Driven by your inherent passion, you started a small business, but unfortunately the profits are not what you had expected beforehand. Thus, to keep the business running and your passion ignited, you need to increase the overall revenue which is easier said than done. Also, it is difficult to think of growth when you are spending all your time and energy on daily tasks.
As you don’t have time or money to try strategies that holds a certain percentage of risk, following the below mentioned ways can help you increase your company’s revenue:
1. Expand Your Market
Boost your existing clientele with new products, new geographical locations and additional sales resources. Adding complementary products or services may help you gain new clients as well as maintain existing ones. Moreover, expanding marketing and sales efforts to surrounding areas will more than double the potential sales.
2. Pricing Strategy
Price is the single most important deciding factor for a product or service. Although before implementing any pricing strategy, know how the customers feel about your product and if the change in price will encourage the market behavior your way.
An immediate price hike will bring additional revenues and profits to the company, if the price does not negatively impact sales. And price reducing will boost sale and take the market share away from competitors. Additionally, offering special discounts, rebates and participating in coupons can also be helpful in generating revenue.
3. Issuing common stock
A company receives money from the securities only when they first sell a security to the public in the primary market. This strategy can be used when you are really in a crunch for money. In the subsequent trading of these shares on the secondary market, you can participate in trading to buy back your stock or keep on generating revenue by actively participating in the open market. Moreover, stocks that consistently produce strong revenue growth will outperform as interest rates rise. This will as a result boost the earnings per share.
Take a leaf out of an international organization like the Compass Group and track compass share price to grab an understanding of its market standings and follow its strategic pathway.
4. Use Social Media to Your Advantage
Even if you have a small following on Twitter or Facebook, using social media to promote your product is a great way to raise customer awareness. Additionally, you can use this platform to interact with the clients and gain insights into what the customer wants.
This is the easiest and the most overlooked strategy in boosting sales. Listening to your customers and potential clients is the best way to understand and address their needs. Make sure your sales team understands how to actively listen, and ask questions to get more information.
Many successful companies continually reinvent themselves by listening to their customers and by adapting their products and sales strategies accordingly. Each one of these strategies is powerful revenue generators in the right circumstances, but the appropriate choice for your company depends on your understanding and knowledge of the customers you serve.