Friday, June 24, 2011

Two Ways To Grow Your Revenue

That's it, just two.

They are consistent no matter your business type as long as you have a product or service for sale.

1. Develop new customers
2. Sell more to your existing customers.

I am not trying to oversimplify, just show how easy it is to set a revenue growth plan.

To develop new customers, you can advertise. Just make sure that you have a solid plan and remain consistent with your message and medium. To help with budgeting, determine a goal for new customers and quantiify what a new customer is worth over the next ten years.
Where will your new customers come from?
Will they change from their current provider for you? Why?
Ask for referrals from existing customers.

To sell more to existing customers (which is the easiest way to grow), ask for add on sales or services to grow your average ticket.
Educate customers on other products and services that you offer for later.
Have a plan to make sure you stay in touch with that customer during the product life cycle.
Offer a bounce back coupon or offer.
Give your happy customers a referral bonus if they bring you new customers.
A solid advertising plan will help to reinforce all of these things and will actually help you sell more to your existing customers.

Feel free to comment and share what you do in YOUR business.

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