by Meredith Wood of Fundera
There isn’t a business out there that wouldn’t list increasing revenue as one their top goals. Every company, no matter the size, wants to see more sales and higher profits. And they usually use tried and true methods of raising revenue like raising prices or bundling products. They use these methods because they work, however if you want your company to think out of the box, here are a 6 surprising ways to increase your company’s revenue.
Better Customer Management
This seems like a no-brainer, right? You treat your customers well, respond to their needs, handle their issues quickly and you should have made them customers for life. But achieving that takes a lot of time and work and as a small business owner, you don’t have a lot of time to give. Thankfully, there are now several CRM software companies that pull together all of your customer’s information in one easy to navigate database. Using the software, you can send emails, follow up on calls, and schedule appointments. You can also track purchases and buying patterns of your customers so you know what they will want when they will want it. Lastly, you can pay a little more to get marketing automation and even set up a support ticket system. By improving the way you respond to your customers, you will drive sales and increase revenue.
Give Them a Reason to Spend More
If you own an online retail business, consider offering free shipping for orders or a product bonus if the customer spends over a certain amount. You want them to have a reason to change their $35 order to a $50 or $100 order. The same kind of deal is available for a variety of businesses. If you own a pest control company, encourage the customer to spend more with you up front by offering a free inspection if they pay for a year’s worth of quarterly services.
Piggy-backing on #2, consider partnering with another (non-competitive) local company to encourage sales. For example, your hair salon and the local boutique could partner to offer a dream makeover. Customers are entered to win after showing receipts from both businesses. You could even create an entire social media campaign around the event to get people excited for your services.
Expand Your Area
This definitely another easy one, however, it is surprising how few businesses consider this option. Take some time to research similar businesses to yours in the surrounding area, and often you will find that your industry is underrepresented. This is a great opportunity to begin marketing in that area.
Involve Your Customers
Your customers know what they want and they know what they like about your company. Give them the opportunity to share that information with you by creating a group on Facebook or Google+. You can offer discounts to these inner circle members and they can help you plan your next steps. Not to mention, they will be giving you a great review with their friends because you actually CARE about what they have to say.
Spruce Things Up
If you created your website ten or even five years ago, the time is now for a sprucing. Many website companies like WordPress offer beautiful, easy to use templates for your new page and not having to hire a web designer saves you money. Consider also adding a blog or another social media channel to provide new content for your customers and encourage their interactions with you. The same sprucing needs to also happen with your brick and mortar space. You want to attract the client’s eye with new paint, new organization, or even a new sign. Yes, you are spending money up front, but these changes go a long way in how the customer views your business.
Other easy ways to increase revenue include adding coupons or expanding or discounting your product line. Remember that the best way to increase revenue is to have the right mindset, be flexible in how you approach your business and if things don’t quite work out, you can always change it back.
Meredith Wood is the Editor-in-Chief at Fundera, an online marketplace for small business loans that matches business owners with the best funding providers for their business. Prior to Fundera, Meredith was the CCO at Funding Gates. Meredith is a resident Finance Advisor on American Express OPEN Forum and an avid business writer. Her advice consistently appears on such sites as Yahoo!, Fox Business, Amex OPEN, AllBusiness, and many more. Meredith is also the Senior Financial and B2B Correspondent for AlleyWire