The single most important strategy in which a company can engage is to increase their revenues. Revenues determine for a company to hire people, buy equipment, manufacture products, or even deliver services. But in recent years, the unstable economy has hit small businesses very hard.
So, either you are interested in giving your sales a boost to increase revenues or have been among the affected of the poor economy; following are the few strategies that can help to raise revenues effectively in most situations:
Focus on your pricing strategy:
You need to be very careful about the pricing strategy if your product or service is price sensitive. Be aware of what is being charged by your competitors. This will help you increase or decrease your prices. Lowered prices will help to increase revenues and you will be able to make up for the lower margins. Whereas, increased prices will create higher perceived value and will increase your margins.
Change where you sell:
Without changing your prices, you can increase revenues just by changing where you sell your product or service. But you need to do complete research for this first and understand whether this move will have the expected outcome or not. Perform the activity by selling online, to wholesalers, distributors etc. This will give you an idea of how each technique will bring affect to your revenues.
Add new products and services:
Adding new products and services to the old ones is a great way to increase growth. You need to determine the products your target customers buy but you are not selling to them. These should be the products that you think you can make and market profitably.
Promote your product and service:
The more people know about your product or service, the more sales you will be able to make and this will lead to greater revenues. Therefore, you should look for companies that are not in competition with you but have the same target audience. For example, if you are a manufacturer of sports apparels, then sponsor tennis and golf instructors as well as youth league coaches to promote your brand. You can also partner with charities to promote your brand and by using social media programs, it would be easier to build a fan following.
Boost your marketing:
For maximized revenues, an obvious way is to boost your marketing. Be careful with your planning, test-marketing, as well as monitoring your results. In order to know which message connects you directly to your targeted audience, conduct marketplace research. Before spending your entire budget, run ads and make promotions at a limited location because it will give you an idea what the outcome would be on a bigger scale.