The question that is asked so many times by many business owners is – how do I bring in more revenue to my business? Bringing in a good amount of income is so important to every business as the more money you are turning over the greater profit you will be bringing in. You can then use that profit to reinvest to grow your business even more. And how you reinvest the money, is likely to be one of the 12 suggestions made in the guide below.
So how do you bring in more revenue for your business? There are so many different ways that you can bring in more money. You can improve your website, invest in your staff members, purchase advertising slots such as Google Ads or Facebook Ads as well as invest in your email marketing. Other methods that business owners may turn to are entering different markets, offering discounts or creating bundle packages – for example, McDonald’s will do a value meal which is cheaper than if you were to purchase all the items on their own.
To help you improve your business and bring in more money, read the below guide on 12 ways to bring in more revenue for your business. Hopefully, this guide gives you some inspiration to make some changes on your end.
Work on Your Website
You can’t run a successful business without having a great website. As a business owner who is striving to bring in more revenue, it’s important you dedicate a set amount of time each week to improve your website. Ways to improve your website include publishing regular blog posts, improving the site speed, optimising your images for the web, ensuring it’s mobile friendly, and that any call to action is clear amongst other things.
Invest in Video Content
Have you considered investing in video content? Video content can be used on social media channels like Facebook, Instagram, and TikTok and is a great way to show off your offering. You will find that engagement is higher on video content as well as conversion, when compared to other types of content such as images. No matter the type of business you run, there will be a way to create interesting, creative videos that can be used for your marketing.
Consider Advertising
There are so many ways that you can advertise your business. You can do it through paid media, such as Facebook Ads or Google Ads, you could pay for a shout-out on a radio channel or work with a Youtuber or Blogger to mention you when launching one of their videos. The amount you will need to spend on advertising will vary depending on the route you go down.
Improve Staff Morale
Your staff is the heart of the business, we can bet that without them you wouldn’t be able to operate as well. For this reason, it’s important to look after them and ensure they are happy – it’s been proven that the happier your staff members are, the more motivated they will be. By being more motivated, they will work harder to succeed which will hopefully lead to more revenue coming in. To improve staff morale you could look to offer bonuses, consider giving pay raises, offer promotions, take your staff members out for a meal or buy them gifts which align with their interests – plants for someone who likes gardening, football tickets to a sports fan or an espresso martini gift set for someone who likes cocktails.
Look into Email Marketing
Email marketing is where you reach out to your customers through their email addresses. A lot of companies collect emails through their website, running competitions or ads like Facebook ads. By collecting emails, you can then put together a weekly newsletter targeting them, sharing news and information about your offering. It’s a very effective way to make a few extra sales each week as you can add your special offers to your email marketing campaign that week.
Increase Your Prices
A really simple thing you can do to bring in more revenue is to increase your prices. Each year you will see companies raising their prices slightly so that they can bring in more revenue and profit – A great example is Apple. In 2007 they were selling their iPhone for $499, now it is going for over $1000! Have a look at what your competitors are pricing themselves at and see if you can increase your prices slightly. Remember not to go too high as this may cause your customers to go elsewhere.
Ask for Customer Feedback
Just like your staff members being the heart of your business, so are your customers which is why it’s important you listen to them and get feedback. Create a feedback form on your website and ask customers to give you feedback on your offering. You can email out this form to customers and ask them to fill it out when they are speaking to your customer service team. Once you have got responses from your customers, apply these changes as this shows you listen and care about what your customers say helping them feel more valued.
Train Your Staff
Instead of spending money on advertising methods, why not invest in your staff members? You could offer training programs that will improve their strengths or weaknesses and by improving them, they will then perform better at work, bringing you in more revenue. There is a whole myriad of training sessions that you can sign up your employees for, from sales courses to marketing programs. Some courses will be offered online whilst others will be face-to-face programs – often the online courses will cost less to send your staff members on.
Offer Discounts
Some companies thrive by using a discount method to drive sales. Each month you can set up a different discount offering to help entice your previous customers and new customers to work with you. The discounts you offer can vary depending on the type of business you are. For example, you can offer 10% off to customers who have just shopped with you or if you need people to sign up for your services, create a 20% discount code for new customers. You will find people love to have savings when buying things.
Enter New Markets
Is there a new market that you can start attacking and thrive in? As a business owner, you must be always trying to develop your business and a way to do this (and bring in more money at the same time) could be through entering a new market that is similar to yours. Examples of this include Uber offering transfer services and then selling train tickets. Clothes brands will often add a different type of clothing to their collection, whilst a builder could extend their offering to include something like painting or flooring.
Reward Loyalty
Everyone loves a loyalty program! There is nothing more satisfying than when you have collected your 10 stamps and can get your free cup of coffee or haircut when you next fancy one. Loyalty programs are a great way to convince your customers to continue working with you and not shopping with your competitors. They can also be a way to convince new customers to shop with you as they want to be part of the reward program you are offering. McDonald’s has recently launched their rewards program where you can collect points and get a free meal once you have enough.
Upselling
Upselling is another way you can bring in more revenue for your business. Whenever interacting with customers and making sales, see if you can upsell a product or service that is linked to what they are buying. For example, you will often see shoe companies trying to upsell their shoe cleaner when buying a pair from them. Barbers will often try to sell you wax or gel, whilst clothing stores will try to upsell socks or accessories when you are buying clothes. It’s a very effective way to bring in some more money whilst also a way to introduce new products to your customers that they may find useful.
Conclusion
As you can see, there are so many different methods that you can try to bring in more revenue for your business. Our advice would be to concentrate on one, two or three of the examples and see if that works for you. You can then apply one or two more of the tips once you feel like you have the time available to you. Remember, it’s important to not make too many changes at once as this is where you might be juggling too much and struggle to make the changes a success.
What tips would you suggest to someone who is looking to increase their revenue as a business owner? Which of our above suggestions do you think is most useful? Is there anything that you think is missing in our guide that we should add? Let us know in the comment box below, we would love to hear from you.
