How to Boost Revenue Without Increasing Customers
The easiest way to boost revenue without acquiring more clients is to up-sell and cross-sell. There isn’t a business model in existence to which this approach can’t be applied.
For example, website hosting companies generate additional revenue by offering paid cloud storage, domain registration, identity protection, and other services their customers might need.
Moreover, let’s not forget that a client’s needs grow and evolve with time. A smart businessperson anticipates that and welcomes an opportunity of increased profits.
Upgrading to a better, costlier service offering or switching to a long-term (e.g., annual) payment plan are all options you can explore when dealing with long-term customers.
How can you use it?
Can your customers benefit from a product or service closely related to what they are already using? Or might they be interested in an upgrade that costs more but represents better value with respect to their needs?
Examples:
- McDonald’s employees always offer you a drink or some fries with your purchase.
- IKEA will soft-sell delivery and furniture assembly as additional services.
- Gyms thrive on offering annual or even lifelong memberships.
- Online marketers earn more by creating enhanced, premium versions of their content.
- You get the idea. If you can’t think of any up-sells or cross-sells to add to your company’s offering, you need to try harder.
