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4 Ways Smart Businesses Can Increase Their Revenue Streams Without Ads

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by James Cummings
February 13, 2018


James Cummings
James Cummings has written 9 articles for PromotionWorld.
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Being a small business is hard and reaching the revenue goal that is guaranteed to sustain your freelance business can be challenging. Many businesses focus on advertising to help them increase their income. More often than not, the missing link when it comes to increasing your revenue stream lies in taking a closer look at your sales strategy. There are things you could do to improve your business’s ability to bring in more revenue. Smart businesses already know this and are taking advantage by incorporating strategies that can increase revenue streams. A critical look at the sources of income for small business leads you to know that the major areas in which changes can be made to improve income without increasing advertising are the following;

  • Increasing turnover by increasing customer base.

  • Increasing transaction size even when customer base remains the same

  • Increasing transaction frequency by encouraging repeat customers

  • Increasing prices.

Smart businesses are tapping into the opportunities in these areas by identifying the opportunities that are present and taking advantage of it. If you haven’t already, your business needs to make sure that they are paying full attention to these areas. This will stop anything from holding your business back. You need to increase your revenue to hit your business income goals like other smart businesses doing the following.

Focus on attracting new clients

As stated earlier, one way of improving your revenue stream is by bringing in new clients. There are several strategies that can be used to attract new clients to your business but the smart way is to use your history to create a repeat. A review of your current customer base and the strategies used to win them over will give you a starting point on creating the right marketing approach that will work for your business. You need to use your knowledge of your current desirable customer characteristics to attract new clients. To be more specific, if based on your analysis, you brought in your customers by making a guest post, then you simply need to scour for more clients by trying another guest post on the blog again.

Every business worth its salt knows the benefit of providing value for their target customers. Another way of attracting new clients to your business is by providing free content. One recommendation is to provide educational content to your target audience (via blogs, webinars, seminars and so on). This will give your business a chance to introduce yourself to potential clients. Successful businesses also know the value of referrals. Reach out to current loyal customers and ask them for referrals. Your clients will respond by providing you with new clients that fit the bill.

Try increasing your rates

Increasing your rates reasonably is a good way to increase your income stream. Its basic maths that when your products and services cost more, then you will make more income for your business. As your business begins to attract new customers and grows, revisit your pricing structure to be sure that you are not missing an opportunity to earn more by increasing your rates. Research businesses that provide similar services as you do and find out what they are charging to see if you have enough leeway to increase your rates without discouraging your customers.

A trick to increasing your prices without discouraging your customers is to add value to your products and services, new skills and/more expertise. That way your clients will see the increased rates as a reflection of your improved services.

Your strategy towards increasing the new rates should be one that is more focused on the improved value that you are providing your clients with. Your aim should be to show your customers what your new and improved services can do while minimizing the subject of the increased price.

One thing you can do if you are a small business is to improve your professional appearance. You need high-end clients to get minimal fuss over the new prices so make sure that your small business website is professional and properly hosted by a reputable domain host and a quick visit to www.umbrellar.com will show you how your online presence and branding directly affects your business income stream. Your digital presence and marketing should also be able to position your business to attract well-paying clients.

Focus on increasing transaction frequency

The cost of making a customer become a repeat customer is way less than acquiring a new customer. A smart way to increase your revenue stream is to get your one time clients to come back for more transactions. There are a few strategies you can implement to encourage this.  One strategy is to tell each customer a story of how you can continue to provide services to them after their initial purchase. You will need to come up with all the ways your business can provide the goods and services that the customers need.

Another strategy that often never fails is to introduce retainer services to your clients. Getting a customer to sign up for a retainer means your business gets recurring monthly revenue. Keep in touch with your customers and reaching out to one-time customers is another great way for you to remind customers to return. You can implement the use of email newsletters.

Focus on increasing the size of your transactions

It is a simple strategy. Get your current, loyal customers to spend more money in their transactions with you. This means that you get a larger fee for each transaction and this will bring you more income. The following strategies will help you increase the size of your transaction.

  • Create complementary products. What goods or services do you provide? What goods and services can be used alongside the ones you provide? Every time you make a sale, upselling your customer by offering complementary products is a mart and easy way to increase your transaction with clients that will yield quick results.

  • If you sell single products, create bundles. Bundling your goods and services, especially with the use of complementary products make it easier to upsell and can be the incentive that your clients need to upgrade their order.

  • Offer discounts and bonuses to customers who make sales of a certain value. Give rewards to customers when they meet  a price point or a discount for large volume transactions

Smart businesses whether they provide goods, services, or both can use these tips and strategies to improve their revenue streams and get closer to their revenue goals.

         


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