7 Easy Ways to Increase Your Revenue
Written by Tammy Durden
Every business looks for opportunities and ways to increase their revenue. Often we feel pigeon-holed or stuck and cannot see beyond what we already offer to clients. Today, I want to share 7 easy ways to increase your revenue.
#1: Take Inventory, Analyze, & Add
The first thing you must do is take inventory. Take inventory of what you currently offer clients whether a service or digital product (or products in general). You may create a list/chart or try downloading (below) my FREE Revenue Inventory Worksheet if you would like additional help.
After taking inventory you need to analyze the chart (if you used mine) or your list. Review it and decide what services and products you can upsell to clients. Meaning, can you help your clients further with any additional services and/or products (digital or otherwise)? The other question to ask yourself is, can you increase your current pricing — while still being fair to your clients?
The inventory chart will help you know…
- All of Your Current Client Services/Products
- If You Have Ability to Upsell to Your Clients
- If You Have Additional Services &/or Products to Add
#2: Add Clients
One of the best ways to increase company revenue is to attract and add more clients. While we all are busy doing what we do best we must always remember to continuously market our business. Whether that is through email marketing, social media posting and ads, or program offerings, we should always have those marketing processes turning. It is especially helpful to use tools that can put much of it on auto-pilot or bring on someone who can manage this part for us if we do not have the time, knowledge, or skill.
#3: Add Another Service or Product
Increasing your revenue should be one of the top items on your ‘to do list’ but we all struggle with how to do it. Another great way to accomplish this is to add another service or product (digital or tangible). Ask yourself, ‘what other skills do I have that can benefit others?’. Also delve into your passion and discover ways to monetize your passion if you are not already.
Add new services and/or products slowly. Do not introduce serval at once. Also keep in mind that it should still be an outflow of your overall business. For instance if you offer Virtual Assistant services you may add social media posting to your services but you would not want to add IT services as that does not have a natural flow. If you are Coach you could develop a new program or other package for prospective clients. You would not, as a coach, want to offer your clients real estate evaluations as they just to not mix or match when prospective clients view your website.
#4: Create A Membership Option
Creating a membership option for your current service offering is another one to increase your revenue. Taking what you already offer and make it into a membership with recurring income (we all want that). For instance if you are a coach (like the last example) you may offer different types of coaching packages. Now put them all on a platform (or your website) and allow clients to purchase join and take advantage of other programs and/or documents by joining. Show the benefits of the membership and why they should join. What value do they receive.
One note on memberships — I suggest, if you are not familiar with setting up or building a membership website to find and pay a professional who can help you set it up.
#5: Offer Courses
Another great way to increase revenue is by creating courses that your potential clients would be interested in taking. Consider what you discuss with clients. Most likely you are also teaching them about the services/products you offer and giving them pointers. If you take those and expand on them you can turn it into a course to either give away as free offer to draw in more clients or offer it as an online paid course.
>Not Sure What To Teach?
One you can discover what topic(s) to teach is to email your current clients with a survey. In the questionnaire include ways to discover what they really need at this time, ask what/if they have learned from your times together (& communications). Be direct and ask them what type of course(s) they would be interested in and/or need to learn at this time. You can even give a multiple choice about different price ranges to see which they like most and would be most likely to sign up for if they took it. Make as much of the survey multiple choice as possible, giving them a few options to choose from will make it faster and easier for your clients and also help you discern what to offer.
If you are not sure how to send your clients a survey, try this great software, QuestionScout. They have templates and make adding questions easy. You can create a live survey and include the link in your email.
#6: Do A Webinar or Event
Webinars can certainly increase your revenue. Whether it is a free one or paid it can always lead to more email sign ups which ultimately lead to more clients. Partnering with someone who can compliment what you do is another way to be seen in a new audience. You will promote the webinar as would they. Your audience is new for your them and they share the webinar sign up with their audience as well. You both get exposure to new markets and can benefit.
Webinars like these will draw others to not only sign up for your email list but also adds more trust to those in your audience. Trust is built up more because they see you over and over in different ways and providing valuable information that they can consume.
Make your webinar have either a catchy title or a title topic that catches your audience’s attention. Provide a presentation subject your ideal client is looking for and will happy to attend. Market it to specific audiences that are within your potential ideal client base.
The advantages far outweigh any negatives. The biggest negative to doing webinars is the amount of time it takes to prepare for it. The advantages are increase to your email sign ups, the value you offer to attendees, increase trust factor to your ideal client audience shows you are willing to ‘give’ and help them want to see more from you. Hopefully that will mean following you on other platforms.
#7: Offer Printable or Digital Products
Digital products are everywhere and very helpful. Many in your ideal audience look for free digital printouts and products to use in their business. You can offer these as free or also charge for these, but certainly offer at a low price point if charging for it.
Create forms, pintables, worksheets, digital workbooks, eBooks, checklists, and more. Try to add graphics that are colorful (within your brand colors) and be sure to add your logo at the top of the document as well as the copyright at the bottom of each page. Whether you charge for it or make it your newest free offer it can increase your revenue through immediate income or by adding to your email sign ups which can lead to new clients, thereby adding to your revenue.
>Should I Charge for My Digital Product(s)?
Deciding whether you will charge for your digital products is up to you. Either way you these can help your bottom line. Free offers will help you get more sign ups for your email lists thereby attracting more clients (in theory & in the long run). In the short term, charging for these will help increase your revenue right away.
You can continue to add, edit, expand these in order to create a library and eventually make a membership site that your clients can access. Work on it a bit at a time and add more as you are able. Set them up into sections or themes so it is clear the type of digital product it is and what section would the client want to access.
This was 7 easy ways to increase your revenue. I am sure I could have added more but think these will help get your creative juices flowing. If you need help with these or want to Brainstorm anything please reach out to me or set up a Free 20 minute Consultation.
Remember to Download Your Revenue Inventory
I’m here to help you start, grow, and move forward in your business. I have been where you are and I can help lead you forward.
Thank you for stopping by. If you found this article helpful please pass it on to someone else or share it on your social media channels and tag us (so we can mention you as well). It’s always appreciated.