For your organization to achieve success, eventually you will have to start increasing your revenue. Without additional revenue you will not be able to expand your operations by hiring staff, purchasing equipment, manufacture products, deliver services.
If you've low revenue, you have a hobby. If you've high revenue which is growing annually, you've got a sustainable business.
We've come up with 8 Easy-To-Implement Ways of assist you to increase your revenue. You can implement individually or all 8 for that greater effect on your general revenue.
Expand Your Geographic Market
Whether you're a regional business or perhaps a national, turn to expand your geographic footprint.
Perform market research to see where your competitors is, you might find an undermarketed region.
Determine exactly what the cost would be to expand right into a new market, then estimate the number of customers and purchasers needed simply to break even. If this can be a realistic number, then go for it.
Don't take on more than you can handle.
You can certainly expand into one new market at any given time. Prove you can handle the additional business and that the region is profitable, then expand further.
Accept Credit Cards
Allow your customers to pay by credit card. According to a study by Drazen Prelec and Duncan Simester of MIT, they discovered that shoppers spend as much as 100% more when utilizing credit cards instead of cash.
Using credit cards a simpler and more convenient way to make a payment, this goes for both business and consumer customers.
So as well as the increased revenue, you're also providing a better customer service experience.
In today's digital age, setting your organization up to accept charge card payments is easier than ever before. Start by finding and establishing a merchant account.
Implement Subscription-based Sales
Is your business something which could provide a subscription-based service or product?
This kind of model can make consistent sales throughout the subscription period, resulting in higher revenue per customer.
A few examples:
- HVAC owners could provide a “Maintenance Plan” where for any certain fee and expert can come out to your home twice a year to check the performance of their heating and air conditioning unit.
- A restaurant owner could offer a monthly meal plan. For a certain price you choose any item up to and including certain value each month
Incentives Repeat Business
Many companies put all their efforts into securing new business they often forget their existing customers.
As an entrepreneur you should have another marketing strategy for your existing customers. Encourage your visitors to opt-in to your email list and follow your business on social networking.
Keep these customers engaged by giving them relevant content they would be thinking about. If they are engaging with your emails and social networking posts, they could be more prone to open an e-mail or view a social networking post that is pushing your product or service.
Incorporate an Upsell Program
An upsell program is a superb way to improve your sales per order.
Do you have complementary services or products you could offer with the initial purchase?
For example, should you sold shoes, you can upsell a set of socks in a reduced price.
Cross Promote Your Business
Look for companies that don't compete with your product/service, they complement. Also search for complementary businesses that have the same target customer.
This kind of strategy is a win-win for both organizations.
It will drive increased traffic for your business, which will improve your revenue.
For example, if you own a cinema, partner with a local restaurant. You could each sell a “Dinner and a Movie” package or cross promote each of your businesses by handing out flyer and coupons at your respective locations.
Implement a Social Media Strategy
Implementing a social media strategy is a perfect method to increase brand loyalty, increase your customer base, and ultimately increase your revenue.
The initial step is understanding which social channel(s) your visitors are using. Open a business account and start developing content.
You will turn your customers off to your social networking page if the only post you've are offer related. Develop content that is informative and associated with your business.
Offers, discount, and special promotions ought to be promoted on your social networking page, simply have a good balance between content and provide.
Encourage your visitors to talk about or comment on each post, this will help your visibility and may potentially lead to more customers.
Consider Outsourcing Your Marketing
Are you performing your own marketing?
If so, it may be time to have a marketing company promote your business and improve your leads or online sales.
Before you employ a marketing agency, evaluate what success would seem like. How many additional leads/product sales would you need to receive to warrant the cost of the marketing agency?
You may either go all along with the company and have them manage one marketing channel, such as digital marketing. Ensure they flourish in one channel before handing them all your marketing budget.
These 8 methods to increase your businesses revenue happen to be successfully implemented by many people startup companies.
You can achieve their same level of success and finally scale your business in which you will start achieving substantial year-over-year increases in revenue.