When companies look to boost their revenue, they often resort to raising prices. Conventional wisdom should lead you to believe that bumping up the price of your products and/or services will yield more revenue. In some cases, this may hold true. Other times, however, it can backfire by discouraging otherwise loyal customers from choosing your business. So, how can you boost revenue without raising prices?
Invest in Marketing
One of the most effective ways to boost revenue without raising prices is to invest in marketing and advertising. Whether it's SEO, PPC campaigns, email marketing, referral programs, etc., marketing will prove invaluable in attracting new customers and increasing your revenue. The key thing to remember, however, is that you'll want to carefully monitor your advertising campaigns to determine what works and what doesn't. Allowing a failing campaign to continue running will only deplete your budget while offering little in return.
Offer Valued Added Services
Selling service is a great way to boost revenue with minimal effort. If a customer is already spending $100,000 or more on a new office furniture, they are probably willing to shell out another few thousand dollars in design work to make sure their space plan will work. Another example could be a material handling dealer selling service plans for their forklifts. Regardless of the product you sell, if you put some thought into it, you will be able to find additional revenue opportunities with your current prospects.
Lead Generation Services
Ask any seasoned salesperson and he or she will agree: among the most difficult aspects of this business is acquiring leads. But without leads, you won't be able to generate sales. Having a steady flow of new prospects to your pipeline is a key to making growing revenue. Rather than wasting your time and resources researching your own leads, consider purchasing regularly B2B leads from a company like SalesLeads.
Sure, it's probably easier to come out and pitch your product or service to prospective customers, but you'll gain a stronger response rate – and more sales – if you nurture your leads beforehand. In other words, send prospects an introductory email to explain who you are and what you do. You can then follow up with a “funnel” series of messages to encourage prospects to buy. These messages can should be crafted to be infromative, yet subtly position your company as an industry leader.
Expand Operations to New Regions
Another technique that can prove useful in boosting revenue is to expand your operations to new regions and territories. There's nothing wrong with “dominating” a particular area, but expanding your operations into other areas will allow you to reach new prospects. Geographical expansions typically require additional capital, but if you are already the dominant player in your current market, then you should consider this strategy to scale. You aleady have the processes developed, and you know what works and doesn't; so adding each additional market will only get easier wth time.