There are plenty of ways to increase revenue – new products, big ad campaigns, public relations events, etc. While these are all great approaches in the right circumstances, sometimes the overhead is more than your business can afford at that moment. Here are 3 ways to increase your revenue without increasing overhead.
1. Bundling products
Most businesses sell more than one product or service. If this is true for you, think about which items in your stockroom or service list would go well together and market them accordingly. An automotive shop could put together a women’s road safety kit. Hot chocolate mix could be put in a basket with marshmallows, cookies, and mugs. An experience package could include the equipment needed, a hotel stay or tickets to nearby attractions. Your creativity can run wild and so will your sales. Making your products look good while connecting the dots between products and services you carry provide multiple opportunities to increase revenue without increasing overhead.
2. Offer new ideas for how to use existing products
Did you know that hair dryers can remove crayons wax from surfaces? That dryer sheets are great for stinky shoes? That toothpaste can be used to clean jewelry and remove water spots? Probably neither do your customers, but they would take full advantage if they did! What products do you have that can be reframed to your customers so that they suddenly have a need that you can address? Often the alternatives can perform at a significantly lower price that the products specifically designed for that need. Customers love creativity and feel smart when they find a cost-effective alternative to something they are already using. Sometimes all you have to do to increase revenue without increasing overhead is to reframe the products and services you already have sitting on your shelves.
3. Create a monthly/yearly package
Customers appreciate great service and great experiences. Why not offer added value through monthly or yearly maintenance or club plans? Apple has a program where people can pay $99 a year for access to all kinds of classes on Apple products – serving the dual purposes of immediate income and teaching people how to get the most out of their products so that they value them even more. Are there ways you can create classes, service experiences or special club pricing that would make customers want to engage with your business even more? It’s yet another way to increase revenue without increasing overhead and could even build into a new income stream if you do it right. Plus, there’s nothing like an engaged and happy customer to spread the word to other potential customers.
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