How do you grow more revenue?
Add More Customers
- Improve your marketing to attract new/more customers. Word-of-mouth marketing (only) is the biggest marketing mistake customers makes.
- Improve your conversion rates. More converted customers from the same amount of eyeballs. This might mean for your business, hiring better sales professionals.
- Increase your offerings. Amazon started with books, and now they offer EVERYTHING else.
Increase Margins
Unless you sell massive volume, you need good margins on what you’re selling. Find ways to speed up your process, make the process cheaper, subcontract aspects of your business to save money from doing it in-house. I like a 4 or 5-to-1 margin.
Increase the Frequency of Buying
When people buy from you more often, you have increasing revenue, whether that’s through a membership or because you have more offerings. Creating simplicity in your buying process can also increase the frequency in which your customers are buying from you. Make it easy for them and they will do it again and again.
Ancillary Charges
Add-on charges/services to you services that fit your business.
