Here’s a few steps you can take to increase your revenue

Running a business is hard. Whether it’s increasing the number of customers, the average transaction size, or the frequency of transactions per customer, there’s always pressure to generate more income to stay afloat. If you’re looking for a way to blow up your sales organization, but are running out of inspiration, check out the list below for some ideas on how to generate more revenue.

Create packages and bundles

A simple way to get make more sales and more money per sale is to create a bundle of products that your audience can’t wait to get their hands on. The grouping you decide on has to make sense from the viewpoint of the consumer. You can do that by putting together several similar products or grouping several different types of products that cover the same topic.

Increase prices

Price increases seem like the most obvious way to increase your revenue, but it’s important to do it right, so it doesn’t backfire by repelling your customers. If you’re going with the basic way of increasing prices, it’s important that your customers are happy with your products and services and that your timing is right. Alternatively, you could keep the same price and reduce the size or quantity, or you could offer discounts that soften the blow of the higher prices.

Up-sell & create referral programmes

Another way to increase revenue would be to up-sell, IE to induce the customer to purchase more expensive items, upgrades or other add-ons. While this usually involves marketing more profitable services or products, it can consist of simply exposing the customer to other options that were perhaps not considered. Additionally, you could introduce referral programmes by encouraging and rewarding customers, and a wide variety of other contacts, to recommend products and services from consumer and B2B brands, both online and offline.

Create new revenue streams

To create a new revenue stream, you need dedicate time and resources to business development. Finding a new revenue channel could ideally involve repackaging what you already know in a new way to a new set of clients. This could involve creating additional products and services, selling your existing goods using different channels, on different markets or readjusting your focus in some other way that best fits the context of your business.

Create partnerships

Sharing the risks, gains and resources with other partners and resellers can create more worth together than what either entity could produce on its own. No matter your company’s size, a well-planned partnership can help increase revenue and play a significant role in boosting growth for your company.

Make assets

Assets like your brand and reputation, patents, trademarks, copyrights and business methodologies, as well as computer-based assets like software platforms, can be the base of finding new ways to generate revenue. Customer awareness and a prominent position within the marketplace are key ingredients to the success of many businesses, both small and large. The value placed on intangibles assets, such as people, knowledge, relationships and intellectual property, is now a greater proportion of the total value of most businesses than is the value of tangible assets, such as machinery and equipment.

Productise the offering

Sometimes the solution to your revenue stream challenges might in the form of offering a tangible product. There’s a lot to be gained by moving on from a traditional service business model into a productised version. By productising your services and offering a good variety, you will not only provide your current customers with more consistency and stability, but you will also attract new customers that are interested in multiple services at a fixed price, rather than them having to pay hourly for all the separate tasks.

Improve onboarding

Onboarding should never be seen as a burden or an annoyance to you customers, because welcoming a customer to your brand is essential. Your customer onboarding process should be as flexible and frictionless as possible, as a disproportionate am7ount of your customer churn will take place within the unoptimized onboarding process.

Create subscriptions and retainers

Last year, the Dollar Shave Club, the service that provides their users with razor blades for home delivery on a monthly basis, was expected to generate $60 million in revenue, nearly tripling its 2013 revenue. Other, more widespread businesses like Netflix and Salesforce have also found tremendous success with the subscription business model. The subscription model owes its success to the balance of value it provides to both the company and the customer, which is why it can be a great way to boost your revenue stream.

Network and host events and talks

Today, successful business development is contingent upon building and leveraging relationships to meet new prospects. These relationships form the backbone of your business network, which is why it’s crucial to continuously grow and nurture these relationships, as a large percentage of your business growth will come from your business network. A great way to become a person of influence in your community or industry would be to host events and talks around the topics relevant to your business. This not only positions you as the authority on the subject, but also does a lot to strengthen your brand.

Go micro-niche

Sometimes the trick is to find what appeals to the segment within an already establish segment of the market. Understanding and tapping into micro-niches tends to lead to a higher conversion rate as all the marketing efforts are more likely to be successful because they cater to a specific sub-segment of consumers. Micro niches leave no room products outside your customers’ sphere of interest, so people looking for them will have no doubts that they are in the right place to purchase what they need at that time.

Switch to a SAAS model

The Software-as-a-Service (SaaS) business model, where software is hosted on the cloud and licensed as a subscription, has become very popular in recent years, mainly thanks to customer benefits such as faster implementation, lower up-front investment, scalability and minimal IT dependency. If your product could be presented in a way that emphasizes ease of implementation and could fit an appropriate pricing model, switching to SaaS could be a great way to ramp up revenue generation.

Publish podcasts, articles, videos, etc.

Publishing content like blogs, podcasts and videos can be a way of conveying your brand’s personality and offering without being overtly promotional, which can go a long way toward building brand trust among your audience. In addition to this, this method of marketing does wonders for your brand and can serve to position you as a thought leader in your industry, which can be another channel to reach potential customers.

Ask happy clients for referrals

Word-of-mouth advertising is important for every business, as each happy customer can send dozens of new ones your way. As one of the most credible forms of advertising, it can be a great way to get leads, but it also requires and above average experience of the person who referred new customers. This person puts their reputation on the line every time they make a recommendation, so it’s important to create a customer journey that not only meets you customers’ need, but surpasses their expectations.

Create a franchise

Franchises offer the independence of small business ownership supported by the benefits of a big business network and they are more likely to succeed than startups. In addition to being a much leaner organization model, franchises tend to run in a highly profitable manner. The combination of faster growth, increased profitability, and increased organizational leverage leads to the fact that franchises are often valued at a higher level than other businesses.

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