Looking to boost your sales and increase business revenue? This guide for SMEs is exactly what you’ve been looking for! Whether you’re in web design or real estate, follow the tips and tricks below to start your journey to increased revenue.
It’s been a tough time for businesses recently. The COVID-19 pandemic saw 70-80% of SMEs around the world lose 30-50% of their revenue, which then led to thousands of businesses closing down. Throw in the recent Ukraine–Russia war and a struggling global economy, and it’s not surprising that most businesses are finding it hard to get their revenue back to pre-pandemic levels.
It’s not all doom and gloom, though, because there are lots of proven ways that you can increase your business revenue throughout 2023 and beyond. Best of all, you don’t need to break the bank to do it. To get started, dive into the tips and tricks below that are specifically designed for SMEs.
Make Data-Driven Marketing Decisions
To kick things off, shift your focus to making data-driven marketing decisions. To do this, though, you need agile intelligence solutions. Agile business intelligence is entirely driven by data, meaning that you get to make decisions that are:
- Based on real-time data and facts
- Not based on assumptions or feelings
With your new-found agile intelligence, you’ll then be able to implement new marketing strategies and tactics that actually work. For example, you might start to allocate more of your marketing budget to social media or begin targeting a more profitable customer segment.
Increase Your prices
Although it sounds quite obvious on the surface, increasing your prices is often a great way to boost revenues. It’s important to remember that inflation is running riot at the moment, which is another reason why increasing your prices is necessary.
Generally, it’s a good idea to increase your prices year by year by between 5–10%. However, when you take inflation into account, you might want to increase them even more.
Re-engage Old Customers
Your next step should be to re-engage old customers. Like many businesses, you likely lost some of your most loyal customers over recent years due to the cost-of-living crisis. However, customer spending habits are slowly returning to normal, so now’s a good time to start re-engaging old customers.
If you still have old customer emails stored in your email marketing list, start by sending out special offer emails. The same applies if you have old customer mobile numbers stored in your database, too. And if you have some social media pages with old followers still listed, reach out to them with direct messages to give them a nudge.
Bundle Your Services
Another excellent way to increase business revenue is by bundling your services, which is when you package two (or more) of your products or services together, which can then be purchased as a single package. The attraction point here is that the products or services are being sold at a single price point instead of separate price points, which can provide customers with extra incentive to make purchases.
Decrease Shipping Costs
By reducing your shipping costs, you should see an instant increase in your sales. The simple reason for this is that high shipping costs are one of the biggest factors why online shoppers opt out of the final purchase. To balance it out, you’ll need to try and find cheaper (or discounted) shipping rates if you can.