Sales are the backbone of any business, underpinning every aspect from hiring to product creation. Whether it’s marketing, important processes, team structure or software implementation, every part of the business’s make-up is designed to increase revenue. But which revenue strategies should your business use to fuel growth? We’ve got the answers with this guide to revenue strategies that will drive your business forward.
4 revenue strategies to boost business
- Identify top-performing channels
- Expand brand awareness
- Invest in the right software
- Review your pricing strategy
1) Identify top-performing channels
It might sound simple, but you’d be surprised how many businesses neglect their best-performing channels searching for leads from other avenues. While you need to expand to other areas to maximise growth, one of the best revenue strategies involves doubling down on what’s already working.
For example, if cold calling has proved to bring in the most revenue, consider increasing the volume of calls you make daily. If you bring in business via a monthly webinar, think about hosting one bi-weekly. It’s also worth reviewing channels that don’t perform well and asking if they are necessary to your growth. If not, it might be worth scaling back and refocusing your efforts on the strategies already bearing fruit.
2) Expand brand awareness
Recognition is a key issue for startups. You can have the best product or service in the world, but it’s of little use if no one knows about it. Therefore, you should increase brand awareness because you can only sell to customers who know your company exists.
With a focus on branding, startups can improve their awareness and aid lead generation. Businesses often look straight to sales tactics to build their company, but spending time getting your name out there is a revenue strategy that can be more sustainable in the long term and directly correlate to increasing income.
3) Invest in the right software
Businesses powered by systems can handle multi-layered demands of expansion, which is why you should be fully armed with the right technology to help you flourish. This is especially true for startups, as they often need to rely on tech while employee numbers are on the lower side.
Use a solid CRM or even lead management software if your company hasn’t yet matured to the point of needing more complex customer relationship management systems. Now is also the time to look at current operations and see what works and what doesn’t so you can remain focused on small business growth and operate an agile set-up.
4) Review your pricing strategy
Making price adjustments to pricing can help with your revenue goals. And that’s not to say a price decrease should be on the agenda. Perhaps it’s time to increase prices to generate more revenue and boost business profits.
Before making any decision, understand competitor prices and how your pricing sits in against similar products and services. Think about regular incremental increases rather than one high price rise. Small jumps may not seem like much to your customer base, but they can change revenue in your company significantly.
Summary: Finding the right revenue strategies
Increasing revenue is the most challenging task all businesses face, especially if they’re startups. With the right revenue strategies in place, however, you can build your business and start seeing impressive increases in revenue on your way to establishing your company as a significant player in its field.