The problem of how to increase business revenue looms large in the minds of small business owners. You have dreams for your company, but you don’t have hours of extra time to invest in sales tactics.
The good news is, there are steps you can take to make dramatic improvements in your revenue without working so hard you burn out. You really can “work smarter, not harder,” and see your business become a money-making machine.
You don’t need any fancy schemes or expensive tactics to bring in more business income. Keeping it simple with these strategies can yield great results.
What do your customers really need that you aren’t offering? Get feedback from your loyal audience, and generate more sales with a new product or service based on their answers.
Using existing marketing channels, build up to the launch with sneak peeks and special offers, including a discount for pre orders or a free trial period to get more people interested in buying.
Keep the momentum going with your new product by bundling it with existing products or pointing to relevant add-ons from which customers can benefit. This is also a great strategy to use if you don’t have the budget to launch something entirely new.
Think about which of your offerings naturally complement each other. Put them together in packages, give them fresh names and price them to make it more economical for customers to purchase together than separately.
People are often willing to spend a bit more than they first planned if it means they get a better deal overall.
According to ValuePenguin, the average person in America has 2.35 credit cards, so if your business isn’t accepting plastic, you’re losing sales.
People like having a lot of ways to pay, and offering them the option of using their favorite cards can grow your customer base by as much as 20 percent.
If you’re not accepting credit payments, and you’re trying to boost your revenue this year, utilizing credit processing services that help you set up credit processing systems is the easiest and fastest way to start.
Other small business owners are looking for easy ways to get more income, too, so why not band together for mutual benefit?
Reach out to companies whose customers are likely to want your services (and vice-versa), and start helping each other boost sales.
For example, if you run a fitness company, you may want to partner with a health coach or health food store to offer discounts, packages and other perks for customers choosing to shop with both of you.
Above all these strategies, one reigns supreme: paying more attention to your customers.
Retaining and enlarging your customer base creates a steady stream of sales with a profound effect on revenue, which is why these customer-focused strategies should play a key role in your quest to boost income.
Nothing is more powerful in today’s consumer-centric market than the customer experience. U.S. companies lose an estimated $62 billion per year due to backlash from bad service, so make sure your employees know what it looks like to truly put the customer first.
It’s way more profitable to retain a customer than to bring in someone new. In fact, increasing your retention rate by just 5 percent can send your profits soaring anywhere from 25 to 95 percent!
Happy customers come back to buy again, and you’ll make far more from them over time than from new customers who only hit up your store once.
You can’t stay up 24 hours a day just to answer the phone, but customers really don’t like getting routed to an automated system or voicemail. What’s the solution? Get a phone answering service that delivers stellar customer experience, 24/7.
Answering services put a real person on your company’s line during any hours you want, even around the clock. When you and your staff are available, the service directs calls to the right departments for the fastest possible service.
When you’re closed for the day, there’s still someone available to answer customers’ questions, so you never miss the chance to make a sale.
Diversity spices up life and business, so it’s smart to reach out to and connect with customers any way you can. Get your online strategy in order by:
Don’t be afraid to be personal and relational. Consumers are sick of businesses that do nothing but advertise all the time.
Making connections naturally leads to making sales, and nothing nurtures relationships like taking time to interact with customers one-on-one and following up on a regular basis.
As a small business owner already overwhelmed with the daily work of running your company, you need help from experts with the skills to implement smart income-boosting strategies.
National offers simple, powerful services to help your business grow. From our bookkeeping services that streamline budgeting, to a system for processing payments, you’ll find just what you need to start bringing in more revenue with less work.
Give us a call at (888) 488-GROW for a free consultation and learn how to start maximizing your profits with help from National’s team of experts today!
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Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
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Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.