So what have we learned that will help increase our revenue? Focus on staying in touch with your customers and exceeding their expectations. Offer a quality product and try to extend its lifecycle. And zero in on your initial buyers; the rest will follow!
5 Ways for your Small Business to Increase Revenue
We have monitored a variety of successful companies and complied a the data to see the commonalities. Each of these top companies excelled in at least one of areas below. Read the tips below to increase your revenue!
(1) Focus on the Customer: Companies that stay in contact with their customers are proven to have higher leads converted to sales. It can seem overwhelming to manage all of your contacts, but luckily there are awesome CRM’s that will automate the process! We have been using Infusionsoft for over a year and I would strongly recommend it for small business owner.
(2) Aim above the customer’s expectations: Services dominate the market, with 9 out of 10 employees working in a service industry in the United States according to an article on FOX News. With the increase in service competitors, more and more companies have begun to focus on customer service as a way to establish a competitive advantage. Now, as a result of heightened customer service awareness, your consumers have higher expectations that at any other time in the past. Although meeting the customer’s expectations will keep the complaints down, it won’t guarantee repeat customers. To lock in your ideal customers you must EXCEED the customer’s expectations.
(3) Focus on the product not the price: Your customers will become loyal to your brand based on your product quality – NOT the price. We’ve worked with several small businesses, and the most successful companies have a differentiated product, and that ultimately drives their revenue. The least successful businesses are the ones with owners so focused on keeping their prices below (or in line with) their competitors that they forget about innovation.
(4) Extend your Product’s Lifecycle: Each product goes through a product lifecycle that starts when you begin to develop the idea. The product is then introduced to the market and, as the acceptance rate rises, the product grows into maturity and eventually sales begin to drop as the product hits the decline phase. By monitoring your product during its lifetime, you can make changes that will give you a relative advantage, keeping your product alive and bringing your company more sales.
(5) Match your Advertising with your target customer based on the Diffusion of Innovation: Products are not accepted by everyone at the same time. In fact, in the beginning, sales are low while the innovators and early adopters begin to test your product. As you gain traction, the early adopters enthusiastically begin to tell their friends about their latest purchase, and the majority of your sales begin to happen. Learning the characteristics of the initial buyers and aiming your advertising at them can increase your revenues.