At the bottom line business is about profit. Business owners are always searching for new ways to inrcease the revenue of their businesses. Revenue can’t be increased only bu cutting expences, reducing costs and keeping under controll the budget. Surely they help but you only can make more money by increasing sales in your business. Another way is to maintain and grow good relationships with customers and competitors.
Here I am going to list some ways to help you increase your business revenue.
1. Expand the customer base.
This means you have numerous customers in a geographic territory but you need more to increase your revenue. So you need to work and bring more customers in. First maintain the relationship with existing customers, then try to rise the number of customers. You can do this by promoting your business in different ways, and reaching more new customers. When you doing this try and add an extra service so you are ahead of your competitiors. Or you just can put a sale that include a limited number of products, but you still give the customers a reason why they should buy from you.
2. Increase the average transaction size.
This means you and your employees need to convince customers to pruchase more products. Maybe getting new quality products would help to increase the average transaction size. When you have more products there is always a chance they want to buy more. They say a great quality product sell itself. Remember the more you sell the more revenue you collect.
3. Increasing the transaction frequency per customer.
That means you must get each customer to purchase products more often. So if an avearage customer comes in and buys from you ones a month try to convince them to make it twice in a month or even more. Assuming that the transaction size will not drop then you be able to increase the revenue and profit.
4. Price rising.
This is a important strategy that should be well researched as it easy could back fire. Rising the price of a products or s service straight way increase the revenue. It only could be done by talking it through with customers and explaining to them why you need to rise the price. If you are selling different products then you can rise the price of new products which might be a better quality. Or rise the price of some products that had a lower price.
5. Build, maintain and grow your relationship with customers.
A valued customer will come back to buy from you over and over and over again. That’s why this is a very important point. It all starts with communication. Good maners and respect goes a long way. Interacting with customers and encouraging them to talk about their ideas and their needs will keep you informed and prepared to keep them satisfied. It easier for you to sell something to an existing customer than to sell it to new customer. So bear in mind maintain the relationship with old customers and always work to bulid relationships with new customers. Also talk more to your potencial customers.