The goal of any business owner is to increase revenue and make profits. However, it doesn’t come automatically. You have to put in the effort, time, and resources to build a successful business with a steady flow of income. If you have a current business, you must understand how to keep your current customers and how to attract new ones. New business owners must strive to beat those already in the market with clever strategies.
Here are some ways to increase revenue in business.
Sell New Product And Services
Increasing your revenue requires widening your market reach. You can’t limit your market to a given location or audience. Adding a new product or service gives your brand more value. It attracted much-needed attention and increased the customer base.
When running a roofing business, you can start offering landscaping services to your offerings. The good thing is that you can begin offering the service to your current customers who already know about the quality of your services.
If you offer a range of services or products, evaluate how much revenue each generates. Then you can focus on those that bring in the most revenue and drop those that don’t. You also develop a new product or service or acquire a rival company. This grows your customer base and boosts revenue for your business.
Find A Source Of Permanent Revenue
Despite offering various services or products, you must realize those that bring in the most money. You must direct resources and energy to maximize sales of the services that pay more. Determining your key service and focusing on promoting its sales will ensure a steady cash inflow for your business.
Look for a service with a low market growth rate to maintain sustainability and profitability. A service that controls the market makes significant sales while making sales easier. You can also create barriers to entry for other service providers.
Creating a permanent revenue source requires prioritizing your most profitable service or product. Then you must focus energy and resources on maximizing sales of that service. Also, consider using other services to support and complement your cash cow.
Use Marketing
About 91% of business owners agree that marketing decisions significantly impact revenue. You can use different channels for your marketing campaigns to boost customer acquisition and sales.
- Depending on your business size, type, industry, and target customers, various marketing strategies can boost revenue. The four common strategies how to increase revenue by leveraging marketing include:
- Raising service prices, although it may backfire when not careful
- Acquiring new customers automatically encourages higher revenue
- Optimizing average transaction size for each customer
- Encouraging customers to buy from you again
After determining the ideal revenue strategy, you must understand your customers by analyzing their behaviors, needs, and problems. Doing this makes it easier for you to develop appropriate solutions to fix their problems.
Related: How To Track Your Field Business?
Use Discounts
A discount is a price reduction on the usual value. Offering discounts attract customers who would have ignored purchasing your product or service. It boosts revenue immediately or gradually as more customers are attracted to your business.
Some of the reasons to give discounts include:
- Giving clients and encouraging treats
- Rewarding returning clients
- Increasing brand awareness
- Stimulating sales during particular seasons
- For referring other customers
- Promoting a new product
Types Of Discounts To Give Your Customers
Now that you’ve decided to offer discounts to your customers, you must decide on the most appropriate. Let’s highlight the types of discounts to help you determine what to offer your clients.
Prepayment Discounts
You can offer clients to pay less for a product or service they aren’t going to use immediately. A prepayment discount allows customers to invest in your business. It allows generating sales when introducing a new service or product.
Bundle Discount
You can offer customers who purchase a particular product a discount on another. A bundle discount generates more sales for the products or services eligible for the promotion.
Customers get the service they want and save on the other.
Sales Discounts
These are discounts to encourage the sale of a given product or service. You can offer a sales discount to encourage more sales when introducing a new product. The discount is usually a percentage reduction on the value of a service or product.
Seasonal Discounts
It’s a reduction in the price of a product or service to encourage sales during the off-season. Seasonal discounts are tied to events or holidays to grow revenue. You can entice more sales by offering a low price when business is low. You can maximize revenue when demand is strong.
Inspire Your Team
Your sales team is essential in boosting revenue in your business. Motivating your sales team ensures they are focused, engaged, and confident about connecting with customers. Your sales team makes up your brand ambassadors on the front line of your field service business.
Understanding your team at the core allows knowing what motivates everyone. Proper motivation requires understanding everyone and knowing what, why, and when behind motivating them.
What Inspires Sales Teams?
- People are unique and what motivates one isn’t what motivates another. However, everyone wants to be recognized for their effort at work. Some of the key motivators that may grow revenue in your business include:
- Increase earning potential to inspire money-motivated individuals
- Recognition and promotion based on personal effort
- Recognition of salespeople leading the pack on the leaderboard
- Making your sales team believe in and connect to your service or product
Ways To Inspire Your Sales Team
After understanding some of the key motivators for your sales team, it’s time to know how to inspire your sales team.
Built Trust
Building trust lays the foundation for other options to motivate your sales team. Trust boosts employee productivity, career satisfaction, and team unity. Lack of trust encourages higher staff turnover, lower engagement, and decreased performance.
Building trust in your sales team involves having integrity, being positive, and spending time with your team. You must always be open to receiving feedback, collaborating, and listening to your team. Equally important is to avoid making false promises.
Set Goals And Celebrate When Accomplished
Your sales team must have goals and you must push them to get out of their comfort zone. It’s essential to work together with your team to set realistic goals. Afterward, remember to celebrate any milestone achieved, including small and big wins. Celebrating is very important since wins don’t come every day.
Offer Growth Opportunities
Ensure to discover the strengths and plans for the future. Tailor your upcoming promotions in your company to performance and interests. Offer opportunities to thrive while growing their career in the demanding profession.
Salespeople desire an environment that builds their skills and behaviors that impact overall performance. Always support your salespeople to build their mindsets while inspiring them to succeed personally and professionally.
Offer Financial Incentives
Monetary incentives such as bonuses, contests, and higher commissions boost motivation for your sales team. You may even adjust your compensation plan to reward top performers more. Rewards significantly boost your team during periods of low motivation.
A financial incentive makes an immediate impact on your team. However, Don’t fall into the trap of thinking it’s all they care about. People can walk away from a company offering huge compensation packages if they don’t feel valued or appreciated.
Always Say Thank You
Putting your head down and focusing on your workload is obvious but taking time to thank your team for the excellent work done is essential. It makes your salespeople understand that their efforts are appreciated and recognized. The good idea is to be clear about the difference they made.
Sometimes your sales team may have low motivation. As a manager, you must understand how to keep your team motivated when handling sales calls, following up with customers, and closing deals.
Related: What Is Field Service Management?
Communicate More With Your Clients
A great service or product tailored to your audience is not enough to stop customers from leaving. Stronger connection with current customers and also offers a chance to get new ones and increase your revenue. Customer communication is regular dialogue with your business and customers.
Communication is somewhat challenging and demands creative ways to catch your customers’ attention and keep them engaged. To boost your revenue, you must consider these kinds of communication with your clients.
Ongoing Communication
Your business can’t survive or prosper by relying on one-time communication with clients. Boosting sales and building loyalty requires ongoing communication with customers. Regular communication is essential to keep customers updated on what’s happening in your company.
Dialogue
There are various ways to initiate communication in business. Social media campaigns and online advertising are very effective at this. These are great at promoting your product or service but are one way.
Dialogue is crucial for overall customer communication. Apart from feedback and reviews, you must also listen and speak with customers at every opportunity.
Consistent
Effective communication is usually hard when customer numbers grow. However, consistent communication is essential to boost revenue in your business. The communications must convey your company’s tone, brand message, and customer interests.
More communication speeds up customer support and allows understanding of their problems and how to fix them. Enhanced communication allows making informed decisions about your product or service. It boosts how to generate revenue by encouraging customers to purchase your service with a higher chance of being satisfied. Communication eliminates negative experiences and fulfills customer expectations.
You can improve communication with your customers by:
- Avoiding being too formal
- Allowing customers to stay in touch
- Offering customers tutorials
- Never talking through your customers
- Being understanding and patient when handling customer issues
- Resolving disputes immediately
- Seeking contact with clients before they contact you
- Improving engagement on social media
Find New Sales Channels
Boosting revenue is a major challenge in a competitive landscape. Staying afloat requires benefiting from various sales channels. A sales channel is your strategy, including plans and actions to make your service or products available to customers. Expanding channels creates opportunities to widen the market, boosts revenue, and builds brand recognition.
The new sales channels allow selling your product or service to new and current customers. You can develop new target markets and identify key consumers to reach through the new sales channels. The ideal sales channel must align with where your target customers are.
How To Choose New Sales Channels
The channels you choose to reach customers depend on your current market. Collecting customer data and storing it through a CRM requires using surveys, direct communication, and contests. Doing this allows for determining the channels that customers prefer when interacting with brands.
Competing in a market requires studying your competition. You must research their most popular channels to discover how the broader market responds. There’s a chance of discovering new media with the potential to become a reliable channel for increasing revenue.
You can consider having multiple sales channels for your field services business, such as branches and partners. The rule of thumb is to be present when customers search for products or services like yours. Businesses can incorporate online and traditional sales channels to boost revenue.
Revise The Goods And Services Cost
Price is an essential factor influencing customers. Low prices make your services or products seem low quality, while high prices may make them unaffordable. Both scenarios won’t bring in new customers. You must revise your goods and services cost to accommodate all kinds of customers.
To do this, find out what your competitors are charging. Always fix your prices according to business requirements or market conditions. A sudden price hike is a way to increase revenue, although it may shake things up. Be sensitive to customers, as the price increase may have different reactions. Make appropriate adjustments when the reaction is adverse or gives an extra benefit.
You can also raise the prices gradually at regular intervals. Customers are more likely to react positively to this since the increase may not seem significant compared to an immediate increase. The little increase is magnified and flows directly to your bottom line.
🏁 Final Thoughts
Increasing revenue in a field service business requires doing a lot, including marketing, offering discounts, increasing client communication, and embracing technology. Field service management software such as Field Complete streams various business management processes. It eases estimation, invoicing, reporting, and dispatching to manage multiple jobs seamlessly in your palm.
