A company has a list of goals, and one of the most important goals is increasing revenue. This is important not only to stay afloat but to be competitive, grow, pay back loans, and much more, which is what the following is meant to help with.
One interesting way to increase your revenue is to offer a complimentary service. You’ve amassed a good base of customers that are coming to you, so why not promote something they might need in addition to what you already offer.
For example, if you have a landscaping service, you can offer pool maintenance as well. There is always a service or a product that could complement what you have, which could help maximize your profits.
You are probably collecting a lot of information about your customers through your CRM, which is good, but there is a bit of a problem. The data you collect is scattered or fragmented. This information gives you insight and could guide your business effectively, but it isn’t complete.
Technology continues to move forward, and if you want to remain competitive, you might want to consider revenue intelligence. Here is a system that absorbs all the information you take in and delivers all-encompassing answers, giving you a clearer picture of your customers or clients.
The Right Partnerships
You might think that every small business owner is your competitor, but that is not the case. There are plenty of companies out there that are complementary to yours.
For example, if you are pastry baker, then why not partner up with a small coffee shop nearby where your treats can be sold, and you can sell the coffee shop’s coffee beans in your store. You both end up winning and possibly increasing your revenues.
A lot of business owners, especially the ones just starting off, are reluctant to change their prices when they shouldn’t. You are collecting data in real-time if you have the right tech in place, and this means you can see a customer’s reaction to price changes.
If you are willing to raise the price of a few items, you might not see a bad reaction, and you’ll end up making more. You could also lower prices from time to time, which may help spike sales. If you don’t want your customers to notice the change, then consider increasing your prices only by a few cents every so often because that usually goes unnoticed.
Almost all businesses ship products, and if you happen to be one of them, then it is in your best interest to eliminate shipping costs. Most people hate shipping costs and would often choose a company that offers this over others. You can easily change the price for the items you sell to help you absorb shipping costs.
People like when the price of an item is the only price they have to pay. Adding shipping costs at the end of it just doesn’t sit well with most people, so you’ll end up beating your competitors who might be charging for shipping.
Subscription services are the name of the game for many companies. Most of the time, the subscription service is offered at a very low price, which makes it look like a great deal for the customer. You can offer a number of services for that subscription or you can offer a bundle of products.
What you are doing by offering a subscription service is essentially earning returning customers who will continue to give your company money for months to come. This kind of promised revenue should fortify your finances, which is ultimately what every business owner wants.
These are just some ideas to help you improve your revenue, and most of them are easy to try out.