How to increase sales revenue

6 ways to increase sales revenue

1. Learn from your customers

Check in to see how your customers are getting on. Do they have new problems that you can solve? There may be fresh opportunities right in front of you. Also ask what they like about your product or service, and what could be better. Do more of the good things and fix the shortcomings to broaden your appeal.

2. Introduce a loyalty or rewards program

It may require extra admin to offer loyalty rewards, but it can help increase repeat purchases from existing customers, while spreading the word about your brand.

Example of how to increase sales through loyalty rewards:

3. Bundling and sales promotions

Bundling related products or services is a popular way to increase sales revenue. The idea is to encourage a bigger sale by giving customers a deal. For example you might offer a half-priced bucket to anyone who buys a mop. Your profit from bucket sales will go down, but the overall transaction value will go up.

4. Host events

Invite your customers or clients to events like launch parties, new season previews, demonstrations, or information evenings. There are lots of options. You just need to know what will appeal to your target customers. Events like these often come with built-in sales opportunities.

5. Get involved in your community

Ever wondered how to increase sales to the potential customers that walk past your door every day? Try going out into your community. Sponsoring or taking part in a local event can raise your profile. Make sure it’s something that aligns well with your product or services and your target market.

6. Increase your prices

Raising prices can increase sales revenue so long as people keep buying. Of course, a price hike can also bother your customers so do it right.

Provide enough notice, and give your customers a chance to buy (or renew contracts) before the price increases. Let your customers know of any additional value you’ll be offering in return for the extra cost. For example, you might offer extra services or support, more availability, or a shorter turnaround time. Demonstrating improved value will help your customers accept a price increase.

Increasing sales revenue is half the job

Boosting sales will generally bring more money in the door, but you always need to balance that against costs. If costs go up just as fast, then your profitability will suffer and you may end up working harder without being much better off.

Accountants and bookkeepers can run the numbers and help you figure out how to increase sales without giving up profit.

Disclaimer: Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only. You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content.