Many SME owners and business leaders have one thing in common. Their #1 problem that keeps them up at night is finding ways to generate revenue. If you are a member of that club, then read on. We compiled six things you can do right now to start getting new revenue through the door.
Generate revenue through cross and up-selling
When was the last time you made a conscious effort to contact your customers and start conversations that will allow you to cross or up-sell? This simple but highly effective method of generating revenue is often overlooked. Stop what you are doing right now, log into your CRM and go through your customer list. Map out a simple plan on how you could increase your customer lifetime value by selling additional products or services or solving additional problems.
Launch a pay-per-click campaign
Beware, this is not for everyone! Depending on your products or services, a PPC (pay-per-click) campaign might not be the right solution for you, to find out ask yourself these three questions:
• Were most of your customers aware of their problem when you first spoke to them?
• If they were, would they have likely searched online for a solution?
• Is your product or service something that could provoke an impulse buy (cosmetic or clothing would be an example)?
If you answered no to one or more of these questions, then please skip this paragraph because PPC campaigns might not be the right solution for you.
Perhaps you are already running PPC campaigns and you could do with a professional overhaul and some optimisation to improve performance, then you can simply book one of our experts here.
Connect with dormant contacts in your database
Most businesses sit on a pot of gold, and they don’t even know it. Do you have a CRM or a database? Are there contacts that you haven’t been in touch with for more than six months? If that’s the case, I suggest reaching out to these people asap. Depending on your business and the size of your database you could use telephone outreach, send a personalised email or send a newsletter.
Review your overall marketing strategy and its contribution to generating revenue
Yep, that’s a big one! Often businesses create a strategy and treat it as a set and forget item. If you have not reviewed your overall marketing strategy for more than 12 months, we suggest you do so asap. Especially with changes in the digital space caused by COVID, you want to keep up to date and adjust your strategy if necessary. Need an expert to guide you? Have a look at our package on this page.
Audit your existing digital campaigns
Same as with your marketing strategy, digital campaigns are not a set-and-forget item. When was the last time you checked your data? What are your click-through and conversion rates? Could you do better? Look at these articles from WordStream (Facebook benchmarks/Google benchmarks) so you have a benchmark for where the performance should be. Alternatively, you can use our ROI Calculator to benchmark your campaign performance. If you are well below average, it’s time for you to work on your campaign performance.
Generate more revenue by launching an email campaign
So easy, free and still often forgotten! Why not use the contact you already acquired? Send out a tailored email campaign. Design a simple sequence, write your copy, and of you go. It doesn’t cost anything but can be very effective. Be clear on your campaign objective and your messaging before you start writing. Use our handy guide if you are not sure how to create great messages for your marketing.
These six things can help you generate revenue quickly and without significant investments. Keep in mind that the most successful initiatives will always be the ones that communicate the right messages to your target market.