5 Tips to Boost Revenue
August 24, 2017
Boosting revenue, decreasing expenses, or a combination of both increases bottom line profits in a small business. Sometimes, simple ways to drive sales are overlooked. Try these revenue boosters:
1. Differentiate your products and services –
Don't go head-to-head with the competition. Figure out how to something better or different. Capitalize on your uniqueness and promote it!
2. Make your products or services better than the competition –
Something can always be improved upon...higher quality, better service, longer warranties, additional training, customer assistance, or personal attention. Whatever it is that you offer to customers, strive to make it special!
3. Expand market segments –
Different market segments might very well need different marketing efforts. If you're selling to more than one market segment, try different approaches for market segments that are stagnant. The same product or service can be marketed and sold in different ways to different market segments with each being equally successful!
4. Search for underserved markets –
Rather than battling the competition for the same customer and same dollar, open new avenues of growth. Look for new revenue streams using the same resources you now have.
5. Utilize the Internet –
Products and services are sold differently than in past years. The Internet and social networking sites have opened marketing avenues not previously used by many businesses. Research and consider how e-commerce can expand your business.
Association of Accredited Small Business Consultants