Every company’s sole focus should be to increase its sales. By doing so, they will be able to hire more employees, manufacture higher quality products, invest in premium equipment, and deliver exceptional customer service.
However, you cannot afford to sit back and hope your customers will find you. It’s critical to develop an effective sales strategy that will ensure your brand’s financial growth. For help doing exactly that, here are nine ways to increase your company’s revenue.
- Identify the Best Marketing Strategies
There is no one-size-fits-all marketing strategy for businesses. The platforms you choose will depend on your brand, industry and target market.
To kickstart a successful marketing campaign, which will boost your brand recognition and conversion rate, consider the following platforms:
- Social media marketing
- Pay-per-click advertising
- Search engine optimization (SEO)
- Email marketing
- Content marketing
- Public relations
- Traditional marketing
It is also essential to set a marketing budget for each platform you choose and to estimate the return on investment. If a platform fails to generate the sales you expected, it might be beneficial to cut your losses and adopt a different marketing platform that connects with your target audience.
- Utilize Big Data
Big data is helping organizations of all sizes to enjoy a greater insight into their business. For example, the ability to analyze your customers’ needs, predict consumer behavior, identify preferences and solve a potential problem before it arises could determine marketing campaigns and sales strategies, which can considerably increase a company’s revenue.
If you want to review internal data and turn it into an action, an online master’s degree in applied statistics could be an ideal option for your needs. To earn the right data degree for your business, find out the big difference between applied statistics and data science.
- Add Complementary Products/Services
Adding complementary products to your existing product range could substantially improve a company’s annual revenue. For example, a fitness brand could incorporate healthy snacks into their existing product range. It could help your business to potentially increase the total price of every order, and you’ll be able to tap into a new market.
- Boost Your Prices
Many entrepreneurs are often reluctant to increase the pricing of their goods and services, as they might fear they will lose a considerable amount of custom. However, many products on the market are subject to change, so you shouldn’t be afraid to adjust your price point to increase your revenue and profit margin.
However, before you do so, compare your products against the quality and price of your competitors, and consider the buyers’ viewpoint when making a purchase. Remember, a low price point can often indicate a poor-quality item, while a bigger price tag could potentially suggest a premium product, so it could be in your company’s interest to boost its prices.
- Upsell Your Products
Do you want to convince your customers to add more products into their shopping cart? You need to turn your attention to upselling, which requires you to promote a product that complements an item in a customer’s shopping cart.
For example, when you step inside a restaurant to purchase a main course, a server will more than likely ask if you’d like a drink, appetizer, or dessert. That’s upselling, and it’s a tactic you should adopt both in-store and online.
After all, the more items your customers purchase, the more money they will spend with your brand, and the greater your annual revenue will be.
- Join Coupon Programs
Savvy shoppers will sift through magazines, newspapers, online coupon websites and daily deal websites (such as LivingSocial and Groupon) to pay a fraction of a product or service’s RRP.
While they will require you to take a percentage off the total price, appearing on the discount platforms could increase your exposure to new customers, increase your sales, and help you to gain a bigger share of the market.
- Accept Different Payment Methods
Multiple payment methods are an indication of trust to online buyers. If you fail to accept PayPal or credit cards, it’s likely you’ll be left with many abandoned shopping carts.
Not only are multiple payment methods a symbol of trustworthiness, but it will also provide your customers with more flexibility when shopping with you, as they’ll be able to pick their preferred payment option.
- Master Cross Promotion
Your next goal should be to encourage more businesses to promote your goods and services as much as possible, which can increase your transactions and revenue. For example, reach out to non-competitors in your area to cross-promote each other’s products.
The mutually beneficial partnership will allow you to reach customers on different platforms, who might be unfamiliar with your brand and products.
- Improve Customer Relationships
According to a recent study, improving customer retention by as little as 5% can increase a company’s profit margin by between 25% to 95%. It’s important to remember that people are more likely to make a repeat purchase if they have shopped with you before, as they will know they can trust your brand, products, and services.
However, it’s likely the first or second purchase will be small, as they could initially view your brand as a risk. However, the more they come to trust your business, the bigger their spending will be.
For this reason, you must aim to develop long-term relationships with every customer who chooses your brand.
For example, you could encourage repeat business by:
- Sending compelling email newsletters to your subscribers
- Offering exclusive discounts to your previous customers
- Launching a loyalty program
- Asking for their feedback
Profitable companies understand the importance of updating their processes, sales strategies and product range, which will ensure they routinely cater to customer demand and fill a gap in the market.
If you have noticed your sales are in decline, or you are failing to grow your revenue month on month, the above tactics could help your business to generate a substantial profit in 2019 and beyond. However, it will also be determined by your understanding of your target customer and commitment to improving their shopping experience.