How To Increase Your Business Revenue and Profits
Every business owner’s goal is to increase sales of their products or services, thereby increasing revenue and profits. Listed below are the 8 ways to increase your business profits.
1. Increase Your Prices Will Increase Your Business Revenue
The #1 way to increase your business revenue is to your prices on a yearly basis. When you provide your customers with value that they want in the form of a product or service, a 5% to even a 20% increase won’t make a huge difference to them. Make it your mission to over serve and educate your consumer beyond your competitors. WOW your customers.
2. Increase the Number of Leads
Leads are known as a potential sales contacts. The more you expose your offer, the more likely someone will buy from you. To increase your leads you must advertise consistently, either through paid or unpaid advertisement.
Examples of generating leads are: e-mail marketing, solo ads, social media marketing, article marketing, press releases, pay per click, pay per view, video marketing, direct mail, presentations and blogs.
Must have some method in place to capture names and email addresses. if doing it online
3. Increase Your Conversions
By increasing the number of times you expose your offer to potential customers, you increase your odds of those customers buying your products or services. So if you expose your offer to 100 people and 10 people buy, you have a 10% conversion rate. Hint: Your marketing must be targeted to the right audience who want what you have to offer that will solve their problem and want to buy from you.
The more often you expose your offer to your current customers, the more likely they will buy from you. Your customers have already determined that your product, content and services are of value to them, they trust of what you have to offer so will most likely buy from you over and over.
5. Increase Payment Frequency
Offer your customers a product, content or service that is either consumable or part of an ongoing information platform that’s continuously needed over and over again, generating a reoccurring bill.
You can accomplish this by offering your customers a monthly or yearly membership, where you provide valuable information to your customers. You can provide a monthly auto-ship plan of your products, or by offering continuing education and training programs on a monthly/yearly payment schedule.
6. Affiliate Marketing – Other Peoples Products & Services
Offer your customers other people’s products, content or services that are in alignment and compliment your own products, content and services and make a commission from the originator of the goods.
Most people when they become passionate or obsessed with a subject matter they will buy everything on the subject from different authors.
The same is true for products and services. By promoting other peoples content, products etc., to your customers that have a relationship with you and trust you, you continuously provide value to them while making a commission from the sale.
7. Acquire Sponsors, Partners and Investors
Use promotional sponsors, partners and investors who mission is similar to yours. Your products and services will compliment what they provide to their customers so they will gladly promote you to their customers.
These groups generally have large customer lists and are looking for content, product and services to market to their customers throughout the year. They in turn make a commission or receive something of value from you by promoting you. With this method, it’s all about exposure to a larger customer list than what you personally have obtained on your own.
8. Direct Sellers
These are people who sell your product or services for you. They make a commission based on their volume of sales on a monthly basis. You are leveraging your time through a continuous sales team that not only promotes and sells your product to customers but also enrolls other people onto the sales team.
This is the business model that Multi Level Marketing/Direct Sales/Network Marketing companies use to move products and services out to the masses.
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