With many companies struggling to increase revenue, here are some ideas that could add some much-needed revenue using the resources you currently have. From early university marketing classes, we find out there are 3 main ways of increasing revenue:
- Add new customers
- Get your customers to come back more often
- Increase each sale
Today we are going to focus on getting your customers to come back more often. Repeat business is critical because you have already found the customer so let benefit from them returning over and over again. This becomes easier as you add new products or services to your product line. They become new revenue streams using your existing customer base.
This is the easiest to capitalize on since you already have the customer relationship. It becomes as easy as contacting your customers and letting them know of a new product or service you are offering.
The hardest part is defining what you will be offering. Many considerations need to be thought out. Which product or service will enhance your current offering? Is there a potential of decreasing relevance on your main product? Can you support it internally? Will you have to add addition cost in order to bring on the new revenue stream?
Luckily, I have a product that any business-to-business (B2B) company can implement quickly and deliver a long-term sustainable revenue stream without increasing internal support cost structure. It is called SOCI.
SOCI is the enhance partnership program from Platinum Payments that provides a new revenue stream to B2B organizations utilizing their current customers. You provide your customers, we provide the sales team and all needed support, and you receive a new revenue stream based on receiving a share of the gross margin Platinum makes on any account signed.
There are many benefits for your organization when rolling out SOCI. They include:
- A dedicated partner team – We have our internal partner team focused on making the partnership a success. Admin, marketing, and sales are work together to offer your customers a positive environment to start a relationship with.
- Real-time customer status access – You will have 24/7/365 access to information about your customers and their status with us. You will be able to see the NEW REVENUE being produced monthly.
- New revenue stream – As discussed earlier, SOCI adds a new revenue stream to your company using your customer relationships.
- Customer retention – SOCI gives your customers access to Platinum’s vast array of products and services which will assist them in increasing revenue and decreasing cost. It will allow you to help your customers without having to decrease your products cost plus they will be tied to you more tightly by having a strong relationship with us.
- Protection from competitors – Your competitors will not have these valuable products and services to offer to your customers plus you will have strengthened your relationship with them so they will not want to leave.
This is one of thousands of ideas for creating additional revenue for your company. In upcoming articles, I will be discussing additional areas that can help your business.