In the early stages of running a business, revenue is often hard to come by. You’re excited by your brand and believe in its potential but need revenue to pay the bills and keep the dream alive. Here are some ways to generate more revenue for your startup!
Focus on Repeat Customers
As a new business, it’s easy to focus on generating as many new customers as possible. You want to get your amazing products into the hands of customers, and this is understandable. However, repeat customers make the difference. Why are repeat customers so important?
- They’ll keep spending money with the brand
- They’ll leave positive reviews online
- They’ll recommend the service to others
If you don’t look after repeat buyers, you’re relying on new customers to keep the business going. Why do this when some people will become loyal customers?
Offer Discounts and Special Offers
As you may know, you must be sensible with special offers and discounts. Why? Discount your products too frequently and people will be reluctant to ever pay full price. Why should they pay full price when they know another sale is always around the corner? Yet, you can encourage more sales in other ways. For example, this could be free delivery, free shipping, complementary products, or special offers.
Engage on Social Media
Next, we’re starting to see the role that social media can play for new businesses. If possible, engage with prospective customers on social media and use this channel to answer their questions. In some cases, an answer you provide on social media can be the difference between them choosing your brand and going elsewhere.
Whether on Facebook or Twitter, engaging with people on social media shows the world that you take your customers seriously. As well as responding to positive comments, you should address any negative feedback and attempt to correct problems. Sometimes, a simple comment on a post can encourage people to recommend your brand to others.
Use the Full Marketing Rainbow
As you probably know, marketing is an extensive field right now. As well as using social media, you can use content marketing, SEO, PPC advertising, email marketing, and traditional campaigns. Even as a local business seeking customers in the community, you’re not just restricted to sticking leaflets through doors.
In 2022, assess your options and reach out to your market effectively. With local SEO, your business will appear to local people looking for solutions of your kind. Not only is your goal to appeal to customers, but it’s to do so more effectively than competitors. Unfortunately, you can be certain that your competitors are utilizing the many tools available to them. Thankfully, the King Kong agency knows all the best tricks for success (and outsourcing will relieve lots of stress!).
Another fundraising idea is to run a competition – so long as the prize is worthwhile, people will provide their details and enter. One of the best things about competitions is that many people who miss out on the prize will have built up the idea in their heads so much that they will purchase the product anyway. Also, you have potentially dozens or hundreds of leads to contact.
To benefit from this strategy, make sure the prize is worth winning, gather the contact information of leads, and generate excitement on social media.
With these tips, you can generate more revenue in these early days for your business. Elsewhere, we would suggest attending industry events, networking with others, collaborating with influencers, and keeping a close eye on the success of your pricing strategy. Good luck!