Ramping up revenue: how to make your business more money
When starting a business one of the main goals is typically to make money, which can be more challenging than you may have originally thought. Sometimes you need to think of creative methods that will ramp up your business, leading to an increase in revenue. When looking to increase the revenue you don’t always need to look towards new clients for an increase in business, existing clients are just as important. Client management and lead nurturing are what will keep your company going. Keep tools in mind that will help you save time, because time is money, never forget that!
To improve your business in an efficient manner, be sure to make a plan for your future implementations. Developing a plan for your goals is a great place to start, think about how much money you want to make for the upcoming period. When doing this try to be realistic, but hopeful.
Cost Consideration: Take into consideration how many costs you may incur, plus try to find low-cost resources to utilize.
Target Market Consideration: Consider your target market, but also take a look at your programs, ensure that you have programs and activities that appeal to different age groups, interests, and levels of experience to reach a larger number of people. If you feel like you don’t have diverse enough program options, create more that will fit into your business and draw in more customers! Just because you create a new program does not mean you have to keep it forever, see what sticks and brings in the best results.
Relationship Building: Consider creating relationships or partnerships with other organizations in your community that share similar interests, do this sooner rather than later.
Doing these three steps can make quite a significant difference for your business and contribute to an increase in revenue.
Past Relationships and nurture:
Once businesses have been around for a while, a mistake that is made by some, is they begin to take their current clients and relationships for granted. This is a huge mistake, lead and relationship nurturing is a crucial part to increase customer retention and increase customer activity.
Stay Connected: Staying connected is very simple so there is no reason not to do it! Strengthening customer relationships can easily lead to referrals and online reviews, which are very powerful for any business.
How to Stay Connected: A very time and cost-effective way of staying connected are using the tool Mailchimp, sending out newsletters, postcards, Christmas cards, or reminding your customers about your business, especially during your off-season.
Reminders: When connecting with customers you can remind them about the upcoming programs and activities that you are offering to encourage more enrollments.
Encouraging Referrals: You can even send emails to past clients to encourage them to share their experiences with others or to inspire them to come back and try new programs, the options are infinite.
Strong customer relationships are very powerful, so take the time to build and strengthen those relationships, it leads to an increase in revenue!
When looking to increase the amount of revenue for your business one of the main ways is to increase your clientele:
Getting the Word Out: The more people that know about your business, the more potential clients you have. How do you get the word out about your business?
You can do things such as hold an open house or even at your location to bring more people into your door and allow the public to get to know the business. To make your open house or event a success it is a smart idea to offer an incentive for people who attend, such as free food and drinks.
To be a success there need to be attendees, so incentives are a great way to get people into the door. Also, do your best to make these events exciting, something that no one wants to miss and that will be talked about!
Advertising is required for events like these because you want as many people to know about it as possible. Doing things such as sending out flyers and making banners to get loud may be seen as old-fashioned, but it’s proven to be an effective method.
Marketing: To reach the younger generations it can be more effective to use tools such as social media and other forms of digital marketing. With a combination of social media and flyers, you can make sure that your events and programs are publicized well and won’t go unnoticed.
An active online presence allows you to present new content, including programming, easily. Social Media is a great place to reach out and begin connecting with other local businesses and potential leads.
New content and things about your business should be displayed in as many places as possible, libraries, recreation centers, museums, and anywhere else that you believe your clientele could potentially spend their time.
Display: At your physical location consider adding a permanent display of your most popular programs to get even more people excited.
Discounts: As we know some consumers are more price-sensitive than others, so there are marketing strategies that are aimed directly at them. Promotions and discounts to encourage enrollment are a great way to get those leads that are on the verge of signing up, but unsure of the price.
Trials: Running things such as trial classes with active follow-ups can get interested students in the door and hopefully wanting more!
The options for encouraging new enrollments are endless! Trial and error is the best way to figure out which method works best for you and your clientele.
Make it easy / Reduce friction:
Convenience plays a huge role in client acquisition, as well as satisfaction.
Accurate Information: Ensuring your website is up-to-date and prices are accurate is crucial so you aren’t presenting false information. You never want your leads or clients to receive the wrong information, you want to prevent confusion for customers.
Software Assistance: Using software like Dreamschool can make your life and your client's life so much easier in multiple ways. Integrating online registration into your website saves a lot of time for both your registration team and clients. Saving time is valuable, time is money. Dreamschools also equip your team with the proper communication tools to help you communicate effectively and efficiently with clients, prospects, and fellow businesses.
Never underestimate the importance of convenience and how much it can help your business. It saves you time which equals money and also makes it easier for clients to enroll which can lead to an increase in enrollments. Having a seamless system will do so much to help your business and efficiency.
When expanding your business you need to think outside of the box and try a variety of methods.
Outreach is an exceptional way to increase clientele, which is a direct correlation to ramping up revenue.
Expansion: Expanding your reach in new geographies, regions, or even demographics is another option to increase revenue. When you have a very narrow target market there are only so many people you can reach in a certain area. Once you have reached your full potential in one location, considering expansion is one of the major options left to ramp up your revenue. A larger area with new customers or expanding your target market are very large expansion methods to make.
Memberships: Some smaller, less risky revenue ramping techniques would be incorporating memberships, to ensure constant enrollment and additional payment options for clients. Incentives such as discounts or rewards are always a simple option to attempt to increase income and draw in price-sensitive consumers.
Feedback: Always take feedback into account to continue growth and improvement. Find out what your community needs and improve your programs and activities, based on feedback, adjust your current programs, and build new programs to improve your business.
Financial Management: One last tip that should seem fairly obvious is expense tracking and management. Look into your finances and make sure you aren't wasting money unnecessarily. Cutting down on your unnecessary expenses will of course increase your expenses.
Revenue is a very strong motivator and there are loads of options to ramp it up! Creating a plan, nurturing your current and past relationships, thinking of creative ways to get the word out about your business, and using the power of efficiency and technology to your advantage is the best place to start. To increase your revenue you must look at all aspects of your business, consider feedback, and always be looking for ways to improve. You must be open to trying new things and changing up your business if you want to make a difference.