A million-dollar-plus brick-and-mortar business that had been successful in the past through word of mouth, repeat customers, and referrals was experiencing stagnant sales.
They hired my consulting services to develop a marketing strategy that would help them increase their revenue.
During an in-depth coaching conversation, we discovered that the owner had delegated the management of the business to a second in command and was not physically present as a leader on a daily basis.
THE CHALLENGE
This had a negative impact on staff morale, resulting in a lack of motivation among salespeople. We realized that in addition to developing a marketing strategy, we needed to address this underlying issue.
To tackle this, the owner took over the leadership of the company and held daily morning meetings to incentivize the team. This approach motivated the salespeople, and they began to put forth new innovative ideas to generate more sales.
THE OPPORTUNITIES
We then discovered a recurring revenue stream worth $50,000 year on year that the owner had overlooked.
And we identified an opportunity to renegotiate the business’ lease agreement, which resulted in a $78,000 yearly reduction in overhead costs. The new agreement was locked in for five years.
THE RESULT
The outcome of our six-month engagement was that the business saw a total of $640,000 in additional net profits going back to their bottom line over the course of five years by cutting operations costs and taking advantage of a new revenue stream.
With a team of highly motivated salespeople, sales increased significantly, and the marketing strategy brought new customers into the business.
This case study shows how addressing the underlying issues, in addition to developing a marketing strategy, can lead to significantly improved growth.
By pairing a solid marketing strategy with mindset tools based in neuroscience, I was able to help the owner recognize and take advantage of opportunities as soon as they presented themselves, even when they initially felt resistant to making the changes.
If you want to learn more about how my tailor-made services can help you identify opportunities and develop a strategy to achieve your business goals, click HERE.
~Simona