There are several ways growing businesses can increase revenue to meet strategic goals. Whether it is cutting down on expenses or buying new equipment to speed up operations, your business has multiple large and small options to improve the bottom line. Here are five ways companies are increasing revenue:
1. Improve customer experience to increase sales
Customer experience is a driving force for loyalty and retention; if customers enjoy shopping with your business or enjoy the service, they are more likely to spend more. According to one report, 88% of customers would pay more for a better customer experience.
Improving customer experience doesn’t have to be expensive either. Creating surveys and conducting interviews are some of the most cost-effective ways to find out what aspects of your business customers appreciate the most. Also, your company could improve the level of service employees provide through training or new discounts, promotions, or sales initiatives.
2. Leverage social media to increase the frequency of purchases
While it is very important to follow the 80/20 rule (80% focus on content for followers and 20% sales-related content), businesses can use social media to increase the frequency of customer purchases― through both content posts and advertising.
Creating content posts related to your company’s products can encourage purchases and build trust with your customer base; two key drivers for sales. Also, advertising allows for a more direct appeal to customers to purchase products.
3. Decrease expenses by investing in renewable energy
Investing in renewable energy can be a big long-term money saving strategy for growing companies. Businesses can save up to 75% on their utilities by investing in solar panels alone. According to a report from EnergySage, the average commercial property owner had their monthly electric bill reduced from $1,950 to $517.
Also, savings potential can increase even further if companies combine solar with other energy products, such as batteries or ice energy storage. Reducing expenses in this manner is a guaranteed way to increase profits.
4. Expand product or service offerings
Businesses can add new revenue streams by expanding their product or service offerings. This method takes more planning, possibly some surveying or use of focus groups, and some investment to get everything developed, planned, and launched, but it can pay off quickly if the new product/service meets your customers’ needs or wants.
5. Upgrade HVAC systems
An old HVAC system can be costing your business much more in utility bills and you could be wasting money and energy every day. If your HVAC system is more than 10 years old, it is highly likely that your business is losing money in operating costs for either cooling or heating the building.
Newer HVAC systems are more energy-efficient and cost-effective than older ones, and they can increase building comfort by improving air quality and air flow. Employees are much more efficient and work better with good air quality, and customers are less likely to experience discomfort (ex: being too cold or too hot) and associate that with your company.
An old HVAC system may be costing your business more than just money; it could also be costing you employee and customer satisfaction. By upgrading your old HVAC system, you can ensure that you won’t be compromising on customer/employee satisfaction and costs are reasonable.
The Bottom Line
There are a variety of marketing strategies and actions that most businesses would benefit from, but they don’t always fit into budget. Therefore, it is important to prioritize your business needs and capabilities to choose tactics that are most effective in growing your business—which will ultimately increase revenue.
