Are you looking for new ways to grow revenue in your small business? Have you developed strategies to attract new customers or get repeat business from current clients? Do your plans for the future include adding new products or services? While there are an infinite number of strategies and tactics you can use to increase revenue, there are only three primary ways to make this happen.
Probably the easiest of the three is selling your current customers additional products and services. If a current customer is spending money with you already, they are “low hanging fruit” to try and get them to buy either more of the same product or service, or something else you sell.
The second way is to attract new customers. Understanding your target market and how they value your product or service is a starting point for getting business from a new customer. Adding new customers to your portfolio will allow you to increase your customer base and lead to more revenue for your business.
The last way to grow revenue is to offer new products or services. Apple used to sell only computers. Now they not only sell computers, they sell iPhones, iPads, iWatches and a whole bunch of peripherals. Similar to Apple’s expansion of their product line, you can increase revenue by adding additional products or services to your portfolio.
No matter what type of business you are in, there are only three primary ways to grow revenue: Sell more to existing customers, attract new customers, or add new products and services.