Trying to figure out how to increase your revenue as a small business owner? The answer likely lies in finding out how to increase revenue from existing customers and clients.
There are many ways to improve revenue, ranging from simple changes to complex sales funnels. The first step when trying to increase revenue streams for your business is to take it back to the three fundamental revenue growth strategies.
Revenue Growth Strategies
By taking a look at the three fundamental growth strategies that help you grow your revenue, you’ll start to see why focusing on your existing client or customer base is so important. Let’s take a look at how to improve revenue in super broad terms.
Maintaining Revenue From Current Customers
We’ll start with the most overlooked way to annually increase your revenue: maintaining what you already have. This refers to businesses that have recurring customers or clients who are buying less and less with every transaction. The goal is to keep them coming back at the same rate.
Expanding Revenue From Current Customers
Once you have loyal customers that continuously come back at the same rate, it’s time to up the ante. This is where you upsell to your existing customers to increase your revenue overall, selling more to customers who already know and trust your brand.
Winning Revenue From New Customers
The most difficult growth strategy is to win new work from new customers. This requires targeted marketing and a great sales funnel to convert cold leads, making this the most time and resource consuming strategy.
How To Generate More Income For Your Business
One of the most common questions I’m asked is how to increase revenue from existing customers, and it’s for a good reason. Two of the three fundamental growth strategies are centred around your current client base. It’s so much easier to sell to somebody who already knows and trusts your business, which is why it’s a good strategy to retain existing clients before searching for new ones.
How To Get More Business From Existing Clients
So, how do you find out how to retain customers and how to increase revenue from existing customers? Here are eight proven ways to retain customers and increase your revenue at very little cost to your business.
Bundle Products and Services
Make it easy for your customers or clients to spot a bargain and realise that they want more than one of your products or services at once. Bundles allow you to sell more within one transaction while your customers or clients get more bang for their buck.
The same goes for upsells. At multiple points throughout any transaction, promote your other products or services as add-ons. The key here is to be strategic. Upsell products that pair well with their chosen product, or services that complement each other.
Speak Directly To Your Customers
Email marketing is one of my go-to recommendations when asked how to increase business revenue. It gives you a free way to reach out to your customers or clients on a personal level, offer them discounts and deals, and thank them for their loyalty.
You need to give a little to get a little. For people to love and support your brand, they will first need a reason to trust you. Build that trust by posting content and adding value beyond just what you supply through your products or services.
Solve More Problems
What problem does your product or service solve for your clients or customers? Chances are there is another problem your target audience is facing that you can also solve. Find out what that problem is and develop new products or services to offer as the solution.
Who wants to be in a one-way relationship? Give your customers a reason to want to support you! Offer them valuable information, exciting deals, loyalty points, and exclusive early access to new products or services. Reward their loyalty so that they know how much you value them.
Offer Referral Kickbacks
One of the best ways to increase revenue in a business is to encourage referrals. People are much more likely to buy from you if someone they know personally recommends your product or service, so offer your existing customers an incentive for their recommendations.
Ask For Help
If you’re still not sure how to increase revenue from existing customers, ask them. Run surveys and collect feedback on what you could do to make their life and user experience better. You’d be surprised at the insightful advice you can get from simply asking how you can help.
Where to From Here
Looking for a coach or business consultant to help increase your revenue? Stop trying to figure everything out on your own and give yourself advice from someone who has created not 1 but 2 successful 6-figure businesses. Let’s hop on a 30-minute discovery call where we can chat about your goals, struggles and how I can help you as your business consultant/coach. BOOK YOUR CALL HERE.
Want all that coaching value plus input from other badass women in business? Secure your spot at the Action Takers Mastermind Business Group for Women. You can also connect with a community of small business owners by joining my Facebook group, the Women in Business Collaborative.
Have an awesome day,