No matter how socially and ethically responsible you are as a Business, the primary goal of every organisation is to earn Revenue. You can never survive if you're not making enough money to survive in the market.
Also, it is important for you to increase your revenue over a period of time. As technology and trends make advancements over a period of time, you can't survive with a steady flow of income. This would gradually reduce the profit you've been making and it may also push you into losses.
Therefore, one of the most common issues faced by any business organisation is that of increasing their revenue. Some make advancements in their technology, some make reductions in their expenses and some decide to switch to a new business altogether.
However, there are several areas where your business literally leaves revenue on the table without claiming it. These are the areas which constitute the untapped sources of income which can help you in increasing the money you've been making. Majority of businesses tend to think of spending more money on a new line of business in order to earn more revenue, while all they need to do it concentrate on their Existing one.
If you start concentrating on your existing business, you will find enough areas where you can generate more revenue without spending much. Tapping these resources should be your foremost priority, as it would not only give you more money, but would also make your business stronger.
Here are some of the most crucial areas that are readily offering you more revenue, but you're not paying them enough heed:
1. Existing Customers
When you start a business venture, you spend ample amount of time in acquiring your new customers. You sit and ascertain a target audience. You go through a market research in order to find out their tastes and preferences. You also make a good research about their opinions, attitudes, psyche and standard of living. You also design your products and services in a way that your customers are satisfied.
Now, after taking all these efforts, it would be a waste of time and money if you go finding new customers to increase your revenue. If you already have ample number of existing customers, you can make the most of them in order to earn more money.
There are several techniques you can adopt to make them purchase more of your products. There may be certain customers that don't have complete idea about what your company offers. In such cases, start advertising all your products and make sure you let your existing customers know about all the products and services you offer. There is a possibility that they start loving a product of yours they had no idea existed earlier!
Also make sure you are always in touch with your existing customers. If you have an efficient database of all your customers, keep sending them reminders on a regular basis (without spamming)! This would keep them updated about your company and they'd keep coming back to you for more purchases. It is indeed a great win-win situation!
2. Making Upsells
Always ask yourself the question, "Am I making the most of each sale?" If you're not satisfied with your current revenue, the answer will always be no. There is a lot you can do in order to push your sales without forcing them to your customers.
For this, you can use certain sales promotion and smart advertising techniques. One of the most useful techniques is that of point-of-purchase. This is nothing but the products you place near the billing counter of a supermarket. This works on the principle of impulse buying, as your customer would get tempted by your product lying in front of them as they are about to check out of the market. You must have seen several candies, chocolate bars and attractive toys just when you reach the billing counter after you're done with your shopping.
You can also offer certain limited offers and discounts to your customers in order to make them buy more. Attractive offers can also tempt a customer who was not going to buy your product in the first place! This is a great way of pushing your sales and generating a greater revenue.
3. Past Customers
When a customer stops making purchases from your company, never consider them as gone. There is always possibility to bring them back into the business. As you already have their data stored with you, keep sending them updates about new arrivals and keep making them offers in order to make them think of starting a new relationship with your business. For instance, if you are a financial lending company who offered long term secured loans, but you have now started with giving unsecured cash flow finance to your customers, let your past customers know about it as they might be in a need of the same. These small actions make huge differences once you start generating more revenue!
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