Every one want to increase the revenue in their business , Here are the best 9 ways to increase revenue
Infographic created by Clover Connect, a payment integration solutions company
- Expand business to a Wider Geographic Area : The best way to get more revenue is to find a bigger group of customers. If this means increasing the area you deliver to , travel to or market to, it may greatly benefit your revenue. Try widening your geographic scope and see how many more clients you can bring in to up the sales.The more areas you serve the more revenue you can generate . Try to spread your business as many areas as you can manage .
- Reduce or Eliminate Shipping and Handling Charges : Removing your shipping and handling charges altogether for a period of time, or permanently with conditions, it could greatly boost sales and increase customer loyalty.
- Bundle Products : Nothing but trying to get each customer in to purchase more. This is typically done through a process called upselling . When a customer purchases an entree, you offer them appetizers, drinks, and dessert. The more of these items the customer purchases, the more they spend, and the more revenue you collect.
- Cooperative Sales Agreements : Contact companies that sell a complementary product or service with a request to sell your products also.
- Offer Special Discounts : Discounts, properly marketed, create a special buying opportunity in consumers’ minds, often spurring them to take action.
- Participate in Coupon Programs : Distributed through newspapers and magazines, coupons have long been an effective way to publicize products and increase sales. The Internet introduced electronic coupons and reduced the cost of distribution even further.
- Discounts for frequent buyer : If you can get your customers to buy more and buy more frequently, reward them with incentives, discounts, extra level of services, etc. Since you have maximized your cash flow, be willing to reward them with a few extra bucks .
- Raising your prices : It means you will collect more revenue from every purchase a customer makes. Assuming your volume, average transaction size, and frequency stay the same, raising your prices will bring in more revenue for the same amount of effort. Educate your buyers on the superior advantages, benefits and results you provide them and explain “the reasons why” you need to raise prices
- Accept Credit / Debit Cards : Accepting credit cards for payment is a benefit to your potential customers and is a proven method to quickly increase the sales. Go to your bank or local financial institution and create an account and try to provide the Card facility to all the customers . The initial costs of setup can be recovered qucikly, and the small processing fee can be considered in your retail price.
Follow these 9 steps and improve your revenue exponentially . Wish You Good Luck !!!