A Growth Plan: How to Double Your Revenue in 2020

in Business on 24th July 2020

A high-quality brand, a great product, and an impressive website might help your business to stand out from the crowd, but it won’t maximize its sales. Rather than waiting for customers to find your site in Google or to be wowed by your well-designed marketing campaigns, you must take a more proactive approach to grow your revenue.

If you would like to increase your profitability in the next 5 months and beyond, you’ll need a growth plan. Find out how to double your revenue in 2020.

Find Out Why Customers Leave

Don’t underestimate the importance of customer loyalty. If you can gain their trust and offer a high-quality product or service, a consumer will likely continue to choose your company over a competitor. If a past customer has failed to return to your business, you should aim to find out why. For example, they might have chosen not to buy from your brand again due to late shipping, expensive pricing, or bad customer service.

Focusing on acquiring customers is bound to be a business priority, but you must make it your mission to secure your past customers’ loyalty. By learning where you have gone wrong, you can tweak your products and services to improve the customer experience. Plus, you could present them with an offer to drive them back to your business, which could increase your annual revenue and profit.

Use Email Marketing to Entice Past Customers

It costs more money to find a new customer over keeping an existing one. Rather than accepting their first order and forgetting they exist, use email marketing to encourage additional orders.

There is, however, an art to email marketing. While their email address might be on your database, you will need to develop a newsletter that will grab their attention and is worthy of their time. If you can create an email with a compelling subject line, while ensuring it complements their needs, you could encourage them to visit your website and make a purchase.

To ensure they don’t click the dreaded “unsubscribe” button or to avoid it falling into the junk mail due to limited engagement, find out how you can create a successful email marketing campaign in less than one week.

Boost Cart Totals with Upsells and Add-Ons

Upsells and adds-ons can encourage your visitors to buy more from your brand. For instance, upselling is when you present a customer with a more expensive version of another product. For example, you could provide a basic software package and a premium version with advanced features. It will provide customers with a greater product and can increase your company’s revenue.

Add-ons work a little differently. As the name suggests, they will serve as additions to an existing product you will sell online. For example, if your company sells bikes, you could label add-ons as bicycle accessories. They are products that cannot stand alone, such as a bike pump or a puncture repair kit. It could lead to much bigger orders that could help your business to meet its financial goals.

Stop Undervaluing Your Products and Services

Many business owners believe they will lose customers if they raise their prices. Yet, a reduced price point could increase the likelihood of you closing your company’s doors for good. Rather than undervaluing your products and services, consider increasing your prices to match their quality and value. It is a sure-fire way to boost your business’s profitability.

While you might lose some customers along the way, you could secure many news ones, as you could align your brand with premium products or services. A higher price point could create more trust in your business, and you might secure many more customers as a result.

Create Product Bundles

Product bundles could lead to your company selling more products at a faster rate. Bundle multiple products or services together could provide your customers with more value and help your brand to grow its profit margin. If the opportunity is right, you could create product bundles with partner companies, and you could charge a higher rate for the convenience. 

Offer Many Payment Options

If you can make it easier to buy various products or services from your business, you will generate a much more significant annual revenue. For example, while some customers might like to pay for an order right away, others might prefer to split the cost over many weekly or monthly repayments to match their income. However, you might need to introduce late payment fees to protect your company’s finances and encourage customers to pay for a product on schedule.

You also should provide your customers with various payment methods to increase your customer base. For instance, you could accept the following payment options:

  • Credit/debit cards
  • PayPal
  • Apple Pay
  • Bank transfers

Many payment options and methods could also increase confidence in your brand, which could help you to attract a wide variety of customers with different budgets.

Make Brand Referrals

While you might offer a great product or service, it might not complement each consumer’s needs. Rather than losing out on a sale, your business could make money through brand referrals. 

For example, if your business isn’t the right fit for a customer, you could refer them to other reputable companies that match their needs, and you could receive a fraction of their order following a successful referral with a partner brand. It is likely a consumer won’t invest in your product or service if it is a bad fit, so you may as well generate a small profit when they choose an industry rival.

Conclusion

Engaging social media campaigns, SEO tactics, and impressive branding are a given when developing a successful business, but you must look for ways to proactively grow its revenue.

To ensure a company’s growth and longevity, you might need to tweak its price point, develop an effective email marketing strategy, provide different payment methods, and even increase its revenue with brand referrals. It could help to create a financially strong and secure business in 2020 and beyond.

Categories: Business Marketing

Olark