4 Ways To Increase Your Companies Revenue

And yes, there are only 4.

1. Bring in more customers.

This one is self-explanatory.

The more customers you bring into your business, the more money you make.

Simple, right?

Here's how you do it:

- Referrals.

You can incentivise your existing customers to refer their friends.

Brilliant businesses with good reputations don't even have to use incentives.

My current driving instructor doesn't use any referral systems.

And yet, he's fully booked with clients simply because of his reputation.

Just imagine if he did have a referral system!

If you have loyal customers, make them an exclusive offer if they send their friends and family to you.

Give them free access to your spa if they refer 3 of their loved ones.

Give them a free haircut if they bring a mate.

Make them a heavy discount on a sports car if their friend buys.

There are so many things you can do to bring in referrals.

And here's why you should:

Your customers are your biggest asset.

Leverage them as much as you can.

If you have a brilliant product or service, they're already singing your praises.

Why not create a system out of it?

This is by far the best way to bring in new customers and it won't cost you a dime.

Here's what will cost a bit:

- Marketing and advertising.

To bring in more customers, you need to also advertise to cold leads.

You do this by figuring out where your ideal customers are.

And you target them with a relevant marketing message.

For instance, let's say you're selling golf clubs.

You obviously want to sell to people who like watching or playing golf.

As a result, you should find out where these people spend their time.

Check out some golfing groups on Facebook.

Buy some space in Golfing magazines.

Rent a mailing list that has sold other golf products.

This is a very important step, you don't want to make the mistake of advertising to the wrong people.

Many businesses do this because they're not good at marketing.

Remember:

A great product or service will compensate for bad marketing.

Good marketing will never compensate for a rubbish product.

Be mindful of how you spend money on advertising.

Otherwise you're wasting a lot of money trying to sell to people who aren't interested.

A butcher wouldn't advertise in a vegan magazine, would they?

Next:

2. Increase Your Average Order Value (AOV)

In simple terms, have your customers buy more.

If your client is coming in for a hair transplant, sell them an accommodating shampoo.

If someone buys your golf clubs, offer them a pair of gloves for 30% off.

This is what's called upselling.

And if you use this technique for everything you sell, voila!

You're going to see an increase in revenue.

What's amazing about this technique is you don't have to stop at one upsell.

If all your products are under the umbrella on one niche, why wouldn't your prospect in interested?

If someone buys a golf club and some gloves, do you think they wouldn't like a new pair of golf shoes?

A discounted membership for the driving range?

A private caddy service for only $20 extra?

Their own golf buggy??

You can take this as far as you wish to take it.

You don't have to sell them everything in one go, you can take a long-term view of this as well.

But if you're dealing with a prospect who loves buying a lot of things at once, why not sell him everything at once?

All buyers are different.

You should prepare for all of them.

3. Increase Your Prices

This is by far the easiest technique you can use.

And no, this isn't different for your business.

Every single business on the planet can increase their prices.

Some 100% should.

There have been many cases where a business wasn't happy with the customers they were serving.

They were rude.

They expected to king-like treatment.

And the business wasn't seeing any increase in profits.

One day, a man with a great big moustache walked in and pointed out the obvious.

"Why don't you just increase your prices?"

The business owner protested and gave the man with the moustache every excuse under the sun.

All things Mr. Moustache had heard before.

In the end, the moustache was too powerful and the business owner conceded defeat.

He would increase his prices.

What do you think happened next?

The business magically got rid of all of their horrid customers...

And replaced them with nice customers.

Instead of dealing with rude customers, they were treated like human beings.

And best of all:

They Made More Money!

This is a real situation by the way, the man with the moustache is Dan Kennedy.

He's dealt with hundreds of business owners who've all given him the same lame excuses about:

Why they can't increase their prices.

Why their customers are different.

Why their business is unique.

All rubbish.

If you run a business, you're in the marketing business.

Increase your prices, you'll thank me later.

This is the only technique which allows you to make more money, while losing customers!

It's a no-brainer.

To drive this point home, let's look at freelancers.

Boy do they have it rough!

A beginner freelancer might have to work for 5-10 clients just to scrape a few grand per month.

But once the freelancer gets very good and has proven they can get results.

Wouldn't it make sense to increase their fees while decreasing their workload?

Let's put it this way:

Would you rather work for 10 clients, 80 hours a week, earning $10,000 per month?

Or,

Would you prefer working for 3 clients, 20 hours a week and earn $9000 per month?

Again, no-brainer.

4. Increase The Frequency Of Buying

One word:

Subscription.

Or membership.

The point is, you have your customers pay more often.

A gym makes a lot more money from someone who pays $10 per month than someone who pays $15 for the day.

This is why SAAS businesses do so well over the long term, but struggle to make profits in the short term.

If you see an opportunity in your business to introduce a subscription service, do it.

And believe me, it doesn't matter what business you're in.

You can find a subscription somewhere.

Let's say you're a florist.

You have hot periods around the holidays.

Every other day is pretty quiet.

What if you were shrewd and decided to pitch your regulars on a subscription?

You offered to deliver them their favourite flowers to their homes, instead of them coming in.

You write them a customised note based on who the flowers are for.

You send your customer regular reminders about anniversaries coming up.

And, you offer it for a yearly fee of $200.

This is just an example, and I deliberately chose an unconventional business.

I did this because I'm challenging you to think harder about your business.

I promise there is something you can do to create a subscription.

It might involve you doing a bit of thinking, but it could be worth it.

I'm very close to a business in the Make Money Online niche that's making over $20 Million dollars per month!

All through monthly subscriptions.

The customers pay $50 per month, they stay for a long time and the entrepreneur advertises like mad to grow it.

I'm not saying you're going to do the same, but if there's any chance for you to make more revenue, take it.

Conclusion

Here's the best part.

You can do ALL of the above.

You don't have to choose one technique to use, you can use all of them!

Imagine what this could do for your business...

Picture the profits rolling in.

Find an area in your business you can offer a subscription.

Increase your prices on all your products and services.

Add more upsells to each product.

And spend more money on targeted advertising to relevant prospects.

Do this and you get two things:

Profit and Growth.

I hope you found this valuable.

If you would like help implementing these techniques into your business, message me on Linkedin ( Finlay Godfrey ).

-Finlay