Getting and maximising sales is one of the most important activities that any company can do. Without a good revenue stream, a company cannot hire essential staff, buy new equipment, or even create their products and offer their services.
At the time of writing this blog, the COVID-19 outbreak has forced many businesses to close their premises, which has hit small businesses particularly hard. The loss of footfall has resulted in a huge loss in revenue, and many premises still need to pay for rent and utilities despite being closed.
So, whether you’ve been affected by a drop in revenue or simply want to boost your sales figures, DFC has put together some foolproof strategies that will raise revenues for most businesses. Deciding which ones to implement will likely depend on:
- Whether they are compatible with your products, your brand, or your business as a whole
- Whether the strategies will benefit your customer
- Whether your customers will respond well to the changes
- Whether the rest of the business is ‘bought in’ to the changes and are willing to carry out the strategy effectively
- Whether competitors copying your new strategy will dilute the impact and effectiveness of the changes
The good thing about the following list is that each strategy can be used alone or in combination with any other to seriously boost your revenues.
Introduce digital products
Selling products online or digitally means that your customers don’t need to even set foot on your premises to engage with your business.
Instead, they can buy products from you whenever it suits them and from the comfort of their own home. Your online products are available for purchase 24/7, and aren’t constrained by your business’ opening times.
For example, lots of people are currently having to work out at home. A gym (who might not be open or may just be looking to corner a wider market) may decide to launch an online equipment store, selling things like dumbbells, skipping ropes, and yoga mats. These products fulfil the needs of members and fitness fans whilst keeping them engaged with your brand and adding to your revenue.
Just make sure that if you’re going to be selling new products and services that you take into account overhead costs. These services should help your team make money, not cost you more money.
Not all digital products are physical, though. Digital products are increasingly common and are used by bloggers, speakers, public figures, and companies already. The key to digital products is to make them useful and sought-after, such as in-depth content like blogs, PDF guides, eBooks, podcasts, and videos.
Content published on the site of a business can attract customers who are already interested in your product.
If you’re looking to monetise these assets, making them gated content and asking for a fee to download is an effective strategy.
Virtual training options
Offering virtual training or virtual membership options are a great way to keep your members and customers engaged with your business, even if they’re unable to be physically present on your premises.
In other words, you can offer virtual products that your customers can engage with from their own homes.
A good example of this exists in the fitness world. The Nike Training App offers a video series of gym workouts that let users customise the length, intensity, and type of movement as soon as they’ve downloaded the ap.
Gyms have also started doing something similar, offering things like video-based gym classes that members can access from their own home or wherever is convenient for them for a small fee or as part of a special virtual membership.
You can find out more on virtual memberships here.
Adjust your pricing strategy
No need to panic just yet – we’re not suggesting that you completely rethink the price of every single product that your business offers.
Instead, consider whether the price of some of your most popular or best revue-generating products is prohibitive in hard times. Can your customer afford to continue using your products?
An easy solution to implement is to create a discount or sale on selected products, or to sell products as a bundle.
If you market them effectively, discounts can feel like a special and exciting buying opportunity for your customers, often prompting them to take action and buy from you earlier than they usually might.
You can be judicious with your discounts too, applying them to certain products for a limited time only, to products that are likely to boost revenue the most, or only offering the discount to loyal customers.
Good examples of sales include:
- Quantity Discount: A discount is applied when two or more of the same products are bought at the same time
- Bundles: Products are grouped together to be purchased at the same time, often for a lower price than if they’d been bought separately
- Seasonal Discount: When products are purchased within a specific and pre-disclosed time frame
- Stripped Discount: When the products purchased are “stripped” of one or more features, or sold as a more basic version
The great thing about sales and discounts is that they are temporary, and you can always go back to your normal price whenever you choose. Hopefully, these strategies are useful and will help your business to create extra revenue. If you are experiencing tough times, there are many things you can try to boost your business’ bottom line and to take some pressure off.