When it comes to entrepreneurial growth, there is one rule of thumb: increase your revenue! There must be hundreds of things you need to do on a daily basis, but growing your revenue has to be your top priority. Why? Because hard work isn’t enough to fund your business or pay the bills. So, you only have two options: find every way possible to grow your revenue or close your business.
But how exactly can you do this? Here are 6 tips that will help you increase your revenue fast.
1. Take Advantage of Your Existing Customers
Always remember this: Your loyal customers are the most reliable source of revenue. They already trust you and love your products, so why not add new value for them and generate new revenue.
To pull this off, start by asking yourself: What would add a significant amount of value so fast that current customers would be willing to pay in order to get it? It could be an upgraded product/service or a completely new line you should hurry up and launch as soon as possible?
By leveraging existing customers, you’re shortening the buying cycle, boosting conversions, and speeding up revenue growth.
2. Reach New Audiences
Promoting only to your own target audience is a mistake that could cost you lots of money. Why not consider finding somebody with a large audience and offer your products or service to the people in their database. This is called cross-promotion and it’s a great way to reach new audiences.
Of course, you’ll need to share the revenue but if you manage to sell to these people once, you might get a chance to sell to them again in the future.
3. Build an App
Did you know you can make money with apps? It’s true: research has shown that companies with mobile apps see higher customer return and revenue.
If you are a business owner, you might have thought once or twice about getting an app for your brand. But you might also have wondered how exactly would an app help your business? Well, there’s a number of benefits, and here are the most important ones in a nutshell:
- A mobile app will increase your digital presence allowing you to reach a high number of people using smartphones;
- Mobile apps are used to increase customer engagement. Research has shown that more than 35% of customers tend to return to stores due to the huge amount of engagement they experience with apps;
- Customers buy more items after they have been introduced to apps. More than 30% of customers who use mobile apps buy more frequently, nearly 35% buy more items, and almost 40% spend more compared to those who don’t. That is a substantial increase in sales!
- A mobile app allows you to set up an easy-to-use reward system which will make customers feel like purchasing through your business is worth much more compared to other places.
4. Rely on Social Media
During the past few years, social media has created quite a buzz. More and more social platforms like Facebook, Instagram, and Twitter have turned into oases for branding efforts and corporate marketing. Social networks can also be useful when trying to engage with your audience or publicize information. MoreBusiness.com’s Goal-Driven Social Media Marketing Plan can help you strategize your approach.
When it comes to social media, try to think out of the box. For instance, besides Facebook and Twitter, other social media platforms can also offer even better business development results, especially for brands in the business-to-business sector.
Unlike most social media sites, LinkedIn was created by business executives who know how sales cycles and business development work. If you’re a B2B company, LinkedIn can provide you with the information you need to make connections and grow revenues.
To make the most of LinkedIn, consider using an effective LinkedIn automation tool to help you achieve your revenue goals faster.
5. Find a Way to Repurpose Existing Products
Take a good look at your products/services and think about how you can use them in a completely new way. Try to find a fresh perspective on an existing product or service and ask yourself how it can generate revenue.
For instance, identify your best-performing blog posts and compile them into an ebook that you will sell online. Or, if you have surplus stock, consider repackaging it, combining it with something else, and promoting it as something brand new. You could also expand a service that you offer or launch a sales promotion to clear out merchandise that sits in your store or on your website for months.
So long as your products add value to your customers, you can keep selling them over and over again.
6. Host a Webinar/Seminar
Holding back on your expertise isn’t going to do much good when it comes to increasing your revenues. If you do have an expertise that people can benefit from, consider hosting a webinar or seminar.
If you have no idea how to pull this off, you can find a great number of online resources (or even good old hard copy books) that explain how to put together, promote, and deliver webinars and seminars.
At MoreBusiness.com, we use EasyWebinar, which makes the process of creating and hosting a webinar very simple, especially pre-recorded and on-demand webinars. The key is coming up with a great idea that appeals to a broad audience.
Regardless of your budget, there’s a number of strategies you can use to boost profits and improve the bottom lines. The key to success and increased revenues is maintaining a balance between your long-term and short-term goals.