Business is all about the bottom-line. And if you want to make more money in your business, the only surefire strategy is to increase your revenue. Sure, you can cut expenses, reduce payroll, and trim your budgets. But at the end of the day, you're in business to make more money and that means generating more sales. So let's get back to the basics by reviewing the only 3 proven ways to increase your revenue.
#1 - Get More Customers
Although I've listed this option first on our list, it really isn't the best way to go about increasing your sales revenue. I've simply listed it first because this is almost always what small business owners BELIEVE they should do. Getting more customers is definitely necessary to growing your business long-term, but if you're looking for a fast and efficient way to increase your sales, you should begin with #2 and #3 below. Remember: getting more customers is difficult and expensive. Unless you're just starting out in business, this is not where you want to begin if you can avoid it.
#2 - Get More Money Per Transaction
Chances are good you're leaving money on the table every time you swipe a credit card, ring your Paypal account, or cash a check. Anytime your customers agree to open their wallets, you should do everything you possibly can to increase the total size of their purchase. A lot of mental and emotional energy goes into making a purchase decision. Upselling, cross-selling, downselling, and in-between selling -- whatever you want to call it, offering more stuff at time of purchase is a fantastic way to get more total spend in every purchase. The goal here is to make it easier for your customer to add more stuff to his or her order. Think, "Would you like fries with that?"
#3 - Get More Customers To Buy Again
Once you've optimized your checkout process to get more dollars per sale, you need to work on getting more of your existing customers to come back to the cash register again and again. There are multiple ways to create multiple purchases. First, if your business currently offers just one product or service, you need to begin looking immediately at how you can multiply your offerings. Most businesses cannot survive on just one product or service forever. the money you spend acquiring each customer can be a losing proposition if you only get one shot at one sale. So start by adding more products and services. Next, you need to do a better job nurturing your prospects and customers. Marketing isn't just about leading your prospects to the buying stage. It's also about keeping your buyers engaged with you for years to come so you can generate repeat sales.
Tackle this list in this order for best results: #2, #3, then #1.
What else are you doing to increase your sales revenue this year? Leave your comment below.