As a business growth consultant, my clients frequently mention the value of having someone like me bring strategic advice with an outside view. What I and other consultants bring to the table is an entirely objective perspective, the ability to identify rapid growth levers, and implement proven strategies from various industries and different business models.
If you’re like most business owners, you’re constantly looking for ways to boost revenue and sales.
Before you hire a business growth consulting firm, there are likely areas of low-hanging fruit that can bring a sales boost and help take your business to the next level.
In this blog post, we’ll explore eleven quick ways that can help you achieve just that.
Ready to get started? Let’s go.
Test a Price Increase
One of the quickest and most effective ways to increase your bottom line is to test a price increase. This doesn’t mean that you should blindly raise prices across the board, but rather, test price increases on select products or services to see how your customers react. Have you done a sales analysis after testing varying levels of price increases?
If you’re hesitant to do this, you can use data from your customer relationship management (CRM) system to segment your customers and test price increases on those who are less price-sensitive in your target market. If you haven’t raised prices in years, this would be the #1 lever I’d recommend you start with. It’s often surprising how a minor tweak in pricing can transform financial success.
Even just a 15% price increase can have a transformative impact for your small business. Here’s an example to make this real:
- Let’s say in your business you sell a product for $100 each. Each month you sell 1,000 units, which translates into $100,000 in sales.
- Each of these products costs $75 (total COGS of $75,000), so your gross margin is $25,000. Let’s assume $10,000 for SG&A expenses, so at the end of the month you make $15,000 in profits.
- If we increase prices by 15%, the only variable we change is selling the product for $115 (instead of $100).
In our new scenario, instead of having a net profit of $15,000, your net profit is now $30,000. You’ve doubled your profits just by increasing prices by 15%.
Price increases get infinitely easier if you can raise the perceived value of your products and services…we never want to be in a ‘race to the bottom’ and compete on price alone. But that is a topic for another post!
Entrepreneur Alex Hormozi does an awesome job articulating how to tactfully communicate price increases to your existing customers:
Implement Upselling and Cross-Selling Strategies
Another effective way to increase revenue is to focus on upselling and cross-selling existing customers. This means finding ways to sell them additional products or services that complement what they’re already buying from you. By being creative, you can find new ways to enhance the customer experience and differentiate yourself in the marketplace. We can all take a lesson from McDonald’s here, as they are masterful at upsells and cross-sells.
For example, if you own a pet store, you could upsell customers who are buying dog food by offering them dog toys, beds, and other accessories. It could also be increasing the quality or quantity of the original product (i.e. gym membership with an upsell to personal training).
Alternatively, if you own a computer repair business, you could cross-sell customers who are getting their laptop fixed by offering them a discounted rate on virus protection software.
The key here is to make sure that you’re offering your customers products and services that they find valuable and would be interested in purchasing.
Add a Call to Action to Every Social Media Post
I’d recommend that you add a call to action (CTA) to every social media post that you publish. Doing so will help increase engagement, click-through rates, and ultimately your bottom line. When crafting your CTAs, be sure to keep them brief, clear, and relevant to the content of your post.
Some ideas for effective CTAs include:
-Click the link to learn more
-Sign up now for (insert special offer)
-Download our free e-book
-Get the latest updates
-Check out our new product
Whatever your CTA may be, look to make sure it is attention-grabbing and encourages your followers to take action.
Send a 9-Word Email to Your Customers to Maximize Revenue
Originally popularized by marketer Dean Jackson, this is a simple email that is virtually guaranteed to bring you sales regardless of your business model. It’s deceptively simple but a very effective way to find untapped opportunities. It works particularly well if you are at the end of the month and need a quick sales boost.
Here’s the 9-word email:
Subject Line: CUSTOMER FIRST NAME
Body of Email: Are you still looking to ______? (insert what you sell: improve your B2B marketing, get your pool cleaned etc.)
Here are the action steps:
- Identify a disengaged high-value segment of your customer list (a certain time period of no activity, i.e. 4 weeks)
- Send the 9-word email to this segment
- Receive replies
- Have a sales conversation and convert
Create a “Buyer’s Club” Loyalty Program
Forming a buyer’s club can be an excellent way to build loyalty among your customer base, cultivate repeat customers, and continue to exceed customer expectations.
A buyer’s club is a program that offers incentives to customers who make frequent purchases from your business. In exchange for their loyalty, members of the buyer’s club receive discounts on their purchases, as well as other perks such as early access to new products or exclusive sales.
For example, you might offer a discount on their next purchase after they’ve made a certain number of purchases within a certain time period. Or you could give them points for each purchase that they can redeem for discounts or free items.
Whichever approach you choose, be sure you promote your program so that your target market is aware of it and able to take advantage. With a buyer’s club in place, you’ll be able to keep your customers coming back while also building strong customer loyalty.
Increase the Number of Payment Options
In today’s business environment, flexibility and convenience are king. When customers have more flexibility around how to pay, they are more likely to complete a purchase (resulting in higher conversion rates).
In addition, offering multiple payment options can improve customer satisfaction, remove friction in the checkout process, and increase the likelihood of a customer making larger purchases. One example is Amazon’s payment portal, Amazon Pay, which makes it painless and fast for Amazon users to complete a purchase.
This has become more commonplace in recent years, with PayPal acting as a great use case. They have continued to expand their “buy now, pay later” options, which gives consumers simplicity and the ability to spread payments out over longer periods of time. Streamlining business operations like this can go a long way.
Add More Reviews and Testimonials to Your Website for Social Proof and Credibility
Most businesses I see have a significant opportunity to increase how much they showcase their success stories and reviews online. Although we know that reviews and testimonials from happy customers are essential for boosting credibility and social proof, it’s worth considering how you can present these in a more compelling way.
One of my mentors, Terry Dean, affectionally calls this “proof hiding disease.” It’s natural to feel apprehensive about bragging about our credibility, accomplishments, and customer results.
This is something that can easily fall under the radar but can result in slow growth and a low conversion rate. Many of us are in hyper-competitive markets and need to make strong promises to differentiate ourselves in the marketplace. To be bold, we need to back up these claims with proof.
Instead of hiding your testimonials, successes, and reviews, you should consider bringing those to the forefront of your website and marketing materials.
When potential customers see that you have a lot of positive reviews, they’re more likely to trust your business and make a purchase. So, if you’re looking to increase leads and sales, collecting more customer reviews should be one of your top priorities.
Here a few thought starters for ways to ramp up your credibility:
- Case Studies: real life examples of individuals experiencing the benefits of your product or service (detailed view on challenges, results, and actions – video serves as a great tool for this)
- Guarantee: can you strengthen your guarantee to be even more compelling and remove all risk?
- Explain How: walk through the process of how you deliver on your big promise. Are there opportunities to be more specific?
- Celebrity Endorsements: are there high profile people that have used your product or service?
- Achievements: lean into the qualifications and credibility you have as an expert in your field
- Media: include press articles and include logos of publications you’ve been featured in
- Demonstration: if possible, show your product or service in action on video
If you’re interested in going deeper, I’ve created a detailed post on how to get more reviews (with scripts): How to Get 5 Star Google Reviews – 16 Strategies to Boost Customer and Client Reviews
Re-Run a Highly Effective Past Promotion
This strategy is incredibly simple but often we need to be reminded to ‘do more of what works.’
If you had a promotion that was particularly successful in the past, consider re-running it. This is a great way to capitalize on previous success and generate more sales with minimal effort. Of course, you’ll want to make sure that the promotion still makes sense for your business and that it won’t alienate your current customers.
But if it’s a winner, there’s no reason not to give it another go.
Run a Customer Reactivation Campaign
There are a number of reasons why you might want to consider running a customer reactivation campaign. Maybe your business has seen a decline in sales, and you want to try to drum up some additional business.
Or maybe you’re simply looking for ways to reduce churn, improve customer retention rates, or increase customer lifetime value.
When customers haven’t interacted with your brand in a while, it’s easy for them to become dormant. A customer reactivation campaign can help to bring these customers back into the fold and provide a nice boost to your bottom line.
Add an Abandoned Cart Campaign
If you’re looking to increase online sales, one method you may want to consider is an abandoned cart campaign. This type of campaign targets customers who have items in their shopping cart but have not completed the purchase.
There are a few different ways you can set up an abandoned cart campaign, but one common method is to send a series of emails to the customer over a period of time. The first email is sent immediately after the cart is abandoned, and subsequent emails are sent at specific intervals (usually 1 day, 3 days, and 7 days).
Each email in the series should include a link back to the shopping cart so that the customer can easily complete the purchase. In addition, the emails should reiterate the benefits of the product and include a strong call to action.
With a well-executed abandoned cart campaign, you can significantly increase your online sales and overall conversion rate.
Add an Order Bump for a Sales Boost
Implementing an order bump is a great way to increase your average order value and boost overall sales. You can incorporate an order bump both verbally (in-store or over the phone) as well as online.
One strategy I really like is to have someone call all customers and thank them for their order, letting them know when it will ship. While on the phone, they offer an additional related product for a discounted price. This alone will typically boost your average order value by 30% – 50%.
Here are a handful of benefits of using an order bump:
1. You can offer additional products or services that complement the purchase your customer is already making.
2. Order bumps are typically low-cost items, so they don’t require a lot of convincing for customers to add to their orders.
3. Adding an order bump can make the overall purchase seem like a better deal to customers, increasing the likelihood that they’ll complete the purchase.
4. Order bumps can be used to upsell customers to higher-priced products or services down the road.
5. Including an order bump can increase customer satisfaction since there is a higher perceived value for their purchase.
It can be tough to know where to start when it comes time to increase revenue and sales, but thankfully, there are a few simple things you can do that will drive financial success and sustainable growth. Whether you’re just starting out or looking for ways to take your business up a notch, these eleven strategies should give you a good place to start.
If you’re interested in going deeper into any of these topics, leave me a note in the comments. I’d be happy to elaborate in a future post.
I’m curious – which one of these approaches have you had success with? Let me know.
Thanks for reading!