4 Tips to Creating More Revenue for Your Business

Could your business do with a revenue boost? Have your sales started to plateau, or even worse, drop? Here are four tips on how to increase your revenue and help your business boom.

Create high customer satisfaction

Do you treat your customers as if they were the single-most important thing to you? Because, to put it simply, they are. Treat them well and you can expect repeat business and recommendations. Treat them badly and you may never be able to recover from it. In today’s connected world, a bad-mouthing on social media can do real damage to your reputation, and future sales.

Start with the basics − thank your customers for their business, both in person and also a printed message on their receipt or invoice. Secondly, do what you say you’re going to do. If you promise to call them when an item is back in stock, make sure that you do. If they have a complaint, deal with it promptly and courteously – don’t ignore them or let it turn into a slanging match. Monitor your social media accounts regularly and aim to respond to your customers within 24 hours. Respond to both negative and positive feedback.

A short customer feedback survey can offer you valuable information and also gives your customers the opportunity to tell you things they might not have done otherwise. Follow any completed online sales with the survey and incentivise your customers to fill it in, perhaps entry into a prize draw or a discount on their next purchase.

A star rating survey

Invest in call tracking technology

To make sure you’re investing in the right marketing campaigns, call tracking software, such as ResponseTap can be invaluable. Call tracking gives each website session a unique number which connects the phone call to a customer’s sales journey. This will help you understand which campaigns and keywords brought the customer to you, so you’ll be able to compare which are generating the most leads. Once you know which channels are performing best for you, you can spend your budgets more effectively.

Study your competitors

Don’t ignore your competitors − they can be a valuable asset in helping you to understand how to improve your business. Monitor their social media. What are their customers saying about them? Do they love that they offer next-day delivery, for example, or are they frustrated about the limited range they sell of a particular product? If you can solve the pain points of their customers, you could lure some of them away.

Looking at your competitors will also help you to identify gaps in your market sector neither you nor your competitors currently fill. Spotting and fulfilling these gaps means you can swoop in and grab those ready-and-waiting customers. Use your social media accounts to ask your customers what goods or services they would like to see you offer.

Create a loyalty programme

Brits love a loyalty scheme. In fact, YouGov research showed that in 2018, 77% of the population were members of a loyalty programme, with 59% stating all brands should offer them. Not only do customers willingly sign up for such schemes, but it seems they’re actively looking for benefits.Customer

Loyalty programmes

This could be something as simple as a stamp card that offers a free product or discount when a customer collects a certain number of stamps. Or you could charge your customers an annual fee that gives them access to a range of benefits, for example, next-day delivery or 10% off their purchases. This has the benefit of giving you a cash boost as soon as they join the programme, but it also means that your customers are invested in your business and will choose you when it comes to making their next purchase in order to receive their benefits.

In a competitive world, you have to constantly think of new ways to make your business stand out from the crowd and grab those important customers. Try our tips today and watch your revenue grow.

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