Most businesses want to do one thing: make more money! However, this can be a lot easier said than done. It is important to invest your time and money on activities that are going to have a positive impact on your bottom line. But, how can this be achieved? Read on to discover a number of suggestions.
There is only one place to begin, and this is with upselling. Did you know that you have 5-20% chance of selling to a new prospect? On the other hand, when selling to a current customer, this increases to 60-70%. This statistic alone, which has been taken from a study by Groove, shows that upselling makes a lot of sense! However, you need to make sure you upsell This includes choosing the right items to upsell, making sure you do not come across as too pushy, offering substitutes, and personalizing your upsell recommendations.
Participate in coupon programs –
Another way to increase your chances of securing sales is to participate in coupon programs. Coupons are distributed via magazines, newspapers, and now online channels too. They have long been an effective way of increasing sales and encouraging people to purchase your products. Nowadays, there are a lot of different browser tools that people use to find the best coupons when they are making a purchase. If your business features on these websites, you will have a great chance of making some extra sales.
Offer special discounts –
This leads on from the coupon suggestion. Discounts, when marketed correctly, generate a special purchasing opportunity in the mind of the consumer. This can often spring them into taking a certain action. These discounts can be applied to limited products, for example, a specific section of products you have for sale, or your entire product collection. There are many different types of discounts as well. This includes monetary reductions, percentage reductions, seasonal discounts, bundling, and quantity discounts. Consider what sort of special deal you are going to run with care. You need to think about what is going to matter the most to your customer base.
Eliminate shipping charges –
There is nothing worse than getting to the end of the checkout and being slapped with big shipping costs. If your shopping cart abandonment rate is high, this is likely to be one of the reasons why this is the case.
Extend your geographic market area –
Finally, another method that you can use in order to increase your revenue levels is by extending your geographic marketing A lot of small companies limit their sales and marketing efforts to the immediate location surrounding where their business is based. However, by stretching further afield, you could potentially double your revenue while not costing your business much more money at all.
As you can see, there are a number of different ways that you can increase your business’ revenue. If you follow the advice that has been mentioned above, you have a great chance of bringing in a greater amount of profit.