If you’re looking for how to increase sales for your small business, there are many ways to start. This article focuses on thirteen ways to increase revenue for your small business, so you can formulate a strategy that works best based on your goals and needs.
13 Ways to Increase Revenue
- Determine and define your goals
- Use data-driven small business marketing strategies
- Review your online visibility
- Focus on former customers
- Focus on repeat customers
- Expand your geographic reach
- Survey existing customers
- Develop a prominent public reputation
- Create a sense of urgency
- Offer discounts and bundles
- Analyze your pricing strategy
- Offer new payment options
- Create and optimize your Google Business Profile
Determine and define your goals
Think about how much you’re looking to increase your revenue. From there, formulate quantifiable goals that you can measure to determine the success of your efforts. By tracking the success of your strategy, you can motivate your whole team. Figure out what success looks like for your business, and actionable steps to get there.
These goals can differ depending on if you are just starting up or if you’ve established your business. Whether you’re looking to achieve profitability or on your next mission for strategic growth, defining your goals can help you focus on actionable next steps.
Remember to keep long-term goals in mind. You want to be able to look back in the future and see that you made an impact on your customers and offered them a solution to a problem.
Use data-driven small business marketing strategies
Whether you’re looking to work with a digital marketing agency or have an in-house marketing team, examining market research and doing a deep dive into what small business marketing strategy works best for your business can help you increase revenue. There are many different opportunities for increasing your customer base through internet advertising methods such as:
Consider opportunities to increase revenue with strategies in integrated marketing, omnichannel, multichannel, or single-channel marketing.
Review your online visibility
Among the nearly 5 billion people worldwide who are internet users, you have ample opportunity to expose your business to new potential customers through an online presence. Ask yourself these questions as a starting point for determining your visibility on the internet:
- Do you have an updated website where people can find your business?
- Is your business available on social media to connect with others? Facebook, LinkedIn, Instagram, Twitter, etc.
- When you search for your product or service online, is your business showing up locally?
- If applicable, what are your reviews like on things like Google Business Profile or Yelp?
- Can people find your business through online directories? If not, consider adding your company name and information to expand your reach.
Focus on former customers
In tandem with your marketing strategies, remarketing is a great way to reach former and existing customers. Remarketing, or retargeting, is a strategy that targets users who have visited your website and allowed access to “cookies.” This allows you to send paid media advertisements their way on platforms like Google and Facebook.
Another option for focusing on former customers is to offer referral incentives or discounts if they are to use your products or services again. For example, if you collect email addresses for those who have purchased a product on your site, send them a discount code.
This also allows you to continue to build brand relevance by building relationships with your former customers by showing them you’ll go above and beyond to show that you want their business
Focus on repeat customers
Repeat customers and existing client relationships offer great opportunities for honing in on increasing sales. Offering incentives and understanding your current customer’s needs can help you tailor your service or products to them.
Communicate new deals and discounts, and examine pain points your customers might still have that your business can help with. Use outlets like email, social media, and in-person connections to express that you care and want to stay in touch.
Repeat customers are satisfied with your business for a reason. Use this reason as an opportunity for continued growth and sales.
Expand your geographic reach
Reaching out and targeting new customers in different locations is an excellent way to increase revenue and expand your visibility and presence in the community. If you have a physical storefront, examine if it’s possible to open up a new location. If you have a service-based business, think about if you can offer services to new areas and the need for your services in those locations.
Survey existing customers
Your current customers can speak to what they like about your business and its services or products and also how you can improve. By seeking out this information through surveys and taking a look at your reviews, you can figure out ways to increase revenue by focusing on what’s working well and making improvements to things that aren’t.
You can create surveys with different online platforms like SurveyMonkey, and share this link via email, social media, or on your website. Take advantage of in-person interactions and use it as a chance to see if your customers would be interested in answering a few questions.
Develop a prominent public reputation
You want to make a great impression in your community. By building your brand’s public reputation, you can be considered an expert in your industry. Consider connecting with nearby businesses and newspapers for endorsements, or even volunteer your company at places like schools and non-profit organizations. Become a staple in your community and naturally draw in new customers.
Create a sense of urgency
Creating a sense of urgency for your customers allows them to know their problems can be solved today. By “urgency,” we don’t mean panic. You want your customers to act swiftly and decisively- all they need is a reason to.
It’s important to remember that when creating a sense of urgency, to be honest. If a customer notices that there are “only 2 products remaining” for weeks on end, they’ll lose trust, therefore hurting your reputation.
- Create deadlines for promotions and sales
- Highlight the problems they might have or continue to have if they don’t buy your product
- If you have a certain product or service that is more popular than the rest, highlight this- FOMO, fear of missing out, is a real thing.
- Warm colors like reds and oranges were found to be more effective in making customers feel like they needed to act now.
- Remind people of how much time they have left through channels like email marketing
- Get rid of any barriers by offering things like a money-back guarantee or a free trial offer
- Use words such as “last chance,” or “limited offer” to change your tone of voice
Offer discounts and bundles
Create incentives for customers to purchase your products or services by offering discounts and bundle deals. Subscriptions are also an excellent way to engage repeat customers and ensure that your revenue stream keeps flowing.
Analyze your pricing strategy
Take a look at your current pricing strategy. Is there room to increase your prices based on competitive and market research? How much are your competitors selling their products for? In some cases, increasing prices by a few dollars or even cents can quickly create a bigger return.
Additionally, by analyzing your pricing strategy you can determine the cost and figure out how much you can discount the product, if applicable.
Offer new payment options
Avoid creating hurdles and hoops for your customers to jump through when purchasing your products. Creating new payment options such as credit cards, Apple Pay, PayPal, or interest-free payment installments can be a great way to reach new customers and make the decision to purchase something easier.
Create & optimize your Google Business Profile
Google Business Profile, formerly known as Google My Business is a critical part of maintaining your business presence online. If you don’t already have a Google Business Profile, create one in just a few steps to get started. That way, when people search for your products or services near you, your business will be the first location to pop up.
Additionally, there is room to optimize your Google Business Profile through search engine optimization- targeting the keywords that matter most to your customers. Digital marketing agencies like us at RiZen Metrics offer Google Business Profile management near Scranton, PA, and surrounding areas to help you be better seen online.
Review some of these statistics compiled by Publer, so you can see firsthand how Google Business can help increase your revenue:
- The average business is found in 1,009 searches per month, with 84% of these coming from discovery searches
- Listings with photos are 2x as likely to be considered reputable and get 35% more clicks
- Local businesses receive 94% of calls from GMB between Monday and Friday
- 84% of searches are discovery, while 16% are direct
- This means that the majority of people coming in contact with your profile did not directly search for your brand- creating opportunities for new customers.
Consider these thirteen ways of increasing sales for your business. Your company is an important investment and taking actionable steps to connect customers with your brand is key. Full-service digital marketing agencies like RiZen Metrics can help you reach your business goals through strategic approaches with data-driven tactics. Contact us today, and let’s talk strategy.