At the forefront of any business owners mind, is usually ‘how can I add more revenue’
Here are a few ideas that could help add revenue
I am a firm believer that marketing is necessary. You can’t expect someone to use your product if they don’t know you exist. Small businesses are doing really well in the social media realm of marketing. Social media platforms have made it almost foolproof to utilize their services for advertising, with their additions you should be able to navigate the ads manager quickly and have some decent analytics to go with it.
Selling More to Existing Customers
It costs a lot less to retain a customer than it does to obtain new customers. This is where our gift and loyalty programs can really kick in with some great income. More information on that here.
Since 2020 had just wrapped up providing the newest statistics for spending. According to giftcards.com – 73.4% of Adults 18 and older intended to buy at least one gift card during the holiday season. On average, during a pandemic year, people bought 3.4 gift cards with a median value of $153.08
If it costs 5 times as much to acquire a new customer and 16 times more to build a long term relationship with a new customer vs an already existing one, why wouldn’t we want to look at a small boost of just 5% in customer retention and profits can increase between 25% and 95%?
Retailers can add a program of suggestive selling at the register or mail coupons to customers. A service provider can offer an upgraded product or simply raise its rates.
Why not look at going Omni? Omni-Commerce is the ability to interact with your customers across all channels. This melts in personal retail with a digital online presence. Other options could be looking at a second location or franchise to other entrepreneurs in other areas. While franchising is a more complex, long game type of goal, it has the most potential for major growth.
SOCi — Our rewards-based affiliate program is one of the best ways, but I also admit I am biased. Other options would look like selling one of your products in someone else’s store or working with a third party who would sell or promote your product. In “Trust-Based Selling,” sales guru Charles Green says “when people buy things, they would rather buy them from trustworthy sources”. Instead of spending money on cheesy ads, why not just become more transparent, helpful, and responsive. Those slight changes in things have the potential to increase revenue while boosting customer satisfaction at the same time.
Add products and services that complement your current offerings. This can be as simple as tutorials on your product or adding installation services. One way to look at it is as if your business were a gas station. People would be coming in to fuel up, but while they are there they will also grab a drink and some snacks. The main job of a gas station is to provide gas, the rest is an added bonus for both of us. They are adding revenue and I have the ease and convenience of only needing to make one stop. What else could you offer that fits the same flow?
A new up to date terminal that has the capabilities of standing up to the demands of COVID. The sanitizing requirements, or the ability to move around the store, customer-facing screens, contactless options,… everything is so important for our physical health as well as the financial health of the business.
COVID-Fraud, a new term coined for the extreme scams that business owners are being hit with on the daily. Anything that we can do to mitigate fraud, we really ought to be doing. One of our Payment Professionals can help you determine whether you are at risk for fraud and help you into the safe zone.
This is just a small sample of what our Payment Professionals can do. They attend monthly training to make sure they have the latest and greatest. Schedule a time to meet with one of them to go over ways to help you increase your revenue. We have many different options and will do our best to make sure that we meet each and every need your business may have.