The amount a company derives from sales compared to a previous, corresponding period of time in which the latter sales exceed the former. For example, a company has experienced sales growth when its sales were $1 million in Q1 2009 and are $1.2 million in Q1 2010. Sales growth is considered positive for a company's survival and profitability. It may result in increased dividends for shareholders and/or higher stock prices.
There are five specific strategies you can deploy to grow sales now:
Increase Penetration in Existing Markets: Stick to your knitting and grow market share in what you do best already.
New Products Line Extensions: The second most popular strategy to grow sales is to extend the product line to a new complementary product that existing clients would be pleased you now offer.
New Client Segments: Focusing on new client segments will power strong growth. Observe and identify other activities your client is buying from others that you could make for them.
New Channels of Distribution: Assertively opening up new channels of distribution will increase sales. It will strengthen your brand and make your firm more impervious to the ups and downs of your existing channels.
New Services: Offer new services to your clients so they become more enamored with your firm. So, you are more "sticky" and harder to leave. Make sure the services are profitable. After you take into account the drawn out cash flow effect, you will see sales rise and your relationship solidified.
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