A couple of years ago, I wrote an article Increasing Your Earning Potential This Year, and I want to revisit that subject. To increase revenue for your small business is about being strategic in all business areas, not just the area that earns you the money. This is the number one mistake of most business owners. Yes, creating a plan around the pricing of your product or service can lead to increase revenue, but it’s not the main one. We will discuss pricing as a way to injecting capital into your business today, too, though.
Build A Roadmap Of Your Business Goals
The saying is true if I had a nickel for every time someone said they wanted a successful business, but when I asked them what the plan was, they were lost, I’d be a millionaire. All clients are required to give me soft and hard goals when working with them one on one. We always start where do they want to be in five years and one year. Then we work backward. It’s time you create a roadmap of your business goals.
Focus On Customer Experience
As I mentioned in Building A Word Mouth Strategy For Business, your customer experience, from your social media presence to shopping on your website, will help increase revenue for your small business. Create a survey to send out to your customers and reward all replies with either a small discount or a VIP experience that next, you work with them. Customers are more than likely to share their bad experiences on social media. This is why you should focus on the customer experience from the acquisition stage through the repeat cycle of them being a paying customer.
Revamp Your Website Experience
The other day, someone asked me to share their product with other people. I went to their website, and it took a full minute for it to load. Your website should load in less than 10 seconds, and if you want to be really critical, it should be 1-2 seconds, according to most studies on the subject matter. Utilizing CDN tools to help you decrease image and video sizing is a great way to increase site speed. In addition to that, make sure you do a user test to see how to navigate your site works. One of my biggest pet peeves is when I search a site, and it doesn’t take me to an item I know is there. Utilizing keywords and terms will not only help your audience with searching your site but increase your SEO ranking.
Update Your Pricing Strategy
As a product-based business, build shipping into the price of your product. Nine times out of ten customers will leave your website if they have to pay for shipping. Why lose customers over something as simple as a $6 shipping fee. These are the things you need to rethink when it comes to your pricing strategy. Including tiered pricing with a multitude of options for the customer is another thing. If you can not purchase a plethora of inventory for wholesale, you might want to rethink business as a whole. Someone is buying that same dress with 50 pieces in her order compared to your six pieces. She will be able to make a higher profit margin than you. The goal is to increase revenue for your small business, and ordering higher wholesale pieces can do that.
Reduce Risk & Expenses
What areas of business are you holding onto that cost you more than you earn. For example, if you’re spending $1000 a month on an email marketing specialist to increase clicks in email campaigns to yield sales, but those campaigns don’t bring in sales, that’s a risk. It would be best if you cut risks and expenses in your business for the other vines producing to produce more.
Utilize Effective Marketing Strategies
There are alternatives to social media strategies out there, and it’s imperative you find the ones that work for your business. What is driving the sales and effectively bringing in increased revenue for your business? Is social media effective, or does SMS marketing have a better reach for you? Do you need to overall your marketing strategy and rethink how your consumers are consuming the content you create.
Stay Agile To New Opportunities
There is nothing worse than not being open to new opportunities that can not only grow your bottom line but your company reach. For example, there have been countless times when Starbuck’s audience has created drinks that the company ignored; however, the “Pink Drink” phenomenon couldn’t be, and it was priced higher than if you order the drink on your own. Daily, you have to be open to things being presented to you; not everything will be wrapped in a bow.
These seven strategies on how to increase revenue for your small business are relatively simple to integrate today. Injecting capital into your business without putting out money seems complicated, but it is about looking with a fresh eye at the things that can be fixed.
Photo by LinkedIn Sales Solutions on Unsplash
