Whether you have just started out in business or you have been established for a number of years, one of the most pressing questions on your agenda will be how to grow revenue. If you were to type "how to grow business revenue" into Google, you'd be hit with thousands of legitimate and proven strategies.
Sadly, these effective strategies will sit alongside many more not-so-effective strategies in the search results. The trick is to find the tactics that work and to dismiss those that could result in losing you money rather than making it. In this article, we'll take a look at five actionable ways you can increase your order value, as well as ways you can build these tactics into your sales model for repeated success.
1. Always Look for the Upsell
So, you're selling products. That's great, but did you know that upselling and cross-selling could help you to achieve 10-30 percent more revenue? For upselling to work effectively it must offer real value to the customer. You want them to believe they are already getting a good deal and that your upsell is going to give them even more value for money. For example, if you are selling a car, you have the perfect opportunity to offer an extended warranty at a discounted price or a professional valet service for a few dollars more.
Smart Upsells by Surge Apps is one of the smartest ways to increase revenue with minimal effort and, because there is no coding required, you can get started right away.
2. Tap Into the Power of the Bundle
How can you convince your customers to buy more products in one go? With the bundle deal, of course! It's a strategy that has been working for brands large and small for years. From computer bundles containing everything you could possibly need for life, work and play, to the famous McDonald's "Extra Value Meal" bundle, this is one of the most effective ways of offering your customers more for less while also turning over a respectable profit in the process.
3. Deliver With Free Shipping
If you are experiencing an abundance of abandoned carts, it could be your delivery charges that are putting customers off. The more you can save your customers, the more likely they will be to complete the checkout process and return to you time and time again. Free shipping is one of the most effective ways to do this. Unexpected or high shipping fees can turn that good deal into a "no deal" for customers, so where possible offer free shipping as standard across your products.
4. Offer Incentives, Promos and Discounts
Running sales and discounting your products can be one of the most effective ways to generate more revenue. Your prices may already offer incredible value, but there is something about the words "sale" and "discount" that can really give your customers a nudge in the right direction.
In addition to offering sales and promotions via email or your website, give your checkout conversions a boost by offering discounts or loyalty points to customers who share their shopping cart on social media channels. Checkout Hero by Booster Apps offers incentives to customers who spread the word about their purchases and can really help you to increase conversions and revenue.
5. Get Personal
One of the most effective ways to persuade customers to make a purchase is to personalize your brand experience. Whether you are sending emails, offering discounts or conversing with customers over social media, adding more personalization will result in a higher level of engagement.