In business, an increase in revenue is a blessing. An increase in revenue by implementing several small changes is an even bigger blessing.
Especially for companies that don’t have the finances or free time to launch a new product or embark on a huge marketing campaign.
Normally, business owners would expect that in order to see a change in profits, they would need to pull out the big guns on their side. That is, however, not always the case.
Here are a 7 small(ish) changes that any business can make to see an increase in their bottom line.
1. Think Pricing
If you run an online business or sell a service, make sure that your pricing is clearly listed. Customers don’t generally like to call a company for more information because they don’t want to hear a sales pitch. They will more likely go to a competitor where the pricing is simple and straightforward. In addition, consider raising or lowering your prices over time. If you lower your prices, you will most likely get more sales.
However, if you raise your prices, you will automatically make more money as long as the price increase doesn’t reduce the amount of sales you make. Small price increases are the way to go as customers tend not to notice them as much. But, remember to pay attention to your customer’s reactions when changing prices.
2. Social Marketing
You don’t have to have a marketing department or a major budget to create a great marketing campaign online. Small businesses can use social media to alert customers about sales, new certifications, or new products. You might also consider starting a blog to share your experience and authority on your industry. It’s free to do so and takes a short amount of time to get started.
You could also offer tutorials or product demonstrations through Meerkat, Periscope or Blab.
3. Train Employees to Sell
Everyone that works for your business should be actively telling people about your company’s vision on a daily basis. Your employees should view these interactions as opportunities for a future sale and you can encourage them to participate by offering rewards. In addition, offer ongoing educational training to your staff so that they are more fully aware of the work your company does.
4. Add or Bundle Products
Whether you sell a service or are in a retail business, consider bundling or adding a complementary product. For example, if you run a spa, consider adding a line of essential oils or creating a massage and facial package. If you are an attorney, instead of offering a one-time hourly rate of $125, consider offering a discount of 10 hours at $100.
You increase the amount of money you make from that one transaction and keep the customer involved with your firm in the future.
Let’s say you sell in one metropolitan area alone. To see a change in revenue, consider branching out to a few close, but relatively untapped areas. It is always a good idea to do some investigation on whether or not your competitors are serving the area around you. The cost to market online is minimal, but the payout might be huge.
6. Improve Your Brand
Often companies are so busy running their business and reaching out to customers that they forget to keep their brand updated. This is especially true when it comes to websites, where information quickly becomes outdated and the site itself begins to look stale. A great way to jumpstart your sales is to refresh your website, brochures, and presentations.
7. Offer a Discount
In addition to bundling, consider offering another discount on products or services. This can be a limited time only offer or a conditional discount. If you are in the retail business, offer a seasonal discount to customers. If you have used or reconditioned products, get them moving with lower pricing. You can also offer a rebate, which typically have low redemption rates, in order to create a buying opportunity for your customers.
The best change to make in your business strategy is to continue to look for ways to improve not just your bottom line, but your customers’ experience. It is always easier to sell to a longtime customer than to a new one and the importance of taking care of these relationships cannot be overstressed.