Sales

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.