8 Surefire Growth Strategies to Increase Your Business Revenue
Increasing your business revenue and profits is very achievable if you make your business clients-oriented. This is a method of operation that attracts client loyalty and patronage. A way to make your business client-oriented is by knowing and understanding your client so well, that your products or service matches them and sells itself.
This will bring you the trust of clients who will spend money on you, increasing your revenue in the process. But growth is necessary and imminent and you need your clients to return and be consistent. You need to attract them to cultivate a greater need and desire for your service. You need to increase the average transaction size and the frequency of purchases.
How do you do all these? You are not directly responsible for your clients buying decision, but you can directly influence it. This is by increasing the perceived value of what you have to offer ̶ a forward path lined by surefire growth strategies to increase your business revenue.
Let’s take a look at these top strategies, discuss them in detail and dice them to bits! Stay with me!
1. Align Your Sales And Marketing
Sales and marketing are valuable, extremely important and viable tools for your business. They are the joint task force that help you draw in and build a client base, generate sales and keep your business on its feet.
They are very critical investment portfolios to the financial life of every business. This because you reach people, they come in and you make pay day. Although sales and marketing can be used interchangeably, they are not totally the same. Both of them have their very important roles.
Never do sales without an effective marketing strategy. They function better together. Running sale without employing powerful marketing strategies will be less effective, costing you more resources, and sinks your revenue to the floor.
2. Become A Recognized Expert
If you care to increase your business revenue fast, one of the most potent ways is to become an authority in your industry. You will also be able to attract your most perfect clients at premium prices. Put in the work to fit your business, industry and niche market. The aim is to consistently reach a wider audience with high valued and helpful information.
You may go about it by creating podcasts, blog posts, articles, guest features, webinars and all. This way you will share your knowledge to a wider reach and related audience. Other effective strategies include speaking engagements, workshop trainings… and other high profile events that let you offer your intellect and wealth of experience.
This is a significant growth strategy to help you showcase your business and expertise.
3. Build Strategic Partnerships
The benefits of alliance in business cannot be over emphasized. For long term success and increased business revenue, build partnerships by engaging the services of professional help. Work and form partnerships with legal, business and financial experts.
Every business needs these three professionals and more. Building an alliance with them is strategic and will open you to a larger base of clients and opportunity. You will be in the position to serve clients who didn’t come directly to you, but through referrals.
For instance, if you run a tech hardware business, your strategic partners will need some hardware and will defer to you. If the clients they serve also need to get hardware, your partners will recommend you to them. This way, your client base keeps expanding through referrals and recommendations.
Strategic partnership has a way of linking a wider reach of people together through very few others. Everyone needs something from the other person. The key here is to identify the kind of audience that your prospective strategic partners serve.
If they serve your ideal audience, take them up as strategic partners, and this will help effectively increase your revenue.
4. Raise Your Prices
Switching the prices of your products or services may shake things up, so sensitivity to consumer price reaction is important. It is a given that prices will change depending on the objectives of your business and the market situation.
This could either work for or against you. But an increase in price will bring more revenue to your business if it doesn’t impact sales. The secret here is to know how your services compare to your competition.
You also have to discover how much competitors price their services, and lastly, seek for every edge your services have other the competition and leverage. You’d be more guided on how to state your prices in your market.
An increase in price of course will not go down well with a lot of clients. What to do is increase your prices gradually, but regularly. This is because often times, clients do not really notice minute increments. They often overlook it, but the subsequent positive impact on your business is one to be savored.
5. Bundle and Complement Right
Bundling like and complimentary terms is a smart way to increase your revenue. This is because you are saving the customer time and some cash too.
For instance, a client walks into your store to shop for a handbag, a dress and a shoe. Buying them separately will most likely cost the client more. But grouping them together will save the client some cash and time.
Bundle products or services that work together and fix a single discounted fee on it. The bet is that you will likely sell out. Clients want not just a great experience, but an easy one.
Same also goes for complimentary products and services. Look around for businesses that sell services which are of economic importance to yours. Partner reasonably with them, but make sure it does not in any way hamper or diminish your own services.
Take for instance, a fitness expert who owns a gym will look around for a nutrition expert. The nutrition expert can either work with him or make a book that discusses everything on nutrition. This is because an active lifestyle and a healthy diet is the recipe for optimum health.
Such partnership will draw more clients to the gym, because it is a one stop for everything heath, rather than shuttling the two businesses.
6. Review Your Sales Channels
Lots of business owners overlook their sales tools like sales brochures, pictures, product data sheets, etc. This extends to their websites and other social media platforms. The aim of all these sales channels is to make sales more effective.
Your sales channels are the face of your company, yet you don’t update them. You leave only information which is obsolete presented to prospects. This ends up misleading clients with inaccurate and out-of-date information. A defective sales channel can lead to massive loss of clients.
You need to consistently render value, because clients want to see new and improved services every time. You also need to keep up with current trend in information and presentation. A perusal through some business websites and you’ll find archaic layouts and interfaces. Clients demand more and deserve more, so it is either you keep up or close shop.
Clients need something pleasing to the eyes, interesting, informative and attractive. Work with more of bright and vibrant colors, sketches and drawing. They make the clients or prospects want to see what is in there. If you appear with something dull, it will not get a second glance before it lands in the trash can.
Take your time today and go over all your sales channels and materials bit by bit, and while at it, ask yourself the following questions;
- Do your sales channels effectively convey the image and message you want to send to your clients and prospects?
- Do these channels highlight the benefits of your services by accurately merging its features to benefits
- Are they updated to encompass your newest programs, services or products?
- Do they relate the action to be taken and are the instructions easy to understand?
This should be a core objective for you and your business team… because if the messages your sales channels present is not updated, improved and active enough to get clients on track, then it is time for some retouch.
7. Communicate Often
Consistent client correspondence is essential to revenue growth. Make a habit of communicating with your clients, giving them valuable and informative content. Do this via email, newsletters, and over the phone.
When communication is consistent, it is always easy to update clients of new and improved products or services. Make the communication time worth the while by letting them know how your product will be of immense benefit.
For instance, if you have a cosmetic business and winter approaches, you can let your clients know as you communicate with them that you have an all in one cream that acts as moisturizer and also seals in moisture while giving the skin healthy shine.
8. Learn To Say No
One of the best ways to save your business from sinking is to master the art of saying no to people who are not ideal for your business. They may come in form of prospects, partners, clients and even opportunities that may seem huge.
Accepting them into your business will not be profitable in the long run as they will end up complaining, disagreeable, unprofitable and even draining you. This is some level of negative energy that you don’t need.
Your best clients deserve your attention and that is where all your energy should be invested. It is better to have one great client than thousands of disagreeable ones.
This may not work for a brick and mortar business, but those who have an online business can relate. If they are liable to bring you discomfort and reduce your productivity in the long run, say no to them. You cannot work with everyone. Adopt a mindset and operations mode of selectivity.
You can make great sales and…
Spike up your revenue at will through the aforementioned surefire growth strategies. Just be diligent in applying some or all of them into your business. Remember to communicate, vet your sales channels, align your sales and marketing and bundle right.
Do well to also become an expert, study your market to know how to price your services and learn to say no! This is not an easy pursuit, but think of the dividends and you’d realize that this is a worthy cause.
Making groundbreaking achievements in business is not an easy feat. You need all the partnerships and support you can get. So we are available if you need our support to implement this in your business.