Increase Your Business Revenue with These 8 Steps

Efforts to increase revenue may feel like a lot of pressure on your business, especially if it’s a small or startup business. Trying to get a better grasp on sales, marketing strategies, and your customer base can feel like an ongoing battle — and that’s because it is, and always will be. You’ll always have to keep on top of efforts for increased business revenue and evolve those efforts, but there are ways to understand it more efficiently and implement the right steps.

Here are eight key methods for driving more business revenue.

 

Step 1: Don’t Fully Focus on Gaining New Customers

Naturally, marketing to new customers and gaining new business is still key to driving revenue and business growth. However, this shouldn’t be at the expense of building customer loyalty and repeat business. Often, it can be repeat customers who can drive more business revenue than constantly trying to draw the attention of brand-new sales.

Not to mention the investment in marketing to brand-new customers each and every time could be significantly more than tailoring for customers who have already invested in your product and chosen to trust your business.

It can thereby be more cost-effective to concentrate on gaining repeat and long-term sales from existing customers.

 

Step 2: Add Deals and Discounts

Applying deals and discounts where appropriate can help to drive more sales. You may want to bundle items or offers together (such as 2 for the price of 1) to encourage a sale that may not have happened otherwise. You can market extra deals and savings for loyal customers and also offer discounts and rewards through your social media channels to entice more sales.

Step 3: Improve Your Connections with Customers

If customers are reaching out to you with general inquiries, specific questions, or support needs, you want to be sure to hone those connections. Especially if customers are reaching out to ask a question about your product or service before they make a purchase, this can make or break whether they commit depending on whether you answer.

It’s therefore important to have a system in place which will allow you to promptly respond to customer queries and make an adequate connection.

You may want to invest time in a live chat app that helps you to monitor all your customer communications and answer them in the fastest possible way.

Improved connections and faster response times can make it more likely that consumers will spend money with you.

Step 4: Develop Your Business Goals (and Stick to Them)

A lot of time, resources, and money can be wasted if you’re trying to achieve the wrong business goals or are uncertain what they may be. While a lot of business can be about trial and error, you can reduce your losses by developing strong business goals which align with your revenue goals, and therefore know what you’re aiming for at all times.

Developing your business goals can go hand in hand with strategy and revenue planning, which means you’ll be able to more easily understand what your business needs to achieve, your budgeting, and your sales goals.

 

Step 5: Understand Your Pricing Structure

It’s important to apply a price that gives your product or service a competitive edge, but one which isn’t too high to put customers off. Especially as a new startup business that hasn’t yet proved the quality of its product or brand, it’s important not to price your product too highly.

Your pricing structure can (and should) change in line with changing marketing trends and product values, but it shouldn’t ever be too low to risk lack of profit or much too high to result in lack of sales.

Step 6: Concentrate on a Solid Marketing Strategy

Good marketing is absolutely essential for driving new sales and increasing revenue. Without a good marketing strategy, you may risk your product failing to reach the right audience — and therefore lose sales.

Building effective marketing strategies can take time, but research and planning are key. This includes research into the target market, consumer trends, competitor research, and the right social channels.

Spend time developing a strategy that works for your business and your consumer market. While it may be tempting to put as much marketing out there as possible on every single channel, this can be a waste of resources if your consumer market is only using one social media platform primarily, for example. That’s why consumer research is key; to ensure your marketing efforts reach the right people, at the right time, in the right way.

Marketing isn’t one size fits all, so it’s important to strategize for maximum revenue potential.

Step 7: Think Carefully About Any Shipping Charges

One huge positive for consumers is any business that offers free shipping. Immediately, this draws the right attention; and, if your competitors charge a shipping cost, then you’ve gained the advantage already.

If free shipping is possible without your business losing money, it can be a great tool for boosting sales. Even if it’s a free shipping offer for a limited duration (for example, this week only), then it can be a great marketing tool to attract business during this time frame.

If you do need to charge shipping costs overall, then think carefully about the relevant charges. The lower shipping charges, the better for attracting new sales, so make sure your shipping charges aren’t too high (and do anything to make them appear less, such as $3.99 rather than $4.00).

Step 8: Catch Up with Customers

As a final step, be sure to chase up any leads. If you have customers who have made an initial inquiry or interacted with your website in any way, catch up with them if they haven’t made a purchase. Chase them up with any form of contact, and maybe include an offer such as a discount on their first purchase. This may prompt them to make the purchase they were originally considering.

If you have customers who have placed an order, catch up with them down the line to entice them with further offers or anything which could encourage them to make another purchase.