Revenue could be said to be the most important word in the business world. Running a business and achieving enough income is a delicate balancing act. Some online businesses have been known to double or triple their revenue based on making a few small changes within the company. What are those changes? Included here are a few ways you can help boost your revenue without doing a complete overhaul.
Accurate Pricing Per Customer
Some businesses are fully orchestrated to pitch to either big or small companies. For some businesses, it works fine to have their entire customer base in one or the other field. However, many businesses wish to pitch to all sizes of companies and have the availability to be flexible.
If your business is running their prices to be biased to either large or small customers, you will find yourself losing out on additional revenue. By making your prices appealing to all groups and offering clear rewards in each sector, you will be far more apt to boost revenue and gain a loyal customer base.
Studies have shown that offering a large discount on an item can provide a huge increase in sales and a boost in revenue. This can be a fantastic option to generate sales during down time in your year. Some companies have reported revenue being boosted by as much as 293%!
However, with discounts come downsides for the company. Some companies refuse to ever offer sales which leads consumers to buy whenever they want something. If you choose to offer discounts, be aware that the consumer may watch your company and wait for the next discount before making any purchases in the future. Consider your client base and whether discounts are advantageous before you jump in for a fast revenue boost.
Increase Usability of Your Web Page
Many consumers can be incited to buy, or not to buy, based on your business’ website. By being user-friendly and utilizing colorful pictures to demonstrate products, your customer is more likely to find things appealing to purchase. Be mindful of organization of the site and professionalism. A change in website may alienate some loyal customers, but may give you the opportunity to gain many new ones.
Send Trigger Emails
Some companies have chosen to pursue individuals with emails who visit their site but navigate away before finalizing a purchase. This can be highly beneficial if a customer puts items in their cart or selects a flight before leaving the page. It shows that your clients were involved with your site but may have become distracted or deterred by pricing before finalizing.
Trigger emails must be sent with caution because they live dangerously on the brink of being too invasive. Consumers do not want to know how much of their browsing history you are able to view or how involved you were watching their purchase process. Be careful to include only details relevant to the purchase they did not complete and it can help boost your revenue by as much as 1,640%!