Published on October 13th, 2022
If you’re a business owner, chances are you’re always looking for ways your company can be more profitable. This is a no-brainer, as being profitable is essential to staying afloat. And yet the idea of boosting your business’s revenue is tricky. There isn’t a manual on how to get this job done.
No matter how long you’ve been running your business, you likely have one main strategy for generating revenue.
This could be a direct-to-consumer business, such as having an Amazon storefront. Even if you’re satisfied with your current revenue strategy, there is always more to be done.
Putting all of your eggs into one basket isn’t a smart decision. To be profitable and sustainable in the long run, you will want to evaluate other revenue streams.
That way, if you have a slow quarter with Amazon sales, your business will still be gathering revenue from another strategy. Not sure how to tap into other revenue-boosting tactics? Below are three strategies that can assist in boosting your business’s revenue.
1. Keep Customers In The Fold
Attracting consumers and shuffling them down your marketing funnel is a tough job. You first need to grab their attention, then you need to get them to your site and entice them to complete a purchase.
You have to create a demand or need for your product or portfolio of products. Rather than always looking to get new customers, you should focus your attention on your present-day shoppers. This means getting them to return to your site to complete another purchase.
This is known as retention marketing, a strategy that is gaining attention, especially as e-commerce is increasingly becoming the norm.
Getting a prior customer to return isn’t easy; however there are software platforms and technologies that can help you.
These technologies can help identify the consumers who are abandoning their carts and lure them back. With this technology, you can set up a marketing funnel to recapture their attention and lead them back to complete their purchase.
Does this mean that you should focus only on repeat customers? Absolutely not! You will need to continue to work on acquisition marketing, which focuses on gaining new consumers.
Yet alongside this, you should cultivate your current customers through retention marketing practices. These can include emailing them a promo code after their first purchase or texting them for feedback on the purchased product.
2. Collaborate With Other Brands or Influencers
Your reach is only as wide as you can cast it. With hundreds of thousands of brands competing for the same audience, it can be challenging to attract attention.
That’s where collaborations come into play. Working with another like-minded business or influencer can boost your sales and help generate more revenue.
If you think your business isn’t set up for an influencer collaboration, think again. Erewhon Market, a California-based high-end supermarket, has recently broken into the influencer world.
This may seem odd, given that Erewhon is a grocery store. However, they have successfully paired up with wellness influencers and celebrities to create one-of-a-kind smoothies and tonics.
These beverages are only available to purchase for a limited time, generating sensational buzz across social media and driving consumers into the store.
When working with another brand or influencer, keep your own core values in mind. It does you little good to collaborate with someone whose message and principles don’t align with yours.
You want to be diligent with regard to the product you create together as well as how you advertise your new partnership.
Additionally, you want to ensure the other partner in the relationship is also going to promote the collaboration. You both can do better as you tap into your own separate audience pools and join them together.
3. Create Bundles and Packages
Everybody loves getting more bang for their buck. As a business, selling your products individually can be more costly to consumers. Let’s say you are a supplement business.
If a consumer is interested in boosting their immunity, they may be looking for a vitamin C supplement. However, they may also want to add a daily multivitamin into their routine and vitamin D as well.
The cost of these supplements individually may be higher than a consumer wants to pay, particularly if they are new to your brand. However, by offering an immune-boosting supplement bundle, you can lower the overhead price and get the larger sale.
Even with the savings to the consumer, it can be a more cost-effective sale for you. While shifting more product, you can save on marketing and shipping and handling costs.
When creating bundles and packages, think about what your consumers are looking for by putting items together. If you sell custom banners, for example, bundle in the needed stands or display frames.
You can also try to stretch different packages to sell more items. For instance, you can add in a new product or a deeper savings if a consumer purchases a bundle. You can also set up a subscription model with a discount, ensuring consumers will continue to get your products monthly.
No matter whether you are a small business or a larger corporation, generating more revenue can be a challenge. However, with these three tactics in mind, you can generate more revenue consistently.
Try not to get discouraged if the new practices take some trial and error. Stay focused on keeping current and new customers happy, and your revenue-boosting efforts will gain traction.
Image Source: pixabay.com
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