Have you run into a brick wall while climbing the ladder of increasing your revenue? If you’re looking for quick ways on how to increase revenue, you’re also thinking it’s not easy. However, this couldn’t be further from the truth.
Assuming you already have a decent stream of customers bringing you revenue, this suddenly became an easy thing. Because the increase will come from them!
One thing though – steady marketing will keep adding opening you up to new prospects and this is very important. When a small business owner quickly doubles their revenue over a short period of time, it’s usually a direct result of product endorsement or launching of a new product of service, right? But it could also be the way they market themselves.If you’ve run out of ideas on how to increase revenue, below are three ways to get the ball rolling fast.
Invent An Add-On Product or Service
You’re saying “oh now I gotta invent something?! no thanks!”. Hold on a second.
What goes with bride? Groom.
You see where I’m going with this?
Identify and launch a companion product or service that will compliment your core product or service. Remember, it shouldn’t cannibalize your core offering. It should simply compliment or serve as an add-on.
Ever heard of “Would you like a drink with your burger?” The fries are the add-on and the burger is the core offering. People come to buy the burger majority of the time. And a big part of those buyers would like to drink something while they have their burger. I know I’d love a coca-cola.
So find something that your customers would like to have as a result of acquiring your product or service and offer it to them.
Establish A Referral Bonus System
So, you have your customers and everything is dandy. Without spending more money, or having to market more.. all you’ll need to do is identify your fans. Your fanatic customers.
Offer them a discount or something of that nature if they refer you to their friends or family.
There are plenty of systems that you can establish that can allow you to do this on your website, social media, email, etc. So doing this isn’t the hard part.
John is a fanatic customer. Mary is a customer. They both have incentive to refer because you offered them a 10% discount.
Mary might not be inclined to work for the 10% discount. Heck, when she refers people to your business, she probably says something like “hey, get it from Joe’s because I’ll get a 10% discount”.
But John? Oh John.
The 10% discount isn’t really what John wants. John is such a fan of your business that he genuinely wants to help. He genuinely wants to let his friends know about you.
So guess what John says when he refers? “dude, check it out from Joe’s! they’re amazing. last week, i bought that from them and it had a little scratch…so i showed them that and they gave it to me for free, AND another item of my choice for free. They seriously rock!”
Whose line got you pumped up to go buy?
That’s what a fanatic customer does. They create a solid stream of new customers that came in expecting you to be the best and can be equally fanatic.
Later down the line, you can offer it to all your customers… but it’s important to create that tidal wave in the beginning on the backs of fanatic and happy customers.
Keep Your Existing Customers Happy & Coming Back
You have no doubt seen the “Buy 9 Coffees, Get 1 Free” card.
This is as old as time. The word is “retention”. All you’re doing is making the customer return to you more than once to purchase.
How do you do that?
Most companies have this component in their DNA. It can be anything that people choose as a reason:
- You’re the nearest
- You’re the best
- The cashier is cute
- Best prices
Literally, it can be any reason.
But to make it something to be known for and to make it so you can confidently say “this is the reason my customers return” … you have to be calculated.
In our experience, we have seen that bending over backwards to satisfy and keep a customer happy has worked the best. Some businesses even go at a loss in the beginning trying to keep customers happy but they eventually make up for it.
Every business differs on what it can offer to the customer. So this is something you’ll have to figure out. But whatever it is, it will help you keep that customer coming back. And also bring in some referrals.
What’s on Your Mind?
Prospects and current customers want to be part of the conversation. They want to know that their opinions are important. By implementing engagement strategies and tweaking your focus on existing customers, you will get the word out and catapult yourself to the top of the ladder of success.