If you are an entrepreneur, then one of your goals is to grow revenue. But in today’s competitive business environment, it can be challenging to find success. With so many businesses vying for the same customers and limited resources, it seems like there is no room for growth.
6 Proven Revenue Growth Strategies for Exponential Results
However, this needn’t be the case! If you are willing to put in the effort and dedication required, you have a chance.
Many entrepreneurs have found success by following proven revenue growth strategies. In this blog post, we share six proven organic revenue growth strategies for entrepreneurs:
1. Create a Product That Solves a Problem
If you can solve a problem for your customers or potential customers, you will have no trouble finding success.
Think about some of the biggest and most successful brands in recent history. What do they all have in common? They found a way to solve a critical problem for their market segment!
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For example, a brand like Proactiv created a product that solved acne. We all want to look and feel great. But we also face the frustration of problematic skin-related issues like acne that can make us insecure in our skin.
A brand could not ask for a better problem to solve. So, if you are having trouble finding your niche, think about bigger problems your customers may have and how you can address them with your offering.
Creating a new product will be vital to building sustainable revenue growth. Once you find one solution that works, there are bound to be other problems out there waiting for a similar product or service.
2. Get Leverage From Your Existing Customers
You already have something that many companies do not:
You can get leverage from your customers by using their trust and loyalty to generate more sales. Here are ways you can use this leverage:
Create a Loyalty Program for Existing Customers
Loyalty programs work great because they help retain current customers while also bringing in new sales. Plus, with the right structure of rewards and incentives, these programs give you a way to collect customer data. You’ll know things like products purchased or what is most relevant to customers.
For example, Amazon has its Prime program, which gives users free two-day shipping, among other perks, for paying annual membership fees. This investment pays off big time for Amazon, as it has a large customer base that can purchase more often through the site.
Customers will talk about your brand because they wear you on their sleeves (literally). A great way to leverage this relationship is through referrals which can help you gain new business without spending money on marketing campaigns. This also helps validate your brand and reputation in front of other potential customers.
Use Social Media Platforms
You may already have an existing following of users on sites like Twitter and Facebook. These people will likely be willing to share your content and advocate for you if you are active in the community and listen to feedback. This can help your brand grow quickly.
Offer Additional Products or Services
This is a very traditional way to leverage the success of an existing brand through cross-selling. You can offer your customers other related things that may be of interest based on their usage and buying behavior. The idea is to take advantage of existing relationships you already have with your customers by using them as opportunities to reach out for more sales.
For example, a customer who purchased an iPad may be interested in software that could be used with it. Someone who recently bought new running shoes might want some kind of exercise tracking device like a Fitbit.
3. Improve on an Existing Product in Your Category
Many businesses have found success by improving on an existing product in their category. The key here is to identify a gap and provide a solution. That way, you are not creating the business from scratch; rather, you are just filling a need for customers.
Use these two strategies to improve on an existing product:
Add More Features/Benefits to Your Current Product
List out all of the features that you offer and compare them with other products in the same space.
Perhaps something is missing from your offering that another company has? If so, how can you add it? Adding more benefits will make your product stand out even when compared with similar offerings competing against yours.
Differentiate Yourself Through Technology
Look at how other businesses in your industry are using technology to enhance the customer experience.
Are there certain products/services that appear more user-friendly than yours? Can you build similar technology into your existing offering?
Create an infographic about the different features of your offering and send it out to current or prospective customers. This move will help get the word out about what you are doing and remind customers of what you can do for them.
4. Provide Customer Service Training to Your Employees
No matter how great your product or service is, it will not grow without satisfied customers. To gain customer loyalty, you need to provide excellent customer service.
Ensure that all your employees know how to give excellent customer service by training them well. This can be done through the following:
Train All Staff on Company Values
Ensure that everyone knows what is expected of them when they engage with customers in person or on the phone. Involve everyone in this process so that every staff member understands their role in making customers happy.
Effective communication plays a significant role here too. Ensure your employees know how to communicate effectively.
Train Staff on Product and Service Offerings
Your employees will not give excellent customer service if they do not understand your company’s products and services. If you have a wide variety of products, make sure that your employees know about each one of them.
Create a Positive Environment at Work
The atmosphere in the workplace has a significant impact on results — even when it comes to customer satisfaction. Make sure your office space is well-ventilated and comfortable for both customers and staff alike. Establish rules for conduct, too — like having customers come first and not talking about customers to other customers.
Give Positive Feedback Consistently
There’s nothing like a bit of encouragement to keep your employees going. Positive feedback will help staff remain motivated to give great customer service, even when the going gets tough. Make sure you take time out to appreciate their hard work and dedication too.
5. Offer Discounts on Current Products/Services
One revenue growth strategy you need is offering discounts on existing products or services. This is especially true if customers buy those products during specific times of the year (e.g., gifts for Christmas).
Your target market might be the same all year round – but not everyone purchases from you all year round. Make sure you market your products and services when potential customers tend to be more receptive.
Some companies also run discounts with specific people or groups of people, such as employee referrals. This kind of targeted marketing can be very effective because it speaks to the needs of a particular group. Furthermore, if they are part of a community (e.g., social media), your message can trend for longer periods and garner greater reach than traditional marketing efforts.
6. Offer Products/Services in Combination
Different kinds of products appeal to different kinds of customers: some prefer simplicity while others want full features at minimum cost. By offering both options, not only do you appeal to a larger market, but you improve the chances of your customers finding what they want. This way, you can win over more customers and boost revenue growth.
For example, Apple gives users a choice between iOS and Mac OS devices. The options range from cheap to expensive, simple to powerful.
There is something available for everyone at different levels. And this allows them to reach out to many market segments at once.
The same idea applies if you are selling services. For instance, if your business offers online tutoring services, you could allow students to choose between online and offline sessions.
You can also ask them for their preferred days and timings for the service, if possible. Offer a range of packages based on different options (in this case, number of lessons required or duration). This way, you can cater to a wider audience without decreasing the value of your products/services.
For more information on how to boost your business revenue, visit Elite Entrepreneurs.
Business Revenue Growth Simplified
Growing your business can be challenging, but you can do it!
Today’s businesses have many competing interests. Even with some of the best strategies and marketing tactics, it can be difficult to reach the top.
With so much competition nowadays, many successful entrepreneurs will tell you that they are lucky to have scaled their businesses quickly. However, you still need a strategy for getting started. Implement the revenue growth strategies we have highlighted in this blog post, and you will find yourself on the path to success. If you think that you have the qualities of a revenue strategist, check out revenue cycle management jobs. Careers here are well-paid and respected and you can explore your creativity in managing finances.
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