With the ebbs and flows of business throughout the year, there are times when you might think “what can I do to increase revenue right now?” – we've all been there.
And while there's plenty of articles that will tell you to simply run ads (hello $$$!) or launch something new (who's got time for that?) we're here to share 4 ways to increase your business revenue right now without spending a ton of time or money.
4 Ways to Increase Your Revenue Right Now
When it comes to short-term cash infusions in your business, we like to say start with what you have and who you know. Rather than spending a lot of time creating something totally new or spending a lot of money trying to find new people to buy whatever it is that you are selling, start by focusing on what is that you already have to offer (your current products and/or services) and the people that you already know (your audience and/or past clients + customers).
It's MUCH easier to sell to people who already know who you are and what you have to offer than to create something new and/or try to sell it to a cold audience!
Run a flash sale
One of the most popular ways to encourage people to take action and increase your revenue is by running a sale – but not just any type of sale, a “flash” sale. Flash sales typically include a shorter buying period and/or a limited quantity or selection (for example a specific product or service). This is a great way to get rid of excess inventory if you have a product-based business and encourage your audience to purchase something before it's gone for good! It can also be a great way to drive interest to an offer that hasn't been getting a lot of attention. When you position your sale as a limited time opportunity, you get people to act now rather than later.
Offer a limited time bonus
If you don't want to discount your products or services, you can incentivize new purchases by offering a bonus to people who purchase from you. For example, you could tell your clients if they book a consulting session, they get a free eBook or if they make a purchase from your shop this week, they get a gift card toward a future purchase. With this strategy, you're not just selling offers, you're giving your customers additional value in addition to motivating them to act now.
Pro-tip: You could also bundle two or more products or services together at a discounted rate for a limited time!
Sell a popup offer
Think about how you could take one specific part of your existing offerings and create a mini version and offer it for a limited amount of time. You want this new offering to be smaller in scope and smaller in price. For example, photographers who offer portrait photography might do a smaller mini session with a specific theme. A health coach could offer a one week quick start meal plan instead of a 6-month program. A social media manager could create a limited time service like social media profile audits rather than their typical ongoing service.
Because a popup offer is only available for a limited amount of time, this incentivizes people to take action. Popup services are also a great way to introduce new customers to what you do without the pressure to invest in larger, more time consuming packages.
Run an affiliate / referral campaign
If you have affiliates for your business, consider running a limited time affiliate promotion to encourage affiliates to share about your offers. You could run an affiliate contest and award prizes to the affiliates who refer the most sales, or you could offer to increase affiliate commissions for a limited period of time.
As part of your affiliate campaign you could send a short series of emails to remind your affiliates how they can promote your business while earning money themselves. You might give them specific ideas on how they can promote your business with emails or social media updates. You could also provide graphics to help them promote your business and even swipe copy so you make it as simple as possible for people to share how much they love your business!
If you don’t have affiliates yet, you can still have brand ambassadors, past clients, or business besties share the word about your business and in exchange for a referral credit or percentage of your sales. Sometimes the easiest way to get new eyes on your business is by having other people who already know you promote it to their own audiences!
Grow your revenue with Styled Stock Society
So those are 4 ways to increase your revenue without spending a ton of time or money. Another way to boost your biz? Investing in your brand with a Styled Stock Society membership! Not only will you get access to tons of customizable marketing templates to save a ton of time when it comes to promoting your sales and other offers, but your membership unlocks tons of other perks, like:
- Access to thousands of beautiful stock photos and videos
- 2,000+ customizable Canva templates
- Monthly caption guides
- Marketing toolkits
- And so much more!