Passion pushed you to start your small business, but now you find your profits aren’t what you’d like.
To keep your business open, you need to increase revenue — which is easier said than done, isn’t it?
You’re competing with larger businesses that have more robust marketing budgets.
On top of that, it’s difficult to think of growth when you’re spending all your time and energy on the day-to-day operations.
You don’t have the time or money to try tactics that won’t work. Instead, focus on these five proven ways to increase revenue.
1. Encourage repeat business
Many businesses put all their energy into gaining new customers while neglecting to retain existing customers.
Business relationships are all about trust. And who trusts you more than those who have already done business with you?
Gain repeat business by encouraging customers to join your email list. With email marketing, you can continually communicate with your customers, keep them updated on your latest products and services, and persuade them to do business with you again.
2. Provide value with coupons and discounts
The phrase “spend money to make money” is used often for a reason.
It’s absolutely true.
In your case, the phrase may sound more like “make less money on one sale to make more on future sales.”
Make your customers an offer they can’t refuse through coupons and discounts to encourage future business.
Coupons are especially effective for new customers who are on the fence about purchasing from you. Give them a little push by providing a limited time incentive.
Take a look at how poet GennaRose Nethercott encourages future event bookings and commissions with a $50 discount:
3. Show off your industry expertise
Whether someone is looking for a plumber or a pastry chef, they want the best goods and services their money can afford.
You’re an expert in your industry, but are you making that known?
Reinforce your expertise by sending out newsletters containing advice relevant to your industry. Consistently send these emails and your audience will begin relying on you for your insight.
You can write blog posts on topics relevant to your industry or provide a roundup of resources written by others in your field. If you’re using articles from other sources, just be sure to mention the original source.
When your customers require a good or service you provide, your business will be the first one they think of.
4. Take advantage of ecommerce
If you have a business that only sells in-store, it’s time to bring your products to the web.
Ecommerce is growing 23 percent each year, with 51 percent of Americans preferring to shop online. However, 46 percent of small businesses still don’t have a website. If you fall into this category, you are leaving massive amounts of revenue on the table.
5. Consider outsourcing your marketing
Despite your best efforts, you might not have the extra time needed to successfully market your business.
Rather than spreading yourself too thin, try asking for help.
By outsourcing your marketing to a marketing agency or professional, you will be able to give the other aspects of running your business the time and energy they deserve.
Work with a professional who knows what works and who will always make you more money than they cost you.
Increase revenue by focusing on proven strategies
By following these five steps, you’ll begin increasing revenue for your business today, keeping your doors open tomorrow.