Every manager desires to increase their business revenue and in extension, the profits. This is not an easy task for many because of both internal (Business) and external (Market) dynamics.
Studies show that 9 out of 10 startups fail. The reason for failure is that founders and managers cannot figure out a way of pushing their products into the market and growing their business revenue.
Revenue is the heart of every business. This is the income that finances business operations and growth. Any business that cannot get revenue will fail with time.
No matter how much capital a business has, without getting business revenue, the capital will get exhausted and the business will go bankrupt. This is not what any manager desires.
Due to the immense competition in every industry, it is not easy to grow business revenue. If your competitors are better than you at this, they will push you out of business.
There is no mercy in the business world. You have to be tough, informed, and on your toes.
If you are a business owner, this knowledge will be invaluable to you. Increasing business revenue means the world to all entrepreneurs.
How to double your business revenue
Here are 8 secrets to doubling your business revenue.
- Streamline the sales process
- Double your marketing efforts
- Improve on what your competitors are offering
- Focus on customer service
- Revise your price
- Develop new products
- Move to a new market
- Grow your networks
Let us consider each. Be sure to read keenly, take notes where possible, and implement them in your business. I promise you that your business revenue will double in a matter of months.
1. Streamline the sales process
No matter how innovative your product is, people will never buy it if they cannot access it in the market with ease. People love seamless business processes.
With the growing competition, many buyers do not even leave their houses to buy what they want. They expect it to be delivered right to their doorstep.
The bad news is that some of your competitors are already doing it. Find a way of taking your products to the customers’ point of convenience. Whatever that point is.
Similarly, payment methods are equally important. People fail to buy a product when they cannot find their preferred method of payment. If you only take cash and the customer does not have the cash, you lose the sale.
Make sure you adopt all the forms of payment that your customers use. Use all the common global payment solutions like Visa and MasterCard, mobile money, direct transfers, cash, etc.
Hire a professional sales team and give them continuous training. Salespeople are the face of the business. If they are not professional, people will not trust your business.
Let’s recap. How to streamline your sales process:
- Take the products where the customers expect them to be. Even if it means delivering to their homes.
- Ensure that you have all the major payment solutions. Give customers a range of them to choose from. This gives you credibility.
- Have a great sales team and train them continuously. Let them act and look professional. They are the face of the business.
If your sales process is seamless, people will find it easy to do business with you.
Double your marketing efforts
A bad product with good marketing will sell more than a good product with bad marketing. This is how important marketing is.
Marketing is the process of pushing your products into the market. It is the process of making your products known to the target market and convincing them to buy it.
There are two types of marketing:
- Outbound marketing– This is where you forcefully push the marketing message to the customer. It is also called Interruption marketing.
This includes all forms of traditional marketing like TV commercials.
- Inbound marketing– This involves attracting people to the marketing message. In this type of marketing, the aim is to breed loyalty in the hearts of potential customers. The most common example is content marketing.
Studies have shown that inbound marketing is more effective than interruption marketing.
The best forms of marketing strategies that you can adopt in your business include:
- Content marketing. Here, you give people the knowledge they need and then tell them how your product can help them in implementing the knowledge they have gotten.
For example, if you run a gym, you can teach people how to manage their weight. You can then present your gym as a solution.
- Support a cause that people hold dear. When your business donates to such a cause, people tend to be loyal to your business. They will buy your products emotionally rather than logically.
- Give bonuses and discounts sometimes. This is a form of guerrilla marketing.
In a nutshell, effective marketing strategies are more focused on the prospect than the business. If you can prove that your business does have the interest of the customer at heart, people will line up to give you sales.
3. Improve on what your competitors are offering
This is a good strategy for snatching your competitors’ customers. It involves the following steps:
- Find out why people buy from your competitors.
- Improve on that and offer something even better.
- Let them know that you offer something better through well-devised and implemented marketing campaigns.
If you can follow these steps successfully, you will start gaining market share. More market share means more business revenue and more profit.
4. Focus on customer service
Customer service is of great essence in this era. Today, the customer is king. Any business that does not recognize so will fail.
Have you ever visited a certain business intending to purchase a commodity and you ended up being treated like trash? It happens sometimes.
How did you feel? Was it a very good experience? Did you go back to the same business again? Most probably, you told someone about the ill-treatment you got.
If you treat one customer the wrong way, studies show that they will tell around 10 people about it. This is negative publicity.
If you treat a customer like a king/ queen, they will probably tell 2-3 people about it. This is what every business wants.
The best thing about word of mouth is that it is the most effective form of marketing ever. Every business that makes the customers talk about them positively will over time become the market leader. This is how all market leaders were built.
Tips for improving your customer service:
- Greet the customer with a smile and stand up.
- Ask them how they are.
- Listen to them keenly and show genuine interest in their welfare.
- Promise to help in case they encounter a problem in the future.
- Do not be distracted when talking to the customer.
- Make them feel important. Let them feel like the whole essence of opening the business was to serve them.
Take care of the customers and they will never buy from your competitors. This is a sure way of increasing your business revenue.
Good customer service will always get free publicity through word of mouth.
5. Revise your price
Pricing is an important factor in marketing. Price is part of the 4ps of marketing.
Your pricing should be consistent with your target market. If you are targeting the upper market (Wealthy individuals and businesses), you can charge a premium and offer superior services.
If you are targeting a poor neighborhood, it has to be something they can afford. Find a way of reducing the price while maintaining the quality of the product or service.
You can do this by:
- Getting cheaper suppliers.
- Reducing business expenses like salaries, rent, etc.
- Getting a convenient logistics and distribution system.
- Using cheaper production technology.
The point here is that your pricing (Whether high or low) should reflect the kind of customers you serve.
If your customers care less about the price, reducing the price might reduce the demand. If they are not wealthy, reducing the price is a good strategy.
In every circumstance, let the price be optimal. When the price is optimal, you will make more sales and increase your business revenue.
6. Develop new products
Developing new products is one of the business growth strategies. If a new product is successfully developed and introduced to the market, business revenue will increase.
Introducing a new product to the market is however risky and costly. It should be done after thorough research and with precision.
Here is why:
- Research and development is a costly process especially for industries like engineering and pharmaceutical.
- The market may not be ready for the new product.
- It requires a lot of marketing to introduce a new product in the market.
- The new product will face fierce competitors’ strategies.
- The new product, if it’s a new invention, will be copied by others and might even be overtaken by imitators’ products.
Due to this, many businesses find it hard to develop and introduce a new product. Many have had massive losses for trying to adopt this strategy and things went south.
However, those who succeed reap big. For small businesses, this is a good strategy. It can easily increase your sales and business revenue
7. Move to a new market
This is also a business growth strategy according to the Ansoff Matrix. Introducing your existing products to a new market is called market development.
Moving to a new market can pay off handsomely. After all, you will employ the experience you got in your previous markets.
If the new market is untapped, you can have the first-mover advantage. If there are already existing market players, it will be quite hard.
Never enter a mature market. Always look for markets that are underserved by the current market players. Be creative and innovative in the way you offer your products.
Moving to a new market is also risky and costly. You will need massive investment in marketing to get the product known.
8. Improve your networks
If you want to increase your business revenue and profits, you have to grow your networks. It is the people you know and you have a favor to that will gladly buy from you.
One great person in your network can change your business prospects completely.
To grow your network:
- Be social and outgoing.
- Attend social functions that have the people you need in your networks.
- Take the people you need for lunch and dinner.
- Offer a helping hand when they are in need.
- When you meet them, focus on them and not you. Let the discussion be about them and their welfare.
If you can get the right people to become your friends, they will help you grow your business revenue.
Final thoughts on increasing business revenue
Increasing business revenue and profit are never easy. If it were, everybody would do it.
It requires dedication and shrewd business strategy just to say the least. However, with commitment and will, nothing is impossible. After all, many people have done it.
Decide to grow your business today. Take the necessary action and you will be glad you did. All the best in these efforts.
Founder/ C.E.O- Wealthy Wolves Consulting & Giimark Ltd/ Best-selling Author/ Speaker.