How to Increase Revenue: 7 Tips for Your Business
There comes a time when your business will hit a rut in sales. When this happens, your revenue becomes stagnant, or worse, it starts to plummet. By the time things pick back up, you may already be out of business.
But this doesn’t have to be the case for your company. There are various ways you can increase revenue for your brand.
In this post, we’ll share various tips on how to increase revenue for businesses of all sizes. Get creative and you may be able to use these tips for a business in any industry.
Now, let’s get started!
1. Expand to Other Markets
Now, this doesn’t mean you have to start creating new products or services that are beyond the scope of your business. The idea is to add complementary services to your existing products.
For example, if you offer content writing services, you can expand to offering SEO consulting. Or if you’re in the landscaping business, you can start offering pool cleaning services to your customers.
Then if you’re in computer sales, then you can offer IT support for customers that run into issues within the first year or two.
The idea is to try and supplement the services or products you already have so you can re-engage your current customers and attract new ones.
2. Build a Customer Loyalty Program
Roughly 40% of stores’ income comes from repeat customers. This goes to show how important it is to target your current customers and turn them into repeat buyers.
With a robust customer loyalty program in place, this becomes easier. There are different ways you can engage your customers using rewards. For example, you should collect data on your customers’ behaviors.
This includes tracking what they buy, how much they spend, and whether they engage in your blog content. If you already have an email list in place, you can promote your loyalty program and rewards here.
You can offer rewards for engaging with your brand on social media, buying products and services, or referring others to your business. Just make sure the rewards extend beyond points to make the program more enticing to join.
3. Use Marketing Automation to Drive Leads
Your business has a limited budget. This means you don’t have the funds to hire a full-time customer service team to work around the clock answering customer questions.
And since most customers are using social media to engage with brands, it makes sense to implement chatbots here. About 38% of adult users say they’ve used chatbots within the past year.
Then when you look at various big brands like Domino’s Pizza and KLM Royal Duth Airlines, you see some impressive chatbot numbers. For example, KLM started using Facebook’s Messenger chatbot called BlueBot (or BB for short) and within the first six months, the chatbot sent almost two million messages to a half million customers.
While these numbers are rather high, it does show the great potential for even the smallest of businesses.
4. Create Package Deals
You know which of your products and services are the most popular. And if you don’t, then you should really start collecting this data and soon.
With this information, you can create the best packages to attract your customers and prospects. For example, if you’re a landscaper and you notice a lot of your customers have pools, why not offer a package for purchasing the two services together?
You can do this no matter what industry you’re in. Surely, you’ve seen cable companies do this with their telephone, internet, and television deals. The key is to make the price irresistible so customers are more inclined to buy.
Also, keep in mind you don’t want to bundle products or services that they don’t need. If you’re able to personalize your offers, even better. You can then create offers for specific groups of customers.
5. Use Social Media Advertising
Social media is a great platform for getting attention to your brand. In many cases, brand visibility is the reason behind low revenue issues. It doesn’t matter whether you’re a local brick-and-mortar company, or an online seller – social media can help.
Now, there are different ways you can market your products and services on social. For one, you can create compelling content and promote the pieces on your social media channels. Another option is to boost your posts so that it shows up to specific audiences.
Facebook is one platform that allows you to promote to a highly-targeted audience. However, there are some changes being made to what type of data Facebook collects about its audiences, but it’s still a great method for increasing your reach.
Product ads are also available on social media, which you pay per click. You can control your budget easily so that you don’t deplete your limited resources.
6. Partner with Other Companies
There are various benefits to linking up with other businesses in your industry. For one, you can refer customers to one another. And second, you can team up and offer a product. This enables you to tap into their customer base and draw more traffic to your brand.
For instance, if you’re a plumber or electrician, it’s a good idea to connect with real estate agents who can refer their clients to you.
Learning How to Increase Revenue for Your Business
These are just some of the tips you can use if you’re wondering how to increase revenue for your brand. But when all else fails, you can always turn to a mentor or coach to help you along.
I’m Craig Beck, an expert in helping people understand the law of attraction and how to harness it to increase wealth. I offer a variety of courses, books, audiobooks, and articles on the subject.
You can also reach out to me for one-on-one coaching services. If you’re looking to escape the rat race and start living your passion… click here to join my free webinar.