Late rent payment NSF Vending machines are another excellent source of revenue. You might also consider renting common areas for special uses such as parties or even leasing your rooftop to the local cable or telecommunication companies for installation of communication towers.
They already trust you and buy from you. So what you want to do is look for more ways to serve them! Here are 10 ways to increase the average purchase size and frequency of your sales, and in turn, increase your revenue. You will increase your profits and their fulfillment.
For example, auto dealers are masters at getting customers to buy car models with the higher-end feature packages i.
For example, CPA firms cross-sell their audit clients on tax and consulting services. Banks cross-sell their checking customers on investments, mortgages, lines of credit, credit cards, etc.
For example, if a customer is going to buy a gas grill, offer them a complete package of cooking utensils, mesquite wood chips, barbecue book, grill cover, and apron. At the very least, they will have bought more than they otherwise would have — you made buying easy for them.
Offer Volume or Frequent Buyer Discounts If you can get your customers to buy more and buy more frequently, reward them with incentives, discounts, extra level of services, etc.
Since you have maximized your cash flow, be willing to reward them with a few extra perks. Be sure it makes economic sense to add such services to your business and that it does not detract from what you already offer.
For example, if you are a hardware store, and as early fall approaches, use direct mail and in-store displays to communicate to your customers the need to fill cracks and seal their driveways.
Sell them on the benefits of taking such action. Hold exclusive events for your best customers. For example, an upscale luxury auto dealer might hold a wine and cheese party with a musical quartet to unveil the newest car models.
For example, if you are an upscale jewelry store, consider offering elaborate vacation packages to your customers via an upscale travel agency. Mail offers to your customer database, endorse the travel agency and their offering, and receive a set percentage of any revenues generated.
This advice is aimed at those who sell primarily to businesses, not to walk-in, public customers. You need to devote more time and attention to your best opportunities and customers.
So adopt a selectivity mindset!
As you can see from the above list, there are many ways to immediately increase your revenue. Pursuing some of these strategies is time well spent and the dividends can be huge!
Do you have any other tips on how you have increased your revenue? Sound off in the comments to share! Summary Top 10 Ways To Immediately Increase Your Revenue Description Business owners, you can immediately increase your revenue by implementing one or more of these 10 tactics.
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When Kinesis starts working with a new client on their branding, website design, and marketing strategies, one of the areas that we tackle aggressively is to help business leaders to quickly see the best path to get results.
And by results, I mean a Return on Investment from their marketing and sales dollars.