Are you a business owner hoping to increase company profits this year? Are you frustrated with mediocre revenues and know it is within your power to significantly boost your business’ economic outlook? There are strategic ways you can build a better business and one of the most effective is to take a multi-pronged approach to revenue generation. Integrate the following ideas into your company’s growth efforts and there’s a mighty good chance you’ll turbocharge profits in the process.
1. Reconnect with Dormant Accounts
Reconnecting with inactive account holders is a fairly easy way to increase company profits. Dormant accounts often just need a little personalized connection time in order to become active buyers once again. Update account information including contacts and email data to ensure you are connecting with the right person. Make it your mission to do everything in your power to get dormant accounts purchasing from your business again and learn lessons as to why they stopped purchasing in the first place.
2. Cross-Sell Existing Accounts with Low Purchase Volume
If you have current customers who purchase on an infrequent basis or only make small purchases, develop a cross-selling strategy to increase average orders. Something as straightforward as reviewing purchase histories can lead you to insights as to which products or services to cross-sell to customers.
3. Bundle Products into Package Offerings
Bundling products into package offerings is another excellent way to boost your business’ revenues. Take note as to which products your buyers often purchase on the same order and start occasionally offering those items together at a slightly reduced rate. You’ll increase your average order totals without losing a great deal of profit in the process.
4. Integrate Automation and Personalization into Communication Efforts
If you want to increase your profits this year, think about incorporating automation and personalization into your communication efforts. Personalize all email marketing efforts. Once you start doubling-down on automation and personalization, you will be amazed at how quickly your revenues start to rise.
5. Offer a Customer Referral Program
Referral programs for customers are another terrific way to boost profits. Offer existing customers special deals in exchange for them sending new customers your way. Be creative with your referral program so it doesn’t eat into your profits, yet still offer something of value to make referring customers to you worthwhile. You’ll be surprised how many of your loyal customers will happily send people your way, especially if you make a habit of offering premium-level customer service.
6. Cut Back Costs
When it comes to increasing profits, most businesses will look at how to boost their income. However, cutting back costs can also be effective. You may be spending far too much of your budget on things you simply don’t need. By addressing these things, you’ll reduce expenses and therefore increase your bottom line immediately.
There are tons of ways you can do this. Outsourcing business tasks can save you time as well as money. Many small and mid-sized companies often outsource marketing, bookkeeping, accounting, and legal roles. Consider factoring your invoices for access to immediate capital as well as streamlining your accounts receivable functions.
Learning how to increase your company’s revenues doesn’t have to be tough. If you are strategic in your approach, you’ll quickly see an improvement in your profit margins.
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