The year is almost halfway over! That makes right now an excellent time to reflect on your business.
Have you accomplished your goals for 2019? Are you on track to get there by 2020?
If you’re falling short of where you want to be right now on the profit-front, one of the best ways that you can get your footing and start pushing in the right direction is to increase your revenue.
Not sure how exactly how to go about giving your revenue a boost? No problem!
Below, our team of business enthusiasts outlines 4 helpful tips that’ll enable you to enjoy that revenue increase you need, fast!
1. Boost Your Average Transaction Size
How many products do people typically buy when they complete your check out process?
Your goal if you’re looking to enjoy a revenue increase is to get that product total up. The best way to do that is by cross-selling at checkout.
To cross-sell at check out, once your customer goes to pay for their cart, hit them with a special offer on a closely related product. If you do that, you’ll find that a small percentage of the time, customers will buy your accompanying product.
2. Increase Your Customer’s Purchase Frequency
If you’re not follow-up marketing to your clients, you’re losing out on one of the most lucrative revenue increasing tactics.
Let’s say that the typical customer buys from you once every 6-months. At the 3-month mark, send them an email with an exclusive offer on a product that they’d be interested in.
That simple email can boost your overall customer purchase frequency by 10% or more.
3. Raise Your Prices
Here’s a low hanging fruit when it comes to boosting your revenue that’s part of every good perpetual wealth strategy. Raise your prices.
Note that, a price rise doesn’t need to be huge in order for it to have a huge impact on your sales.
Doing something as simple as raising each of your product’s prices by a dollar could equal thousands of extra dollars in your bank account by the end of the year.
4. Find More Customers
More customers mean more purchases. More purchases mean more revenue.
If that simple cause and effect relationship makes sense to you (and it should) then it’s high time that you double down on your marketing tactics to bring some more people into your business.
Invest in paid ads. Start learning more about SEO. Get involved on social media.
Little efforts that you make on the marketing front can garner you huge returns when it comes to how much money you can make.
Wrapping Up Ways to Secure a Revenue Increase for Your Business
If you’re looking for a revenue increase to boost your performance in the back half of 2019, our tips can give you that push you’re looking for!
We hope that you enjoy implementing them and we invite you to check out more of our content on Small Business Brief today!