Big, big, juicy income. It’s exactly what you’re looking for as a marketer. In addition to this, one of your primary goals should be to find techniques to quicken the expansion of your business’s income. You will be in a better position to build your brand, take advantage of new opportunities, and realize the ultimate vision you have for your company if you are able to generate revenue at a faster rate.
This will also allow you to throw bigger, bolder, and crazier company parties, if that is something that interests you. In spite of this, though, markets are notoriously cutthroat, and prospective purchasers are always on the lookout for the most favorable offer. What are some options for a marketer?
You don’t need to start from scratch in order to reorganize your product offers since there are a good number of different approaches you may use. Here are 11 very efficient strategies that will not only help your company generate more money, but will also quicken the rate at which it grows its existing revenue.
1. Introduce a Model for Ongoing or Recurring Revenue.
If you sell one-off items or have a pricing plan that is focused on projects, you should investigate reorganizing your offers such that they provide value over time. Using a strategy that generates recurring income is a great method to accomplish this goal.
This can be in the form of a monthly retainer, subscription, membership, or any number of other options. A strong illustration of this strategy is provided by fitness facilities.
2. Create products out of your services.
If you offer services, you should investigate different methods to package those services so that they may be sold as “products.” This might include the productization of your process, the introduction of physical delivery, or the merging of several services into one organized bundle.
For instance, if your firm provides business plan consulting services, you may also consider selling business plan software, a “Business Plan VIP” package that includes quarterly analysis and reports, or a “Business Plan in a Box.”
3. Create a strategy to compete in the Blue Ocean.
Investigate the untapped potential in your market. Authors Renée Mauborgne and W. Chan Kim discuss the concept of blue ocean strategy in their book. Cirque du Soleil is cited as an example by Chan Kim as an organization that successfully generated uncontested market space and rendered its rivals obsolete.
What they did was alter the conditions of competition. They debuted not as a commercialized “circus,” but rather as the combination of something wholly original. Dismantle the traditional cost-value paradigm, and start thinking about alternative models to tackle the issues that your customers are facing.
In spite of the fact that Harvard Business Review creates a large number of separate pieces of material, the publication is always releasing new bundles of connected content that are centered on a variety of management topics.
In other words, you have the option to acquire leadership bundles, human resources bundles, marketing bundles, etc. Consider the many ways in which you might combine the various services you provide to create more all-encompassing options for your customers.
5. Go “Premium”
If you are now constructing a Camry, you already have the groundwork necessary to construct a Lexus in the future. But instead of increasing the price of the Lexus by just 10%, like Toyota did, you should increase it by 100%.
It goes without saying that you need to be able to support Lexus-level pricing with Lexus-level quality, and you’ll also need to thrill the heck out of your customers. However, if you are able to do those things, this strategy will allow you to increase your profits while simultaneously decreasing your customer base.
6. Raise the prices of your goods.
Many businesses are concerned that if they increase their pricing, they will lose their clients. In most cases, this is not the case; in fact, prices that are raised often result in an increase in the number of items sold.
This is due to the fact that, as social psychologist and author of a New York Times bestseller Robert B. Cialdini says, when it comes to marketplaces in which it is difficult for consumers to evaluate quality, they use price as a replacement for quality as the deciding factor.
To put it another way, when people see your higher costs, they will immediately believe that you provide products of superior quality.
7. Create Products and Services Tailored to the Varied Needs of Your Customers
According to the Inc. 500, Fuhu has held the number one spot for the last two years running as the firm that is expanding at the quickest rate in the United States. The launch of several iterations of the same product has been responsible for a significant portion of the revenue increase they have experienced.
For instance, their flagship product, the Nabi tablet, is available as the Nabi Jr. for children ages 4 and up, the Nabi 2 for children ages 6 and up, and the Nabi XD for teenagers and adults aged 13 and up. In addition to that, they also have a Nickelodeon version, a Dreamtab version, and a Disney version. You are beginning to understand…
8. Get Rid of the Friction
Before the advent of Salesforce, if a company wanted to install a CRM platform, it would need a lengthy setup process that would take several months, followed by continuous and expensive expert services. Consider how Salesforce revolutionized the customer relationship management (CRM) industry by reducing significant amounts of friction from business CRM systems.
Any company could sign up for Salesforce with a credit card and be up and running in a matter of minutes for a predetermined monthly charge. The reduction of friction in the process has proven successful for Salesforce, which is now a $4 billion firm.
9. Give them a way to complain further up.
Your customer may start out as a smaller client, but as trust is built between the two of you or as they expand their company over time, they may become a bigger client. One way to facilitate this development is to provide an escalation route for growth.
For instance, in the event that a firm is not yet prepared to buy the whole package of payroll services that you provide, you should offer an audit right away. Then you should provide basic control of the payroll. Following that, you should provide tax administration, custom reporting, compliance monitoring, and employee benefits management as your services.
10. Institute a Certification Program
Establishing a certification program is one of the most efficient ways to increase customer retention as well as income. This is something that is quite prevalent among software manufacturers like Microsoft and Adobe, but it is also something that service providers who are trying to extend their reach via a network of experts applying their ways may use.
This strategy carries with it an inherent degree of legitimacy and validity in the eyes of the audience that it is intended for, which is an additional advantage of using it.
11. Increase Your Focus on Your Current Clientele
Consider ways in which you may be of even more assistance to your current customers. This is an area of income development that is sometimes ignored. What are the most significant challenges they face? What steps can you take to assist them in making a breakthrough and resolving them?
What can you do to assist them in accomplishing more of their objectives? Imagine the impossible, and your customers will exclaim, “Wow! ”. It is possible that you may need to bring in outside specialists in specialized areas, or perhaps collaborate with another firm. If so, this is excellent news since it will make your service even more difficult for competitors to replicate.