Now that you have started your small business, it's time to figure out ways to not only keep it alive but to thrive. What's next? Increase revenue.
Increasing your sales from zero to hero is easier said than done. It takes a lot of planning and execution to make it happen.
Remember that you are competing head-to-head with bigger, more successful businesses that have more prominent marketing and sales budgets.
It's like David and Goliath, and you think the winner of the story is obvious. Remember that in that story, David won, which means your small business can win too! All you need is a marketing strategy.
Let me begin by discussing how we approach marketing strategy to increase revenue for our business and our clients. It's called the Marketing Strategy Trilogy.
The Marketing Strategy Trilogy is a unique approach to increase sales and revenue.
Here are the awesome benefits of this approach:
The Marketing Strategy Trilogy has three crucial elements - Target Market, Storytelling, and System.
The Target Market element consists of:
Knowing your target market provides direction & focus.
The Storytelling element is about:
The right messaging creates clarity and engages prospects and customers alike.
Check out this article on business storytelling to learn its importance in increasing revenue.
The System element is about:
The system provides a framework to follow and yields consistent and repeatable results.
Now that you understand the Marketing Strategy Trilogy, we need to look at the only ways to increase sales and revenue for your business.
The only ways to increase revenue for your business are:
Let's look at each one of these in more detail.
One way to increase sales is to do business with more customers.
Here are a few ways to increase your number of customers:
Increasing the number of customers is typically the area most businesses focus on first to increase sales, but it's also one of the hardest.
Another secret to increasing sales for your small business is to get each customer to buy more. Some call it upselling or cross-selling.
Here are ways to increase your order size with each customer:
The more products or services a customer purchases, the more they spend, and the more revenue for you.
Now that you are doing business with more customers and they are buying more with each order, how can you get them to buy more frequently?
To achieve higher purchase frequency, you need to work extra hard on adding value to your products or services. Your customers must see more value from your offer for them to keep buying from you.
Here are a few ways to encourage customers to buy more frequently.
Raising your prices is a great way to increase revenue. It means you’ll have more revenue from every purchase a customer makes.
Before you say you can't possibly raise your prices, keep in mind that many small businesses undercharge for their products and services.
However, there are things to consider before you raise your prices.
If you choose to raise prices, create a strategy so that your price increase goes as smoothly as possible.
When you have a solid marketing strategy in place, you will experience the following benefits (all of which increase revenue):
Remember that your ideal clients are the ones that are profitable and refer your business because they find value from your products or services.
Attracting more of them is a great way to increase revenue.
A solid marketing strategy will allow you to charge more or raise your prices, which will increase sales.
Why? Because your marketing strategy attracts profitable, ideal clients with strong messaging and a way to efficiently execute your marketing.
And that’s the secret on how to increase revenue!
Always keep the Marketing Strategy Trilogy in mind and apply it to your small business strategy, and your sales will increase in no time.
Check out the recommended resources below to learn more about how to increase revenue. Also, don't be shy to CONTACT US if you need help.
19 Tips on How to Increase Sales for Your Small Business
Top Secrets on How to Confidently Win Sales Objections
You Need to Learn These Essential Sales Skills Today
So what do you think about this article? Are you ready to increase your revenue?
Drop a comment below and let's discuss.
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Header image courtesy of Pexels.
Tim Fitzpatrick is the President of Rialto Marketing. At Rialto Marketing, we help local service-based businesses eliminate the confusion of marketing. As a marketing partner, we help clients put in place and manage a simple marketing plan so they can grow. Marketing your business shouldn't be a challenge. We can help.