We entrepreneurs focus on a few things. We focus on helping people. Help them make smarter decisions, help them tackle different problems with the help of our products or services. We also aim to add value to their purchases, and strive to improve their quality of life.
And in order to reach bigger audiences and to improve our methods of helping, we also need to be a bit selfish and ensure that we have the funds necessary. It’s not just about growing. It’s also about maintaining, and down the line, improving the quality of our products or services. Innovation – another crucial thing we constantly need to focus on is nearly impossible without the necessary funds.
So, to tackle this obstacle and to give your business the opportunity to improve and to flourish, we’ve listed 3 surefire ways to boost revenue and ensure that you keep on delivering quality.
In our experience, the majority of entrepreneurs make mistakes in one crucial area: They have their brand development strategy hammered out and every little detail is perfectly thought-after. The logo is distinctive, the storytelling is on point, the products are top-notch.
Things often look perfect on the digital marketing-side as well, A gorgeously designed website, solid social channels with good following, streamlined posting and ad campaigns, driving just the right amount of traffic. SEO efforts are also impeccable.
Yet, the business isn’t turning enough profit. Or it’s struggling to break even.
Dear ladies and gentlemen, have you considered that you might be marketing for the wrong people?
You see, in our experience (and the experience of other, world-leading professionals) most entrepreneurs fail to pinpoint their ideal revenue source. They pour in millions into targeting new customers and they neglect the ones they already have.
It’s been told many times that in today’s economy, it’s five times more expensive to acquire new customers than to keep the ones you already have satisfied.
This statement here is the backbone of our methods, so keep them in mind. And now, let us shed light on the strategies that will enable you to scale your business and to offer even more to your valued customers.
Method number 1. – Look for new prospects, the right ones
This may sound contradictory to what we’ve said earlier, however, after clearing it up a bit, you’ll see the point behind it.
You see, a lot of business owners dedicate a huge budget to reach out to new people. They set the target audience right, they nail the demographics and their ads get a lot of engagement, but conversion rates are way lower to justify the scale of the budget, and to show significant ROI (return on investment).
When we’re talking about brand awareness, these tactics may help you gain a better following, but might not help you with closing more sales.
In order to get new clients, you might want to take a better look at those people who’ve already visited your website, engaged with your services or products, but left.
Let’s face it, we all have lingering prospects, those who visit our site now and then, maybe read something from our blog posts, then leave. Why not try catching their attention with a special offer? Invite them to join your newsletter by offering a small discount. Then, encourage them to make a purchase through email and automated email campaigns (we can help you with that here). The trick here is to offer them value before they purchase anything. Your content is already valuable to them, so why not offer a more specialized way of pushing that content to them?
Method number 2. – Increase purchase value
Another method to improve your business and boost revenue is by increasing purchase value, i.e. encouraging your customers to buy more of your products.
Be careful, you don’t want to be in their face with this. If you are too direct, you might lose them and have to go back to square one.
So instead of constant sales pitches and aggressive selling, make sure to come up with a strategy that ensures they get value for the money they are spending. That being said, research your customers purchasing trends and create offers accordingly. Announce different specials from time to time through your newsletter, social platforms and so on. Also, create sales funnels with upsell and downsell options so your customers can find the ideal product or service package for themselves.
The key point here is to be flexible. Don’t be rigid and overly profit-oriented. Focus more on the value you offer. The revenue and your profit will come.
Method number 3 – Increase purchase frequency
Lastly, in our experience, this method can also help you a great deal when it comes to boosting sales. Engaging with your customers to make purchases more frequently can be a great way not just to increase your sales metrics, but to give them more value as well.
Boosting purchase frequency can be achieved through simple marketing automation sequences like newsletter signup, and cart abandonment campaigns (learn more about them here) can work wonders in this aspect.
Also, including monthly specials and other special offers for dedicated and loyal customers can ensure that they stay engaged with your brand.
Increasing purchase frequency will not only help you scale your business and invest in innovation but can help your most valuable customers get even closer to your brand. Slowly, they can become your brand ambassadors. As such, they will spread the word about your brand and products generating even more awareness for your brand and potentially generating you a bigger audience and new customers.
Summing it up
These three methods can be really fruitful for your business efforts if you calibrate them right and use them the right way.
Remember, generally, it costs companies significantly less to keep their current customers than to acquire new ones. Keeping your current valued customers engaged with your brand can go a long way not just when it comes to boosting your sales but in your brand awareness efforts as well. The word of mouth is a powerful tool and if you’ve managed to show your customers that you really offer them value, they won’t hesitate to recommend you to friends and family.
What’s essential here to keep in mind is that you should keep it classy, meaning you shouldn’t be too aggressive when it comes to sales. Always try to offer value. Do your research, check out what your customers are looking for on your website and create offers based on the results.
If you find it difficult to implement these methods into your processes, feel free to reach out to us, we’d be more than glad to help you.
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