The second half of the year has started and it is a good time to evaluate the first half of the year and make plans on how you can improve so that you can achieve your goals for the year. Most business owners’ are concerned about how they can generate more revenue and meet set targets, so I came up with six ways you can grow your revenue in the next 6 months:
- Put old stock on sale: if you sell products and you have had some stock that has been around for the last 6-12 months, it is time to put it on sale. Offer a major price slash (make sure you cover your basic cost) and announce it to prospective clients. A sale is a good way to get new customers and make existing customers buy more thereby growing your revenue.
- Offer a special discount to existing customers: You can offer a special mid-year or festive discount to your existing customers, especially if you are selling services. It could be ‘20% of your next patronage’ or ‘10% off if you pay for two of our services’. Figure out a good discount that would be attractive to your customers and boost revenues.
- Give out free stuff in exchange for new customer contact: Your client database is gold! Because it is your way of communicating with them about new products or offers. Make it your commitment to build your database in the next 6 months. When you participate in a fair or event that has your potential clients, give people free stuff in exchange for their phone number and email addresses.
- Set up a referral system: A referral system is a way you would reward or compensate people who refer customers to you. You can tell your existing customers that you would give them redeemable credit or bonus point every time they refer someone new or you can give them an instant gift or discount. This way, your existing clients become your sales people!
- Get some publicity for your business: publicity increases your business credibility and boosts revenues. This could be an interview in a magazine or blog, or someone referring to your business at an event. Make it your goal to get some publicity for your business. Not all publicity is paid publicity, some of it can be free, and it depends on how you pitch it to the publicity medium.
- Subscribe to salestaronline.com and get a free guide: this is the last and a very important step because on the website we provide key information that would help you grow your business revenues. We also have an upcoming free e-book-‘5 reasons small businesses don’t grow and what to do about it’. We would send it to you when it is released next week if you are on our subscriber list.
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Commit to applying these 6 steps and I believe you would see a difference in your business. Share your success stories with us as it happens.