Looking to increase your revenue in the upcoming year? What company isn’t?! In our experience, the companies that have the best chance of achieving a goal like this are ones that approach it systematically, with a list of steps, and measure their progress throughout.
Here are three concrete ways to increase your revenue next year.
1. Charge more for your product or service.
This is almost too obvious, right? But when was the last time you actually did an analysis of how much you’re charging for your flagship product or service as compared to your competition? There are many small to mid-sized companies that are undercharging when they don’t need to be, and raising their prices on the order of 10% would likely not lead to a decrease in purchases.
Only you know what’s right for your business, but we’ve seen a number of clients do this successfully. Usually increasing prices is tied into a broader overhaul of client services and involves a proper communication of value delivered to the customer.
Last but not least, something to consider if you’re still worried about increasing prices is that customers are aware of the significant impact COVID-19 has had on businesses, and many customers are ok with paying a little more to support the businesses they love.
2. Sell more to each of your customers.
How much effort do you currently put into recommending additional products or services to your customers?
Do you combine any of your products or services and market them together into bundles that are convenient for particular audience segments? Think about it: if you can take every one of your current customers and get them to add on 10-15% of the planned purchase, you’re talking about a very meaningful increase in annual revenue.
Not only that, but customers often find this useful! Keep in mind that not every customer is perfectly educated on exactly the range of products or services needed to complete a task.
Breaking things down for them and offering simple bundles that help the customers get things done is not only good for you, it’s good for them too.
3. Increase your customer base.
Aside from the two strategies above, which are based on your existing customer or audience base, increasing revenue really comes down to getting more customers. This isn’t necessarily always that easy—if it was, every company would always be expanding.
The basic formula here is threefold:
1) increase awareness by getting your brand in front of more people;
2) capture more leads to your website from every visitor; and
3) optimize your conversion rates from lead to paying customers.
All three parts involve honing your marketing system to focus on these tangible goals rather than just general marketing.
Like what you’re hearing, but not quite sure how to get started on growing your revenue?
Contact us to find out more about the marketing Growth Plan we can build for your company!