Proven Technique For Increasing Your Business Revenue
Are you looking to increase the revenue for your small business? We know what it’s like to run a small business and we want to help you increase your bottom line. We look at proven techniques for growing your business income so that you can bring in more money. As a business owner, if you’re not increasing your revenue, you could find yourself out of business. We don’t want this to happen to you.
What’s covered in this article?
What are the proven techniques for increasing your income? Here’s a sneak peek of what you can expect in this episode.
- Offer an upsell. Can you offer a higher-tier service to a current customer? Can you find a way to make more money from your current customers?
- Reach out to old customers or old leads but with a new or fresh offering. Your past customers may want to hear about what you’ve been working on.
- Add a premium tier to a current product or service so that you can double your income without increasing your overhead.
- Lower the cost of a current offering. Can you drop the expenses associated with your products?
- Sell someone else’s stuff. Can you promote someone else’s stuff as an affiliate?
Show Notes & Episode Guide
- 2:20 — Have you tried an upsell for your business? They say that your best customers are your current customers. The guys look at real-life examples, from blogging to running a gym about how they were able to offer upsells. Once you already have a customer who’s enjoying your service, you have to find ways to increase what you offer them.
- 6:50 — Have you been upsold recently? The guys challenge you to think of ways that you may have been impacted by this in your own life.
- 8:20 — The second technique involves reaching out to old customers and leads. Sahil shares how he noted excuses from old leads before reaching out to them again. As an entrepreneur, your goal is to be a trusted advisor to someone.
- 12:52 — What happens if you don’t have any old leads? Sahil shares a technique that he relies on for this.
- 14:25 — The third technique involves creating a premium version of your product so that you can charge exponentially more. The guys look at real-life examples from building apps to fitness services.
- 18:56 — The next technique involves you trying to find ways to lower the overhead to bring in more money. Sahil shares an interesting story about how this was applied at Microsoft when an engineer found a small cost-cutting measure.
- 22:50 — Can you sell someone else’s stuff? If you’re not good at one particulate skill or service, you can offer someone else’s services. If you’re not an expert at something, chances are that someone else is. Sahil talks about how he worked with gyms to offer virtual services. The good news is that all major online merchants offer affiliate programs. The guys break down how these types of arrangements could work out. The conversation even turns to Taylor Swift.
- 30:45 — The guys talk about the gig economy and how these apps became so popular over the last few years. They look at examples of how they were enticed to use these services.
- 35:15 — Closing thoughts on putting everything together as an entrepreneur.
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