The best way to boost your company’s revenue is to direct your focus towards your existing customer base. Your current customers already trust and respect your business. All you have to do is find more ways to serve their needs.
Building onto your customer base will come naturally when you better serve those who already have a relationship with the organization. Take some time to consider these helpful suggestions for increasing your business revenue, and see how you can better manage your company’s profits.
Run loyalty specific specials to reward faithful customers
The best way to entice your existing customer base to spend more of their money with your business is to offer loyalty specific specials to reward their faithfulness. Find a way to provide an investment for the business and the customer.
For example, you could offer customers who have done business with the company for more than a year the chance to participate in a special sale offer. You could offer a buy one get one deal, or even sweeten the deal.
Pay special attention to how you word your specials. The same offer could be worded as such: Buy two items, and only pay half the price for each unit.
Provide bundling options for services
Products and services should naturally complement one another. It is just a good business rule. If your main product is a cell phone, for instance, you could also sell cases for the phone.
Providing bundling services for customers is a great way to boost sales on some of the less popular products and services your company provides. Say you sell pencils and erasers, but you hardly ever sell erasers. Bundle the two products for a low price, and you will naturally boost overall revenue.
If you are an insurance agent selling life insurance to people, you could also offer them good customer service. Or else, you could lower your insurance rates. Insurance companies tend to offer lower rates to brokers because they know brokers help their clients choose the right policy with adequate coverage.
Offer volume or frequent buyer discounts
A company will offer volume or frequent buyer discounts to encourage customers to spend more with the business. Instead of buying a particular product once a month, you can offer customers a slightly cheaper price for buying the whole year’s supply in one purchase. This will assure that customers never have to purchase an alternative product for lack of availability (or some other variable).
Keep the lines of communication opened
It is helpful to maintain a clear line of communication with customers for more reasons than one, but boosting revenue is one of the indirect benefits of good communication skills. Keep in touch with your customers, and listen to what they have to say regarding your business.
Hold special events from time to time
Holding a special opened house or get-together once every few months helps to keep your company’s name fresh in the minds of consumers. Give away free sample merch to generate new interests, and reward existing customers for bringing a friend.