There are a variety of methods employed by businesses to grow their sales revenue. In my opinion, these typically relate to marketing and innovation, with the latter being the most effective.
Most companies choose to target increased sales through advertising campaigns and new products. Marketing and advertising are self-evidently important. Nearly every major company reserves a substantial portion of the budget for television advertisements, online marketing, billboards, and so on. Companies that excel with viral marketing, such as Starbucks, are able to dominate the competition through brand awareness and grow sales consistently. Furthermore, the introduction of new products is also a key catalyst. This can include new menu items, such as the recent popularity of Popeye’s new chicken sandwich or technological advances like the electric vehicles produced by Tesla.
Though advertising can be extremely persuasive, there is no substitute for a truly revolutionary and unique product. The best example of this would be the most successful consumer electronics product in history, the iPhone. When it launched there was no comparable product, with Blackberry phones being the closest analogue. The iPhone allowed users to make phone calls, send message, take photos, check email, and use the internet. These are routine features now but at the time these innovations drove rapid revenue growth and countless other companies raced to replicate their success. This model applies to a range of industries as a novel product can drive demand while a company need only focus on maintaining their supply chain.
In conclusion, sales figures rise as a result of marketing strategies and successful innovation, with the latter the single greatest method for generating more revenue. Companies must balance both techniques yet prioritize new ideas whenever possible.
There are a variety of methods employed by businesses to grow their
sales
revenue. In my opinion, these
typically
relate to
marketing
and innovation, with the latter being the most effective.
Most
companies
choose to target increased
sales
through advertising campaigns and
new
products
.
Marketing
and advertising are self-
evidently
important
.
Nearly
every major
company
reserves a substantial portion of the budget for television advertisements, online
marketing
, billboards, and
so
on.
Companies
that excel with viral
marketing
, such as Starbucks, are able to dominate the competition through brand awareness and grow
sales
consistently
.
Furthermore
, the introduction of
new
products
is
also
a key catalyst. This can include
new
menu items, such as the recent popularity of Popeye’s
new
chicken sandwich or technological advances like the electric vehicles produced by Tesla.
Though advertising can be
extremely
persuasive, there is no substitute for a
truly
revolutionary and unique
product
. The best example of this would be the most successful consumer electronics
product
in history, the iPhone. When it launched there was no comparable
product
, with Blackberry phones being the closest analogue. The iPhone
allowed
users to
make
phone calls,
send
message, take photos,
check
email, and
use
the internet. These are routine features
now
but
at the time these innovations drove rapid revenue growth and countless other
companies
raced to replicate their success. This model
applies to
a range of industries as a novel
product
can drive demand while a
company
need
only
focus on maintaining their supply chain.
In conclusion
,
sales
figures rise
as a result
of
marketing
strategies and successful innovation, with the latter the single greatest method for generating more revenue.
Companies
must
balance both techniques
yet
prioritize
new
ideas
whenever possible.