Ways to Increase Revenue Through Brand Refreshing, Sales, and Marketing
As a consultant, many clients have the same problem…how to increase revenue. Without overthinking it, there are 4 main avenues to increase revenue:
Increase Your Number of Customers
More customers mean more business, which means more revenue (assuming you are maintaining your prices)
Increase Your Average Transaction Size
Upselling is the main avenue to increasing your average transaction.
Increase the Number or Frequency of Transactions Per Customer
Return business on a consistent basis can increase your revenue (note: this may not be favorable in some services businesses).
Increase your prices
Increasing your prices will increase your average transaction per customer.
What is the best approach for my company?
There is not a one size fits all answer to how to help your business without diving into the type of business, industry trends, and the local market competition. But if you had to dive into one of these methods without much background, increasing your customer count is my recommendation.
How can you increase your number of customers?
Below is a very high-level list of potential
- Customer Relations/Sales Skills
- Sales Pitch/Elevator Pitch – Evaluate your pitch, does it need refreshing? Remember, the same old pitch will get the same sale results…time to get out of your comfort zone!
- Leverage existing customer base – Have you asked your top customers to advocate for your business? Your existing customer bases can help with word of mouth marketing
- Build a relationship map – Find your strongest relationships and map your strongest services to their need
- Expand your network – How? Attend network events, join professional organizations, and form partnerships and you will see your network grow.
- Speak at events or host local events – Become an authority in the niche
- Marketing Campaign – include ‘Call to Action’ in all marketing. Additionally, offer first-time discounts or benefit to try you out
- Online Marketing
- Website – Is your website modern or built-in in the early 2000’s?
- Logo Redesign – Rebrand your company
- Online Ordering – Can you receive orders and payments online? This is a convenience that yields immediate revenue
- SEO – Are potential customer’s finding your site based on their online searches?
- Social Media – Do you have a social media presence?
- Web Advertising – Everyone is on their PC or Smart Phone, are you reaching and leveraging advertising to your potential customers?
- Video – YouTube is the second largest search engine, do you have videos posted to your site, social media, and YouTube to attract customers who receive their messaging through this media?
- Comment and Reply to Reviews – Before someone purchases or utilizes a service, they will search for reviews. How is your online reputation?
- Traditional Marketing
- Direct Mailer
- Business Services
- Incorporate your business – Running a sole proprietorship? It may be time to incorporate or form an LLC.
- Customer Financing Options – Do customers get sticker shock from your price tag? Offer payment or financing options to spread the cost across manageable payments.
- Phone Answering Service – Is your business phone also your personal cell phone? If you miss a call, the person on the other end may opt to the next provider on their search results. An answering service will capture this lead for immediate follow up.
- Web Chat Service – People are more prone to using technology to communicate, having a webchat service can capture the lead you may miss if the person on the other end finds obstacles to reaching you.
The above list is to help you think about growing your revenue without getting into the weeds with unnecessary clutter. Would you like to explore some of these topics further or would you like to create a plan for your business?