5 Proven Strategies to Increase Your Revenue

5 Proven Strategies to Increase Your Revenue

The first priority of every business must be revenue generation, sales revenue is the engine that drives every successful business.

In my years of running different business, including my own for the past two years, the ability to increase one’s revenues consistently over time has proven to be a real asset. Whether you are looking to make your business more attractive to others (read: potential employees, equity partners, buyers) or to improve your personal worth, a business owner/executive needs to understand the value of revenue growth and how to make it happen.

Here are the 5 strategies:

1. Get more customers. If sales revenue is the engine, then customers are the fuel for that engine. As I explained in my prior post, Need More Customers, Master this Simple Formula, customers are an output of your lead generation and lead conversion activities. Improvements in each of these areas will gain you more customers.

2. Sell more to your customers. It has been stated that acquiring new customers requires more effort and costs more than keeping existing customers. There are several methods to sell more to your existing customers. You can offer them additional products/services, offer them new products/services, or even assisting them to increase their buying frequency of your products or services.

3. Increase your prices. This is the most intimidating strategy for increasing your revenue for most of my privately held business clients. The reason is simply that this is a real test of the value your products/services are delivering to your customers and many of my clients are shy about the value they are truly delivering to their customers. Simply ask your customers why they choose you over your competition, then listen carefully to the answers.

4. Keep your customers satisfied. Merely meeting customer expectations today is the bare minimum requirement for staying in business, you need to be able to exceed and even delight your customers in order to build loyalty. A loyal customer will pay more for your product/service and is much more likely to recommend your product/service to others. And with the expansion of social media, referrals and word of mouth marketing are essential for building your business.

5. Solve problems for your customers. Every problem is an opportunity to do things in a new way in the future. Speaking with your customers about their challenges, their key goals, their aspirations and what may be standing in their way is a great method of identifying potential opportunities to solve problems with your products/services or complimentary products and services.

I recognize that each of these is more easily stated than accomplished. If you are in a business that is currently struggling to improve your top line growth, or you feel your business is mature and growth has flattened, then I hope these strategies have resonated with your needs.

Want an example of success: One of my clients, running a 7 figure service business, has used a couple of these strategies to deliver top line growth of 36% in 2015, 61% in 2016 and in the first two months of this year, 81% growth. Want another example, look me up.

John Channon

Award Winning, Certified FocalPoint Business Coach

www.johnchannon.focalpointcoaching.com

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