to serve your customer base more effectively and efficiently.
Read on to learn how automation can help drive sales and generate more revenue for ongoing success.
Key Takeaways
- A revenue model is a plan that determines how your company will charge customers for your products and services.
- Automation uses computer software to handle certain tedious sales duties for better results.
- Order management, scheduling, and proposals are just three ways automation can help impact your revenue model for a more successful outcome.
What Exactly Is a Revenue Model?
A revenue model outlines how your company will charge people for your offerings to ensure you bring in revenue for your business. It helps you identify the most effective ways to make money and prioritize those steps for the best possible outcome. There are several types of revenue models, including:
- Recurring revenue model: Businesses generate income through subscriptions, ensuring they receive payment at certain intervals for the customer’s lifetime.
- Affiliate revenue model: Companies sell products from other businesses on their site and earn commissions on sales.
- Advertising revenue model: Businesses sell ad space on their website.
- Sales revenue model: The most common, this model generates income by selling goods and services.
- SaaS revenue model: Like the recurring revenue model, this Software as a Service model charges customers to use the software at specific intervals.
To determine which revenue model is most effective for your business, you must first understand who your audience is. Conduct thorough research and create buyer personas to identify your ideal customer to understand the needs, pain points, and preferences of the people you’re trying to reach. Doing so helps to shape your sales approach and choose the revenue model that delivers optimal results.
Source: Good to SEO
Next, you need to understand how your products or services can meet your customers’ unique needs. A salesperson who understands the products’ features and functionality can better explain the benefits to prospective customers and increase conversion rates. Realizing how people use your offerings can tell you which revenue model would work best for them.
What Is Automation and How Does it Help?
Automation is when computer software is programmed to handle certain sales tasks automatically. This way, teams can automate tedious, repetitive processes, allowing them to spend more time focusing on duties that generate revenue.
Automation provides numerous benefits, such as:
- Expedites sales processes: When handled automatically, your sales team can complete certain processes more quickly.
- Boost efficiency: Automation helps salespeople manage their time more effectively, enabling them to work more efficiently.
- Gather accurate data: Reduce human error by avoiding manual inputs and obtain more accurate metrics for helpful forecasting.
The following video provides a more in-depth look at automation and the many benefits it provides:
By incorporating AI and automation, sales teams can reduce multi-tasking distractions and be more successful in their role. Spending more time interacting with customers and generating leads builds better relationships and results in more closed sales and higher revenue generation for your business.
3 Ways to Reinvent Your Revenue Model with Automation
Whether a startup business or an established company, it’s never too late to reinvent your revenue model. Between the market, customer needs and expectations, and offerings, things are always changing, and there is always white space to fill. Rethinking your sales approach and how your business generates revenue can help you find potential opportunities to fill an unmet need. Stand out from the competition in a healthy way and thrive in a continually evolving marketplace. Here are three ways to reinvent your revenue model with automation.
1. Order Management
Automation can be a game changer for e-commerce businesses that need to track online orders and help funnel people through the sales pipeline as they continue their customer journey. From creating invoices and providing delivery updates to sending out post-purchase customer satisfaction surveys, automation helps companies streamline their order management. By relieving sales teams of these time- and labor-intensive duties, sales reps can spend more time developing customer relationships and boosting engagement for a higher chance of success.
Source: Shiprocket
2. Scheduling
One of the most time-consuming sales duties is trying to schedule meetings with prospects. Coordinating availability, navigating time zones, and considering holidays take precious time away from selling products and services. Other scheduling, like invoices and follow-up communications, also takes focus away from important sales duties. Automation can handle all of these facets of scheduling to streamline your processes and allow you to generate revenue more efficiently and effectively.
3. Proposals
Hand-written proposals are not only a big investment of time but also present opportunities for critical human error. Automation can use software to pull specific details from your input forms and use them to automatically populate a template. This information autofill occurs in moments with great accuracy and efficiency. As such, these automated proposals are more likely to earn the trust and confidence of your customers and lead to higher conversion rates.
Additionally, your team can monitor these documents, so you’ll know when a customer has seen the contract and signed the paperwork. (For even more efficiency and resourcefulness, set automatic reminders to alert you when it’s time to take action.) By automating your proposals, you deliver important, accurate information on time, helping to boost sales and revenue generation.
Rethink Your Revenue Model
MXTR provides multi-location marketing automation to develop effective digital marketing strategies that increase customer engagement, boost conversion rates, and track leads across your network.
Schedule a demo today to see how we can help you rethink your revenue model with automation for greater efficiency and success.
Featured Image: istockphoto
