Episode 22 – HOW TO INCREASE YOUR REVENUE. Learning how to increase your revenue is essential.
Keri doesn’t want to increase her prices but wants to increase her revenue.
I want to increase my revenues. I know you will tell me to increase my prices, but I’m not ready yet. Do you have another solution for me? I design social media templates, and my ICA is a woman wanting to launch her service-based business. Please help!
Here is what you can do if you want to increase your revenue.
Increasing the number of customers
If you can find a way to increase the number of visitors to your website, you may gain more customers ready to buy from you. The question I have for you is: How can you increase your visibility? Blog or Podcast more often? Or maybe you could use Facebook Ads to promote your business to a bigger audience? You could also decide to offer a discount to try to reach more customers.
Increasing average transaction size
When a customer purchases a product or service, you offer another product or service related to the first one. This is typically done through a process called upselling. The goal here is to get each customer to purchase more.
The more of these items the customer purchases, the more they spend, and the more revenue you collect. For instance, you could create a guide with tips and tricks on social media and sell it with your products or services.
Another tip: You could set up a strategy to increase the frequency of transactions per customer. If your average customer buys once a month, maybe you can create weekly captions to help create content and interest him in purchasing this new weekly service.
Remember, growth and comfort don’t coexist. Be ready to make changes as your business grows, including raising your prices.
Now that you know about different strategies you can use for your business, it’s time to take action and design your own strategy. Don’t forget to add these new revenues to your budget!