Sales and increasing revenue are related to each other. Each need its own strategy but both should complement each other. Sales refer to the number of products or services you sell, revenue on the other hand is total amount of money your sale process generates. Income Refers to the total profit you generate from sales.
Increasing revenue depends on below parameters:
- Your strategy with the products
- Your understanding of the consumer psyche
- Effective implementation of the capabilities
- Competitor analysis
- Your Marketing Strategy across channels
Every business understands that there will be a time when it records low sales. However if you understand the ABC of sales i.e. “Always be closing”, you might surely cross over.
Here are five strategies which you can apply to increase your revenue:
Create Loyalty Program
Loyalty program is the most influential marketing tactic which acts as punch card. Your strategy should be clear, be it reward points or freebies. Track the purchase of customers and reward them. This will encourage customers to come back in order to earn rewards.
You can also integrate rewards-for-referrals program to incentivize your loyal customers. Referral program helps customers to recommend your online business to other prospect audience. Loyal program, tends to stay because they really work.
Just communicate properly with your customers about rewards, freebies and discounts.
Announcing sales day or super sale week helps to maintain the spontaneity. It help customers to come back and check exclusive offers and discounts. Announce such sales on your social media handles, mailers and website. Announce only few days prior to the events. Don’t forget to create a buzz about your sales day across various marketing channels.
For example, “Fayde Ki Adaat”, was a super sale where users got 1% extra savings every time they paid through PayUmoney.
Add complimentary offerings which your customers would really appreciate. For example, if you are an Ecommerce site, add online or delivery service as complimentary service for the customers. Complimentary product or services would keep generating revenue for your sales process.
For example, PayUmoney offers free payment tools such as email invoicing and sms invoicing along with its online payment gateway.
Always keep experimenting with your target audience. Increasing your business during a lull is the matter of finding new prospect base. Keep innovating your product line-up so that it caters to new database you are innovating. Also update your existing customers on a regular basis about newly launched products or services. Identify new set of audience which you can target.
Low sales period is the perfect timing to innovate low-budget marketing across free channels. Give your email communication a makeover and re-vamp your mailing list. Send newsletters with discounts and exclusive offers, made only to bring traffic.
Highlight your online business across social media channels such as Facebook, Twitter and LinkedIn by publishing testimonials. Reward your loyal customers with points and discounts.
Don’t step down when your business is recording low sales. Instead take this as an opportunity to invest into your business. It will help to increase revenue even during low sales.
Also read our blog on, “How to write effective emails for sales”. Stay connected with PayUmoney Knowledge Platform and grow your online business immediately.