5 Ways To Rev Up Your Revenues Now
In today's economic climate, many business owners are struggling with how to increase
revenues to stay in business but smart entrepreneurs are thriving in these tough times because they have learned strategic tactics to increase their revenues. Here are 5 ways to increase your revenue now.1.Increase your rates.
Many business owners underestimate how much they can charge for the services that they offer. One of the quickest ways to increase your revenue is to increase your rates. In tough times, many business owners get nervous and instinctively think they have to lower their rates to keep your customers but this is a time that you can increase your income and still keep your customers. Don't let fear overcome smart business decisions. If you are providing real value, your customers will stay with your rate increases.
2.Increase your transaction size.
In business this is also called an "up sell". During the transaction, upsell a similar item that your customer would be interested in. For example, every time you go to McDonalds and they ask you "do you want fries with that", or on when you are buying a book on Amazon and during your check out, you see a message that says "others who bought this book also found these books interesting". This is called upselling. Look at your business and find items that you can bundle and sell together that will increase your transaction size.
3.Increase your customer value.
Chances are 80% of your revenues come from 20% of your customers. This is called the 80/20 rule in business. This 20% represents your top and best customers and are often part of your loyalty program and the ones who refer you to others. So why not create special offerings just for them? Create specific programs for these folks, continue to give gifts and provide exceptional value and create targeted offerings to them as an exclusive group and watch your revenues increase.
4.Increase your income streams.
A great way to increase your revenues is to have multiple income streams. Look at adding additional products to the mix. Info products, Membership sites, Coaching services and affiliate income to mention a few. Whatever business you are in, be creative and offer additional products and/or services outside your norm and that you can leverage your materials. Similar to an investment portfolio, adding multiple income streams mitigates risks of market and product fluctuations.
5.Increase your customer life.
The goal in any business is customer retention. The cost of acquiring a new customer is extensive so you want to make sure that you do everything you can to retain that customers for years to come. Some techniques to consider include adding a loyalty program full of discounts and special offers, membership sites to build a community around you and your customers. Create a recurring revenue stream for your existing customers and continue to bring value.
These are just a few strategies taught in the BLAST marketing program but critical for any business trying to recession proof their business and increase their revenues.
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