Are you currently running a business and hoping to boost your revenue? Well, as it turns out, it’s not that difficult to do! According to the Personal MBA by Josh Kaufman, there are four main ways you can increase revenue for your business: 1. Increase the number of customers 2. Increase the average transaction size … Read More 4 Ways To Boost Revenue For Your Business
People love sharing experiences and making recommendations to their friends – and you can capitalise on that.
Make sure to provide your customers with an exceptional experience whenever they shop with you so they can’t wait to go back and tell everyone about it.
After all, we all know that word of mouth is the best marketing tool ever!
Another way to attract more customers is to make use of digital ads like Facebook and Google.
Through these ads, you will be able to target your ideal customers according to age, interests, gender, hobbies, and many more.
The right targeting will bring the right customers to your doorstep.
Now let’s move on to the next step…
Increase the average transaction size
According to Josh Kaufman, this means trying to get customers to purchase more.
You may be familiar with the term ‘upselling’ – that’s basically what this is.
You know when you order a meal at McDonald’s and the person always asks “large meal for you?” That’s the perfect example of upselling.
Some businesses get customers to spend more by offering incentives like a membership card, free gift, or by giving a discount on subsequent items.
Most online stores try to get you to spend a certain amount of money to qualify for free shipping.
Use these methods and adapt it to your business – and watch your transactions go up.
Increase the frequency of transactions per customer
This means encouraging customers to purchase from you more often.
Get customers to come in once every week instead of once every month.
Through the program, you are able to get to know your customers better, what they like at your store, how much they usually spend and so on.
Based on these data, you’ll be able to send them personalised reminders and promotions – which will increase the chances of them visiting your store more often.