A constantly increasing business revenue is a crucial strategy in any successful business plan. As markets evolve and economies change, small business owners and managers should review their current growth strategies and consider the implementation of new techniques.
Fortunately, in the information age of today, the techniques to increase revenue can be easy on the bank account and easy to implement. The three business growth strategies listed in this article have been shown to increase revenue when consistently applied in a well-developed business plan.
1. Internet Marketing
By now, most business owners have been introduced to Internet marketing, and many have tried to implement some kind of online marketing campaign. Unfortunately, many of the campaigns were not well-organized, seemed too complicated, or if implemented by a marketing company, it was too expensive to continue.
From personal experience, it is not necessary to understand any of the technical aspects of the Internet or how programming really works; you simply must be willing to learn some new things and apply some simple practices in a coherent way.
2. Joint Venture
Look for companies that serve niche customers similar to yours and partner with them to market the products and services of others. Although it is simple to implement and widely known, most small business owners often overlook the joint venture. Find a partner in your market with business models, services or similar products, and look for ways to package and group services in a way that gives more value to your potential customers and benefits both partners in the joint venture.
The win-win-win result often produces immediate revenue increases for both companies and can be an excellent way to generate a better market awareness quickly with reduced costs.
3. Packages of Products and Services
“Would you like French fries and a Coke with that?” It has revolutionized the restaurant industry, and yet, most small business owners have not taken advantage of this true genius and simple approach to group products and services. Look for ways to group your products and services in a way that increases the perceived and experienced value of your customers while increasing the average price of each transaction you make with them.
Yes, it is very likely that you will experience a reduction in the total revenue received if each of the products was selected individually, but the increase in the value you are delivering to the market, in turn, will attract more customers and transactions to your business. The resulting increases will offset the lost revenue provided you maintain a reasonable profit margin for the entire transaction.
The implementation of these three effective strategies for revenue growth in your business marketing plan will yield results in the next 180 days if applied consistently. Fortunately, the effectiveness of the strategies does not depend on a large budget or a complex process. Most of the required information can be easily located on the Internet at low cost or without cost, and a few focused hours per week consistently applied to the process will yield positive results.