Increasing revenue is the ultimate goal for any small business. Cash flow allows you to hire people, buy necessary equipment, produce products, provide services people need—and basically keep the doors open! If revenue dries up, so does your business. This is likely a source of stress for you.
Thankfully, there are many ways for small businesses to grow revenue. Here are five—some are new, some are tried and true, but all are effective!
1. Bundle Products
You may have seen this done on Amazon. When you order something, they’ll show you other products that people frequently buy together. And sometimes they bundle the products together for a price that’s lower than if you bought the products separately.
It’s a great idea to sell products (or services) that naturally go together—or that are used to do similar tasks or at the same time—as a package. Bundling can increase sales with a higher overall price margin. It can also attract new customers and bring repeat customers, as your bundled suggestions are helpful for what they want to accomplish.
2. Shipping And Handling Charges
There are two ways you can stimulate revenue through shipping and handling charges. Instead of raising the price of a product, try adding a shipping and handling charge. That will bring in additional revenue but you’ll avoid negative buyer feedback to a price increase.
On the other hand, if you currently charge for shipping and handling, you could reduce or eliminate the charge for a period of time and let customers know about it. Tell them to take advantage of the deal while it lasts, and stimulate your sales.
3. Give Your Sales Collateral A Face-Lift
Many businesses overlook the importance of sales and marketing collateral—website, social media, blogs, images, brochures, infographics. But remember, the direct purpose of these is to reach people, inform them about your business, and make the sales effort easier and more effective. Take a good look at the collateral you have. When is the last time you updated it? Do you even have a website and social media profiles? You’re way behind if you don’t, and that may be reflected in your sales revenue.
Your sales materials reflect who you are as a company. If your stuff looks very outdated, you can imagine the image that creates in the mind of a consumer about your business. You need a stylized website that’s easy to navigate, active social media profiles, a blog on informative topics, as well as well- designed brochures, flyers, announcements, etc. A Word document just isn’t going to cut it anymore.
You’ll want to audit your materials and ensure all your products/services and latest innovations are included. Ask yourself if they present information in a creative and eye-catching way which will spur your prospects to spend. If not, it’s time to do a re-design.
4. Add Complementary Services
Consumers love free stuff. Take a look at your products and services and consider what you can add on as complementary to help you gain new clients and keep existing ones—and an edge over your competitors. For example, if you own a house cleaning company, throw in some services that other companies charge extra for, such as folding laundry or washing baseboards. Your crew is already there anyway and those small extras don’t take a lot of additional time. But customers will appreciate the complementary services.
Also take a look at your competitors for ideas—but put your own creative spin on it.
5. Consider Coupons
Electronic coupons are the name of the game these days, and often forgotten about by small businesses. Consider websites such as Groupon and LivingSocial to offer your products and services at a discount—and you’ll get great exposure in their large markets of coupon users. The coupon sites (Groupon has 5 million subscribers!) are extremely popular and people are always looking for deals.
There are many new ways to grow revenue for your small business, primarily involving the Internet and social media. Think creatively, and you’ll see your bottom line rising!
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