One of the pain points of a small business owner is the need to increase revenue, with small business budget. A lot of small businesses start out as passion projects, and find that the profit margins are quite where they should be. The answer can be simple – increase revenue. But the how is not so easy. When you’re competing with larger businesses, with larger budgets, it’s hard to come up with a plan to grow, especially when you’re likely doing all of the day to day work. And you don’t have the funds to try different tactics that may not work. So, what can you do? We have some tried and tested ways for you to start increasing your revenue.
I know what you’re thinking. You’re already giving away services at competitive prices, and now we tell you to give more. But think about it. Adding complementary services or products may easily help you attract new clients as well as retain your existing ones. And most complementary services can be performed without difficulty and for little, if any, additional costs to you. For eg, if you’re a website design company, maybe you can offer content services as well. Most customers prefer a one stop shop if they can get it. If you don’t have any ideas for what you can add, have a look at your competitors. You could find a complementary service they provide that you can start offering too.
Provide Further Value
Along with complementary services, you can provided added value with discounts and coupons. All customers like a discount or getting coupons. For new customers, these strategies are especially effective, particularly if they’re on the fence about buying from you. A new customer discount or incentive may well give them the push they need. For existing customers, offering them a discount for repeat business or coupons they can use in the future shows that you value them.
Encourage Repeat Business
As mentioned above, your existing clients need to know that they are valued by you. Instead of putting your energy only into gaining new customers, take some time to nurture the relationships you already have. Business relationships are about trust, and someone who has done business with you previously has that trust factor in place. Capitalize on it by encouraging your clients to join your email list. Send them newsletters with relevant information. Keep them informed about new and trending ideas, products and services. Send holiday cards. When you provide your existing customers with value, without necessarily asking them to buy, you plant the seeds for them continuing to do business with you.
Extend Your Market Area
A lot of small businesses concentrate on providing their services and products to their immediate area. Thus, it becomes the area they limit their sales and marketing efforts to. But there is no reason for you not to be selling to surrounding areas and cities, maybe even states. The additional cost to cover a larger market will probably be minimal, but it will double your potential sales. You may have assumed that other markets are being served by their local businesses, but you can’t know that for certain without some research. You may find that another market is ready for the taking.
Showcase Your Industry Expertise
Over the years you’ve probably become an expert in your industry. But are you making that fact known in the market? You can reinforce your expertise by writing blogs, publishing articles on social media, and sending our newsletters with advice pertinent to your industry. Everyone wants to work with an expert, and when you consistently put out quality content, your audience will begin relying on you for your insight. Then, when they require a product or service that you provide, your business will be the first to mind.
As a small business owner you’re probably spread too thin. And despite your best intentions you may just not have the time to successfully market your business. Well, you don’t have to.
Think about outsourcing your marketing to an agency. In doing so, you will be able to focus on the aspects of running your business that you do best, and professionals will handle your marketing campaigns and give them the time and energy they deserve. This will save you money in the long run, and make you more money via good marketing.
Ultimately, you can revitalize your business with just a few tweaks, and start seeing revenue flow into the company.