What is one strategy to increase revenue and sales?
To help you increase revenue and sales at your business, we asked marketing professionals and business owners this question for their best tips. From targeting old customers to engaging in SEO and PPC marketing, there are several proven strategies that may help your business increase revenue and sales for years to come.
Here are 12 strategies to increase revenue and sales:
Acquiring new customers is always a primary goal of businesses, however, spending the same efforts to target former customers is every bit as important and can have a major impact on increasing a business’s revenue. Studies have shown that it costs five times more to acquire a new customer than to bring back an old one, and former patrons also spend anywhere between 25 to 50% more.
Using personalization in your marketing, offering discounts to previous patrons, creating store membership benefits, or using special incentives such as discounts, are all ways to bring back former customers. By spending as much time and effort to market to former customers, you can bring down your costs, bolster your current customer database, and increase your revenue for long term gains.
Yuvi Alpert, Noémie
Most consumers, when shopping for products and services, generally begin not with a specific item in mind, but a set price point, which is why bundling is an effective way to increase revenue. Customers create budgets under categories, whether it is necessities or non-essentials, and then search for the purchases that will bring them the most value under those headings.
The goal of a business should not be to move specific products, but rather to get their customer to spend as close to the top range of their budget as possible. By bundling items which are like-kind, that complement each other, or even ones that are nice to have, you can create value for your customers, while at the same time increasing not only the number of conversions but the revenue of each sale. By bundling, you can effectively change your focus from moving product to generating revenue.
Cody Candee, Bounce
Growing your business must remain top of mind. If you are not growing, you are shrinking. Publicity is your secret weapon to increasing revenue and sales, particularly in trade outlets and publications that potential referral sources and vendors read. The trick is to conduct a targeted publicity campaign structured around the vertical you want to tap into.
Increase revenue by cutting time wasters. Evaluate conversion rates and start keeping track of what brings you leads. Publicity paired with content marketing and SEO can result in increased revenue. The trick is to maximize the PR you have gotten to create a snowball effect that results in more exposure.
If you don’t share your media coverage anywhere, how will anyone know you were in the media or on the news? Build your brand with digital PR to increase your thought leadership in the market you want to grow in.
Kristen Ruby, Ruby Media Group
Small businesses can save countless hours of work and at the same time, increase sales and revenue with the automation of client and customer emails. This is best practiced through the employment of automated flows and promotional campaigns. For example, if your small business invests in email automation and therefore, utilizes a Welcome Flow, you’re not only freeing up time for more important tasks and surely generating more sales—you’re also increasing brand awareness and building credibility without having to dedicate any additional hours to the task. This practice can be extended to other aspects of one’s small business, though email automation is one of the most worthwhile investments for increasing revenue and sales today.
Reece Kresser, Zizi
A cost-friendly and efficient way of increasing revenue and sales surprisingly comes from within your organization. Instead of looking to spend more money on external advertising and sponsorships instead direct your attention to the people who are a part of your company. Have employees and members leverage their personal brands. Get them excited to talk about what they do to the people they have around them outside of work. Many people prefer to buy or work with people they already know, like, and trust which means they’re more apt to buy from their friends and family. This not only leads to more brand awareness but more potential profit as well.
Isaac Mashman, Mashman Ventures
Giving samples of products or rewards to the repeating customers or the customers who buy for the first time from you is an effective strategy to make them come again and again. This boosts the sales and revenue with a much higher margin. Since you’re giving them rewards, they are feeling thrilled about the discount they will get on their next purchase. This increases only your sales. Also, by this, there is a very null possibility of them visiting your competitors if your product line is also great.
Meera Watts, Siddhi Yoga International Pte. Ltd.
If you’re using a subscription-based billing method, strive to make your annual billing more appealing when compared to your monthly billing option. Annual billing is an effective strategy of reducing customer churn, which helps increase and sustain revenues. This strategy also accords you more opportunities for cross-selling and up-selling in each transaction, further increasing revenue and sales per customer.
We offer customers valuable add-ons and discounts when they choose our annual package over our monthly subscription. With this strategy, our company has witnessed a 20% increase in customer lifetime values, as well as a 25-30% annual increase in revenue since 2019.
Doug Pierce, Sigma Computing
One strategy I’ve used for years to grow revenue and sales for the organizations I’ve worked with is to build business partnerships with other companies and people with similar target audiences.
For example, if you’re in the B2B marketing technology space selling to healthcare technology companies, it might make sense to find a way in which you can partner with complementary sales technology providers who are also targeting similar audiences. You’ll be able to leverage each other’s current reach through their own customer and prospect lists and launch co-marketing campaigns to drive incremental revenue for the organization.
Nick Cotter, Growann
A company should consider offering professional services to clients in addition to its core product. Professional services are a great way to increase revenue and sales because they allow the company to tap into an untapped market. If the company is selling software, for example, it can offer consulting, training, and support services that aren’t offered by competitors.
This type of service offering will allow the company to charge more for its software and access new markets. As an additional benefit, professional services will help the company build relationships with clients that can lead to increased sales in the future.
Ishu Singh, Starting to know
When you build a database of opted-in mobile subscribers, you not only will be engaging with your best customers (frankly, the ones keeping you in business) but you can effectively control when your message is seen, as 98% of texts are read within 3-5 minutes. Send a text out with an offer or to announce a sale and you’ll see an instant boost in traffic that day and the 2 days following that text. We often see an increase of 5x in traffic from a normal day.
For a restaurant, text marketing is a super effective way to drive traffic in on those slow days and to get people back more often. We also see a higher spend when they do come in. For retailers, integrating a text marketing-based loyalty program can deliver 14X ROI. It’s easy to create Omni-channel shopping experiences for your customer by integrating programs right into your eCommerce store and your in-store POS, so customers can have the same shopping experience no matter where or how they shop.
Barbara Casey, Mobile High 5
An excellent strategy to increase sales and revenue does not disrupt or damage the current customer base in any way. For example, increasing the product or service prices will displease the current customers and lead them to switch to another brand. Hence, the way to boost sales while protecting your current customer base is to increase it by widening your reach and boosting your brand’s reputation, online presence, and awareness.
Engage in SEO and PPC Marketing
Users are not looking for your company, for the simple reason that they do not know you, if they did they would call you directly on the phone or write you an e-mail. They are looking for what you have to offer. Let’s say you own a clothing shop, a good SEO strategy should ensure that when a user searches for a brand you sell, they see your shop appear among the first results. Or they might be looking for a model for sale in your shop, or simply type in T-shirts or trousers and the name of your town, your site must always appear among the first results.
Clearly, as the type of business changes, so does the type of SEO strategy applied. I will not apply the same strategy to a bar or a pub as to a clothing shop. Understanding how users search for you seems to be a given, but it is not. Often we focus too much on what we do in our business and not on what others want from us. With SEO and PPC marketing you can increase revenue and sales.
Piergiorgio Zotti, Consulente SEO SEM Specialist Bari
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