5 ways to grow your business
New Delhi: Growing your business basically means growing the revenue of your business. Coming directly to the topic, what should a business do to increase its revenue. There are more or less only 5 ways in which a business can grow its revenue.
1. Increase the number of Customers: To increase the revenue the business should keep adding more and more customers to its base. Because as the customer base is expanded, the less dependent a business becomes upon a single customer.
2. Increasing the revenue generated from each customer: If you are selling one product to a customer, try adding one more product to it for the customer. Tell him about your product so that he becomes a customer for the other product also. You must have noticed in supermarkets that mostly when a brand launches a new product into a market, it bundles it up with the most selling existing product so that it reaches out to the maximum number of customers.
3. Increasing the cost of your products: Keep a tab of your most selling products. As an owner, you should easily identify the products or services which is generating high revenue for you. Then you should do a simple analysis on why people are buying your product, is it for the price, is it for quality or is it because of ease of access? Identify the differentiator for your product/service and if you can afford then increase the price of your product.
4. Adding service to your product: Do you know why people love to go back to a particular place again and again? Its because they feel a sense of oneness with that place, they connect to that place or person, and how does this connection happen? This happens when you say that we are with you, we are listening to you, we are walking with you. Businesses don’t say this literally but they show this affection through their actions. If your business is into selling products then giving an after-sale service could ramp up your image in customer’s mind like anything
5. Increasing the frequency of your product: If you have an audience who is buying your product regularly then think of ways how you can sell your product more frequently, i.e. if a person buys your product once every 45 days then you should make him purchase once in every 30 days. There is one very famous story of how a toothpaste brand increased its revenue by 40%.