Revenue generation is that fish’s eye, which every entrepreneur aims. Each and every day, as an entrepreneur, you face tasks that repeatedly compete for your attention, but one task, that you just can’t do without? Its Revenue Generation …You cannot feed your business with hard work alone, nor could you suffice on optimism alone. It’s the revenues that pay the bills, it’s the revenue that keeps the concern going. So what all are the idea or the mantras to feed that revenue beast?
Let us walk you through some quick and sure shot ways to hit that revenue dart.
1. Leverage Your Existing Fan Base
Your Fanbase – your greatest asset. We hope you know that. Your Goodwill, your revenues, your market share, all are determined by one single factor; Your People. They’ve loved you ever since and would love to welcome any innovation that comes their way. All you need is to initiate pondering over their behaviour patterns and preferences and start by asking, what all innovation do they need in the existing product line so that it suits them in best possible way. This way, you’re shortening the buyer cycle, increasing the conversion rate, thereby fostering revenue growth.
2. Consider a Freemuim Business Model
As they say, “pehle istemaal kre, fir vishwaas kre. Arrange to offer for a basic or stripped down version of your product for free. This model, as was proposed by venture capitalist, Fred Wilson says the more you let your product be tried, the more sales it drives. It not only drives product adoption but also scale down adoption costs that would otherwise suffocate the startups.
3. Hone your Pricing Strategy
Shaking the equilibrium of your price level is one of the fastest ways to generate revenues into the enterprise since the price is one of the most crucial elements in determining the purchase decision of your product. Market trends change, so should your prices. They should neither be at the ceiling nor at the bottom level. A price churn should be in a way that your retention rate is not affected and it should supplement your revenues. Have a consistent hawk-eye to check the effect of prices on the purchase patterns of the consumers.
4. Participate in Coupon Programmes
Distributed in the form of handbills along with newspaper or magazines, they are your excellent salesman publicising your product and scaling up the revenue charts ever since. And a hearty thanks to electronic media, where they can be distributed even for free without any overhead of distribution costs. Companies like Groupon and LivingSocial aggressively ask for companies wishing to offer their products at a discount in return for exposure to their large market of coupon users.
5. Create an all star sales team
According to a recent survey by The Bridge Group.inc, it has been reported that only 38% of the salesperson actually understand and create the match the between business and customer needs. Hire reps who are well talented in conveying your business crisply to the masses and are relentless in winning. It’s by to the virtue of salesman that the business gains a competitive edge.
6. Go Nuts with Remarketing
Earning social media limelight is also essential. A supplement to your online marketing is, remarketing. Another boon for startups where they can tag site visitors and welcome them back whenever they’re minding their business like Facebook, or other social networks. It turns abandoners into leads and this is one such technique which not only helps out the vulnerable startups but also leads to rapid revenue growth.
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