Growing a small business from nothing is one of the most difficult things you can do. According to the U.S. Bureau of Labor Statistics, 20% of small businesses fail within the first year. One of the main reasons is a struggle with cash flow problems.
However, we’re not giving you this knowledge in order to discourage you. By combatting and rising above your cash flow problems, you’ll be able to build a solid foundation for your business going forward.
With this in mind, read on to learn our top three tips for small businesses to increase revenue!
1. Enhance the Customer Experience
First and foremost, you want to have a strong handle on what your customers want and what they’re experiencing during their customer journey. With a strong focus on this, you’ll be able to identify key pain points that are keeping customers from becoming return clients.
This may mean improving your website so it’s easier to navigate to the checkout page. You might want to incorporate intergrated payment systems into your software to make it easier for customers to checkout without leaving the app. It’s a constant process of adding, tweaking, and reverting in order to give your clients the best experience.
2. Boost Your Sales Strategies
One issue may be that you aren’t using the right sales tactics in your copy. While the content on your site should be entertaining and informative, it’s also important that you also have a sense of urgency in your sales copy. Here are a few recommendations:
- Creating clear calls-to-action that tell visitors the next step
- Discounts for customers who sign-up for mailing lists
- Bonuses or freebies for customers who purchase within a timeframe
- Offering certain items or services for a limited amount of time
You can see how these tactics will help some customers to cross over their initial hesitation and convince them to make a purchase. Your online revenue will increase over time with the convincing copy!
3. Enhance Pricing Strategies
If you have a lot of traffic to your website but not enough sales volume, there may also be an issue with your pricing strategies. Make sure that your pricing meets your customers’ expectations and is the same as or lower than your competitors’ pricing. You may also want to incorporate tiered pricing for your goods or services.
Tiered pricing helps incentivize customers to purchase in bulk in order to receive discounts. For instance, purchasing a pack of 5 will cost $10, but a pack of 10 might be more tantalizing if it’s only $17 versus $20.
It’s also important to do research into other pricing strategies such as volume and package pricing. Depending on your industry or vertical, one might make more sense than the other!
Increase Revenue With the Right Tactics
These tips to increase revenue are the foundation for a much larger strategy that will help you outlast the first year. It’s important to start out with solid goals, a mission statement, and a solid understanding of your target audience. From there, you’ll be able to create a seamless customer journey that will take visitors to your homepage to the checkout page far more often.
Ready for more ways to increase your business revenue? Keep reading our blog for more actionable tips and strategies!