There are two ways to grow your revenue: increase the price of your products and services and grow your customer base. Since the disruption that comes with price inflation is unpredictable, the safest bet for growing your revenue remains acquiring more customers, unless the changes in supplies are so dire as to necessitate passing it on to the customer.
Attracting customers is not easy because the competition so you have to always be one step ahead of them. You can compete with other players in the industry by improving your product quality and providing better services.
Market your business
You won’t get any clients if you don’t market your business even if you have the best products and services in the market. Promote your brand online and offline and tell the people the value you offer them besides the cost of the product.
This should include an extensive description of your products and services so the consumers have a reason to choose you over your competition. You may want to hire professionals to market your business (Read More) since they already have the experience and connections to put your business in a good position for profitability.
Understand your customers’ needs
Do not agree to a client’s request before you fully understand what they want and what it takes in order to secure a job.
That is a recipe for disaster because you might realize after you put pen to paper that you underquoted the project and now you have to work with limited resources or renegotiate with customer, neither scenario portrays you in good light. Worse, you might find out that the customer’s requirements are beyond what you can deliver.
So, it’s important to take your time to fully understand what the customer wants and their budget so you can give them a suitable product, package or service that meets their objectives.
Get good reviews
Reviews are important in business since they add to your credibility which is a quality many consumers look at before doing business with any entity.
There are many review sites that most consumers go on to a background check on a business before they do business with them. This is because a review provides a first-hand experience of how you treat your customers and go about your business.
When you successfully deliver a service or a product, ask your customers to review their experience with you on these sites. Of course, you must deliver a stellar service if you want a five-star rating.
Offer a package
Instead of engaging in price wars with your competition, you can offer your customers a package deal instead of a single product. This is a great way to take the wind out of the sails of your competition.
You will be offering your customer a value rather than a product or service. These can be things like after sales support, longer warranty cover and free installation.