The primary goal for nearly any company is to increase sales and revenue, as these numbers are the linchpin that keeps businesses, well, in business. In order to give your numbers a boost, your company should focus your efforts in places that are most likely to increase conversions, establish better customer relationships, refine your sales approaches and further your influence within your own market. Regardless of whether your company is at its most successful or it needs a major boost in profits, these tips will help you to increase revenue streams and reach your fiscal goals.
- Identify Your Revenue Objectives
If all you know is that you’d like to increase profits, it’s a good idea to really break down what that may look like for you and your company. Do you want to double your profits in a year? Do you want to break even? Think about just how much of an increase you’re after, and then figure out how to infuse profit-driven micro-goals into each step of your sales pipeline.
- Adjust Your Prices
If your goods and services are stellar, but you’re barely making enough money to cover overhead costs, you may want to kick things up a notch. Competitive prices may seem to give you an edge within your market, but your pricing strategy should always support a significant profit margin. Even a small adjustment to your prices can have a huge difference on your bottom line.
- Reach Out to Customers
Your customers are largely who your company depends on to remain in business, and that role should not be taken lightly. Customers appreciate the opportunity to connect with businesses on a personal level, from individual conversations to opportunities to leave reviews about their experience with your business. In this same vein, it can be helpful to focus your attention on loyal, repeat or ongoing customers. These buyers are already acquainted with your business, your products or your services, so an upsell or discount offered to them is a lot more likely to be effective than one offered to the general public.
- Establish Incentives
Holidays, seasonal events and storewide celebrations can bring in more customers if your approach to your products during this time is creative, attractive and accessible to your clients. Consider offering special discounts, bundled products, loyalty programs or added extras to bring customers back into your store or to encourage them to purchase more than one item on their next visit.
- Expand Your Reach
No matter how wide your net is cast, it can probably reach a little wider. If there is a social media platform you have yet to establish a presence with, start that today. If you can reach out to a local store owner for a distribution partnership, draft that email. The larger your audience, the more people you’ll reach who may support your business.
- Feature Something New
There comes a time when your inventory, services or goods can become a little stale even to your most loyal customers. Your customers want to feel like they have more choices, even if they visit your business and end up ordering the exact same thing they always have. When it comes to new offerings, you don’t have to reinvent the wheel. Try something in a new color, an adjacent product, a seasonal flavor, a bundled service or a discount on purchases of a certain number of your existing products.
- Offer Financing
While you’d like to have the total cost upfront, you could attract more customers by offering a new way to pay. Many customers don’t always have the funds to shell out on your most expensive products or packages even if they wanted to, but if you spread out their payments over the course of a few months, they may be more likely to snap it up now–and you won’t lose out on any revenue in the end.
- Collect Customer Data
If you’re wondering why your sales have slowed or plateaued, just ask. Consider sending out a customer survey that will help you to better define who is shopping with you, what they’re buying, what their experience is with your store and how you can improve that for them in the future. To increase the likelihood of many responses, keep surveys short and sweet, and offer a discount or free service upon completion.
- Focus on Your Brand
The best brands are reliable, consistent and recognizable, which goes a long way in the establishment of consumer trust and rapport. Make sure that your presence in the marketplace reflects your products, values and services accurately, and clean up any areas that need a little fine-tuning. Check your website, social media channels, in-store signage and newsletters and rewrite anything necessary in order to better demonstrate your brand identity. The more your customers feel that they know what they will get whenever they visit your store, the more likely they will be to come back and spend more of their hard-earned dollars to support you.
