How do you increase revenue examples?

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How do you increase revenue examples?
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Top 10 Ways To Immediately Increase Your Revenue

  • Glenn Smith
increase your revenue
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. -Peter Drucker

The best and fastest way to increase your revenue is to focus on your customers. They already trust you and buy from you. So what you want to do is look for more ways to serve them! This will enable you to increase the average transaction size and/or increase the frequency of the purchases.

To be successful at getting your current customers to spend more with your company and to spend more often, you must increase the perceived value of what you offer. You must educate your customers so that they desire your products/services even more.

Here are 10 ways to increase the average purchase size and frequency of your sales, and in turn, increase your revenue.

Raise Your Prices

Educate your buyers on the superior advantages, benefits and results you provide them and explain the reasons why you need to raise prices  increasing manufacturing costs, customer-service enhancements, better guarantees, better ingredients, increased regulations, etc.

Up-Sell

If your client/customer can achieve better results and more satisfaction, educate them on buying a higher-end product/service. Do a better job of assessing their needs and matching to products/services that will give them their optimal buying experience and satisfaction. You will increase your profits and their fulfillment. For example, auto dealers are masters at getting customers to buy car models with the higher-end feature packages (i.e. leather interior, better stereos, etc.)

Cross-Sell

If you have multiple product lines or service lines, communicate and educate your customers/clients on the full spectrum of your solutions  services, products, and expertise. Continually ascertain their challenges/problems and match up with the other solutions you offer. For example, CPA firms cross-sell their audit clients on tax and consulting services. Banks cross-sell their checking customers on investments, mortgages, lines of credit, credit cards, etc.

Bundle Better

Consider packaging complementary products/services together to increase your revenue. For example, if a customer is going to buy a gas grill, offer them a complete package of cooking utensils, mesquite wood chips, barbecue book, grill cover, and apron. By saving the customer time and helping them to buy a more complete solution, you can probably charge a premium for this barbecue in the box offering. At the very least, they will have bought more than they otherwise would have  you made buying easy for them.

Offer Volume or Frequent Buyer Discounts

If you can get your customers to buy more and buy more frequently, reward them with incentives, discounts, extra level of services, etc. Since you have maximized your cash flow, be willing to reward them with a few extra perks. For example, bookstores and airlines have frequent buyer programs. Coffee shops and barber shops give you a free service/product when you buy a certain number of times.

OfferComplementary Products or Services

Ask the question, Who else sells something that goes before, after, or along with my customers purchase? For example, if you sell computer products, consider selling technical needs analysis services on the front-end or installation and computer training services on the back-end. Be sure it makes economic sense to add such services to your business and that it does not detract from what you already offer.

Communicate Often

Communicate with your customers often and give them buying ideas/solutions via mail, phone, email, newsletters, in-store displays, etc. For example, if you are a hardware store, and as early fall approaches, use direct mail and in-store displays to communicate to your customers the need to fill cracks and seal their driveways. Sell them on the benefits of taking such action. Package all the supplies together (sealant, crack filler, broom, gloves, removal cleaner, how to booklet, etc.) and offer a single-solution price.

Have a Special Event

Conduct special events to educate your existing customers on your additional service/product offerings. Do this in an informative manner and in a way that has their best interests at heart. Hold a sneak preview for your new products, services, models, etc. Hold exclusive events for your best customers. For example, an upscale luxury auto dealer might hold a wine and cheese party with a musical quartet to unveil the newest car models.

Promote Others

Endorse other peoples products or services to your client list and get a cut of the action. For example, if you are an upscale jewelry store, consider offering elaborate vacation packages to your customers via an upscale travel agency. Mail offers to your customer database, endorse the travel agency and their offering, and receive a set percentage of any revenues generated. Instead of adding computer training to your computer store, form an alliance with a reputable training company and negotiate for a cut of the action for introducing/endorsing them to your customers via email, direct mail, telemarketing, etc. To maintain the goodwill of your customers, make sure you do your due diligence and introduce only high-trust, high-integrity, high-value organizations to your customer base.

Say No to Bad Customers

Perhaps this sounds strange, but one of the basic methods to increase your revenues is Learning to Say No to bad opportunities, bad prospects, and even bad customers. This advice is aimed at those who sell primarily to businesses, not to walk-in, public customers. You need to devote more time and attention to your best opportunities and customers. You cant optimize your business performance if you are constantly bombarded by unprofitable, ungrateful, disagreeable, ever-complaining, and energy-draining customers. So adopt a selectivity mindset!

As you can see from the above list, there are many ways to immediately increase your revenue. Pursuing some of these strategies is time well spent and the dividends can be huge!

Do you have any other tips on how you have increased your revenue? Sound off in the comments to share!

  • Tags: Business Growth, Cash Flow, Sales

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10 thoughts on Top 10 Ways To Immediately Increase Your Revenue

Calzoncillos CK BaratosMarch 15, 2016 at 9:39 pm

I want to show my thanks to the writer for bailing me out of such a challenge. After browsing through the internet and getting advice that were not productive, I figured my life was over. Existing without the approaches to the problems youve sorted out through your main site is a critical case, and ones which might have in a negative way affected my career if I hadnt discovered your website. Your personal training and kindness in dealing with every item was very helpful. I dont know what I would have done if I hadnt come upon such a step like this. I can also at this point relish my future. Thank you very much for the skilled and results-oriented guide. I will not be reluctant to suggest your blog post to any person who needs and wants direction on this area.

billige jordan ladd and bijouMarch 16, 2016 at 12:20 am

Hi, just wanted to tell you, I liked this blog post. It was inspiring. Keep on posting!

Charles SwihartMarch 19, 2016 at 8:11 pm

Great stuff! I can tell you I have employed a few of these ideas recently with some success. The best one is to be sure you go back and offer existing customers other products and services you know they can benefit from. If you dont, they may not even know you offer them.

Angelo GonzalezMarch 22, 2016 at 1:43 pm

Good thoughts Charles, thanks!

Grace JohnNovember 27, 2016 at 10:11 pm

Focus on your customers#fact#

NicoleMarch 13, 2017 at 2:16 am

i have more of a question I need to do feed back on my store every week to the big boss but I have run out of ideas to implement in the store for growth

war commanderJune 4, 2017 at 4:34 pm

Fantastic goods from you, man. Ive understand your stuff previous to and you are just too magnificent.

MyraNovember 3, 2017 at 9:17 am

Thanks for this wonderful post! Well, marketers and advertisers can also use moLotus to increase their revenue instantly. This amazing mobile video messaging platform sends attractive and appealing video messages in minutes. You can immediately increase your revenue in minutes.

Adam leeNovember 1, 2018 at 8:19 pm

Many people start business with small plan and investment and these are called small business. they are in need of proper guide for that. this is content which can help us a lot. Thanks

Leo HarryMarch 18, 2020 at 2:48 am

Hello, this is Leo Harry. Digital Marketing is one of the best ways to immediately increase your small business.

Comments are closed.

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