If you are a business owner or an entrepreneur, than ideally sales is top of mind and/or something that you focus a large percentage of your time on. Or so you would think! However, what I find is that many entrepreneurs are uncomfortable with sales or they become stagnant in their sales process. After owning Kidville Bethesda for 8 1/2 years it is easy for me to continue to crank out the same marketing programs that I have been doing for years. But, is that going to be effective in reaching the new millennial moms or to continue to grow my business? Probably not! The challenge for a successful business owner is to continually be creative, innovative, and driven on how to increase sales.
Which is why I loved this recent episode on the Rise Podcast with Rachel Hollis. She talks about just this challenge and shares a few great suggestions! She shares 3 Ways To Increase Your Revenue By 30 Percent – a model that she learned from Jay Abraham. What is crazy about the 3 strategies that she shares is that they are all super obvious and not rocket science BUT there is likely at least one strategy that you are not focusing that you could be!
1. Increase your number of customers – This is the most obvious of the three but there is still likely an opportunity for you to revisit this. What are new marketing tactics that you can implement to drive NEW customers to your business. Customer referrals, increase social media presence, new email marketing strategy? For me at Kidville I have found that Facebook Groups have been an effective way to spread the word among a new audience.
2. Increase your average transaction size – This is probably my favorite strategy and likely the one that is least utilized. If you have a customer that loves you, knows you, trust you – why not figure out how to get that customer to spend just a little bit more with you? It is much easier to get a sale from someone who already knows and purchases from you then to find someone new. If you increase the average transaction size of each customer, you will increase overall revenue. At Kidville this might mean upgrading a single class member to a double class membership.
3. Increase the number of times people purchase from you – Similar concept to the above but this is the idea of figuring out new products or services to cross sell to your existing base and touching base with them more frequently to remind them to spend with you. Again, they already love you and trust you and will likely be happy to buy something additional from you if you cross sell them the right product! At Kidville this would be the idea of knowing the birthdays of all of our class members and actively cross selling birthday parties as their birthday approaches. On the coaching side of my business, I offer a discount to my meetups for my mastermind participants and I reach out to all my groups in advance of the meetup to remind them of the discount and prompt them to join me. It is not just about getting them to spend more, it is about reminding them at the right times and more often. Make sense?
I would love to hear from you on ideas you have for increasing revenues in 1 or all 3 of the buckets above! Comment below or head over to the Mompreneur Tribe to join in on the convo! Need help applying these ideas to your own biz? Let’s set up a free consult to see if I can help you! And definitely listen to Rachel’s whole podcast episode for more great ideas and motivation!