Most of us want to grow our businesses and we think the most effective way to do this is to sell more of the same. But this is often the wrong approach…or at the least it’s very limiting. So you need to consider other ways to grow your revenue.
Here are five approaches that we’ve successfully implemented for our clients.
5 Ways to Grow Your Revenue
1. Market existing offerings differently.
Can you pull together some of your products or services into logical packages or collections? Conversely, can you take a current offering and break it into subsets to create two, three or four smaller offerings?
2. Modify existing offerings to create premium-priced offerings.
Can you add some element of personalization to create a premium offering? Can you, personally, be involved in the offering to increase the price?
3. Develop new offerings at a higher price.
Ask your key customers what other offerings they would buy from you and then develop those offerings with a high-end mindset.
4. Grow revenue through geographic expansion.
If you serve a particularly profitable zip code or city, identify other areas with comparable demographics and expand into those locations.
5. Increase the price on existing offerings.
Don’t think of price based on the effort to deliver a product or service ($100 an hour), but consider it from the value it provides to your customer (allows her to postpone hiring a new employee for six months). If customers are not pushing back on your price then you should test raising it.
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Raising the price (or charging the actual price without the discounted or reduced fee) can actually make your products or services appear more valuable and more desirable – resulting in more sales.