Over the last decade, I have seen people run expense side hustles and call them businesses. You started your business not only because it was a passion but to make money. Too many small business owners fail the first five years because they are struggling and breaking even. Today, I am breaking down eight strategies to increase your business revenue that you can implement today.
Increase Pricing of Business Services or Products
When I first started consulting, I was charging $65 an hour, a fantastic rate. As I progressed in my career path, I knew I needed to weed out my nonideal clients, and I did that by increasing my prices to $175 a session. After another year, I realized that I needed to go even higher with $365 per session. My expertise allows me to increase my pricing vs. you spending hours on Google. I am giving you custom advice for your business. Make sure the pricing of your services or products reflexes the quality that they are receiving from you.
Establish Tiered Pricing Plan
If you don’t implement thing else today, do tiered pricing in your business today. Tiered pricing allows customers to shop on their level, but as a customer’s disposable income increases, they can shop all three or four levels you provide. For example, Michael Kors has $99 bags from Michael by Michael Kors, and he has $5,000 bags that are Michael Kors. He offers his customers a variety of tiered pricing to meet their needs. Open the options for your customers to support you.
Launch Customer Retention Plan
It’s great to have a customer acquisition plan, but it takes on average seven touches to turn them into customers. You have already gone through that with your current customers. For over a decade, I was a customer of GoDaddy, but I recently left a year ago because I didn’t feel valued. They were constantly pushing promotions to acquire new customers and nothing for existing ones. Reward your existing customers with sneak peeks, special discounts, and much more. Their word of mouth will help you leverage your audience to increase your business revenue.
Increase Ad Spend For Target Demographic
Stop throwing pasta in the air and hoping it sticks. That is what happens when you don’t market your ad spend correctly for your business. Learn who your target audience is by looking at the data on your website and social media. If you’re running Facebooks, ensure you have pixel install to track your customers adequately. Increase your ad spend by 10-20% to reach the right customers.
Add Passive Income Business Model
One of the best things I did for my business was introduced a passive income model to my consulting company. In my first ebook, I taught people how to start their business, and then it expanded to thirty-five different ebooks designed for small business owners. No matter the business, you can launch passive income as an added revenue stream.
Change Shipping Policy
Are you spending too much on shipping for your customers? In the last year, USPS has gone up on their rates, but have you changed yours? That includes shipping material pricing has gone up. First and foremost, you need to increase based on the average spending on those two elements alone. Take time to break down how much you are spending on both. Then you will move that into the cost of the product. If it cost you seven dollars to ship a package with an additional cost of three dollars of packing material, a product you were list on your website for $15 + shipping should just be listed at $25. Then you can offer free shipping; truthfully, this is what most companies do anyways.
Review Online Presence
When you Google your business, what pops up? If you Google Imperfect Concepts, my website is the first to populate, followed by Pinterest, Linkedin, and an article on Authority Magazine on Medium. Under the images of Google, you can see a variety of my content, and the video pulls up my Youtube channel. Remember, there are over five billion Google searches a day. Your customers are looking for products and solutions. It won’t always be your name, but that is a way using meta tags in photos matters and, in addition to that, adding video content to your platform.
Press Features For Business
You probably think I would love to be featured in a local magazine or even Forbes, but that’s extremely hard. Well, you’re not looking in the right places. Remember you want your features to be linked to those with higher Domain Ranking/Authority than you to help your SEO ranking within searching engines. Recently, I saw two local newspapers and magazines doing a call for the submission of businesses. One has already responded to my inquiry. Look for freelancers’ emails and reach out to them, and another way is to join sites like HARO. HARO sends an email with article titles three times a day, and you can submit your pitch. Here are twenty-seven other ways to get your business noticed.
Growing your business to profitability does not have to be more work than fun. It’s about implementing the right processes to help you get there. You can choose one or all eight strategies to increase your business revenue; it’s all about the action behind them.