Whether you’re just starting out or a small business veteran, there’s likely no business in the world that isn’t interested in generating as much revenue as possible. But especially as we enter uncertain economic territory, you may be wondering if it’s time to give your revenue plan a refresh. Below, we’ve got a few ideas to drive revenue and increase profits.
Know your goals
Set clear goals to increase your revenue over a set period of time. Is there a certain area of the business that needs TLC? Maybe you want to focus on your strategy for the holidays and ramp up efforts there. Even if you don’t hit them, the numbers can be motivating
Refresh your marketing plan
There are three types of customers to think about here: current customers, former customers, and new customers. What are you doing to reach each of these segments and how can you optimize those channels? Are there any new channels you’d like to explore, like email, direct mail, or social media? You should also make sure your search engine results are up to date and reflect your current business strategy. Google has amazing resources for small business owners looking to optimize their search results.
Refine your pricing
Take a look at the last six months of sales and see where you can optimize. Maybe a product that has been sitting on the shelves needs a price cut to be more competitive in the market. Or you can raise prices where sales and brand trust are optimal. You can also encourage people to purchase in bulk by offering discounts on multiple products.
Add new products or services
Is there something missing from what you offer that would make you more competitive in the market? Announcing a new product or service is also a great way to remind people about your other offerings as well.
Offer limited-time promotions
Scarcity is an incredible revenue driver. Offering discounts or promotions for a limited time will compel your customers to buy now, not later.
Set up subscription plans
Subscription plans are a popular way to create steadier income, as you’ll have guaranteed revenue at set intervals from each person who subscribes. If you have a product that people regularly need to restock, this is definitely something you should consider offering.
Update sales incentives
Motivate your sales team to generate revenue in specific areas of the business by giving them set goals to achieve over a certain period—and reward those that meet their goals. This kind of friendly competition is a sure way to help your sales team get creative with their strategies and execution.
These are just a few of the ways you can increase revenue for your business. No matter where you are in your small business journey, we’re excited to be a part of it.