Read more about Business
But it is one thing to aim at high numbers, and quite another to know how to achieve them. Most companies consistently fail to meet their growth target in this area. Perhaps your business falls in this category, and you’re currently thinking about ways to change its status quo. This article walks you through eight things you can do to boost your revenues.
Review Your Entire Business
If your business isn’t growing its revenues to the extent that you expect of it, you could examine its entire structure and operations to find out whether there are inefficiencies that may be causing its underperformance. This includes administration, marketing and sales, customer service delivery, distribution systems, product quality, etc. In the case that you discover an aspect of your enterprise that’s running below par, you should fix it as soon as you can.Step Up Your Digital Marketing Efforts
Bolster your marketing on social media and the broader web. Utilize Search Engine Optimization (SEO) to attract traffic from your preferred audience to your business online. Get active on social networks and promote your products across them. Build an email list by offering useful content in exchange for your audience’s email addresses, then work to convert the people on that list to paying customers.Focus On What Matters Most
Here, “what matters most” is the product or service that brings in the most money for you. If you’re trying to sell several things at once and you’re not having much success with that strategy, it’s probably time to just focus on the one or two items that are actually popular with your customers. Make them the greater part of your stock, and watch them fly off your shelves and drive up the cash coming into your business.Sign up for the Connect Nigeria daily newsletter
Cut Costs
Unnecessary costs may be draining your scarce resources and yielding you little to nothing in return. Thoroughly examine your books to see if there are items you can do without. If there are, determine to spend less (or no) money on them going forward. Look out for leakages, and plug them in as swiftly as you can. Doing this may save you a good deal of funds, and give you a chance to nudge your income upwards.Learn From Your Customers
Your business exists to make life easier for your customers in at least one way. If they aren’t satisfied with what you offer them, they’ll pitch their tent with one of your competitors. Prevent this from happening by always having your hand on their pulse. In other words, engage them regularly and try to find out from them what aspects of your products or services they want to improve. Continually implement their best suggestions. This should lead to an uptick in sales, and lift your revenues too.Follow Up On Leads
Don’t let your leads go cold. Follow them up soon after your first contact, so they can remember and appreciate your reaching out to them. Stay in touch and continue to provide them with value, until they’re in the right place to entertain and respond to actual product offers from you.Register to attend the Connect Nigeria Business Mixer
Incentivize Referrals
Many businesses gain more new customers via referrals than they do from their formal marketing efforts. So it makes sense for them to encourage their existing customers to refer their family, friends and acquaintances. If you want to ensure higher success rates with referrals, you can promise rewards for people who introduce their contacts to your business. The smart way to go about this is to only fulfil your promise of a reward when the persons referred actually make a purchase from you.Work To Retain Existing Customers
While acquiring new customers is not a bad idea, it’s also important to retain people who have patronized you for a while. You can do this by maintaining a decent quality of service or by constantly improving the products you sell to them. Customer loyalty programs, if planned and implemented well, may also keep existing customers happy. Their continued patronage will sustain or even increase the revenues flowing into your business. Final Words Admittedly, the task of boosting a business’s revenue takes a lot of planning and deep work. But it can be done. Begin with the steps we’ve talked about here. Adapt them to your specific situation, and you’ll see improvements soon enough. Featured Image Source: Technology AdviceGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- How To Market Your T-shirt Business Offline
- Consumer Technology: Smartphone Penetration in Nigeria
- 10 Tips for Starting a Dropshipping Business in Nigeria
- Tips for Managing Your Business’s Financial Records
