New and Old Ways to Increase Your Revenue
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According to Mark Cheplowitz, the president of Wizard of Ah’s, a New York City-based international event planning and producing firm, “you need to get creative when it comes to bringing in the dollars, and you will find that your bottom line will be happier for it.”
If you are looking to increase revenue for your small business you can employ some NTR methods or the back to the basic methods. Both work well. You might even want to try a combination of both. Some examples of the newer methods include a traveling workshop and subleasing space while older methods include creating an e-mail list, writing an e-book, ad copy with a postscript and selling backend products.
When it comes to finding ways to increase your revenue, you can go with the tried and true methods. You can also try some new, modern “nontraditional revenue” or NTR. The idea behind NTR is to try new and previously untraditional methods to drum up sales. To use these strategies, you must think creatively and be able to think beyond the ordinary and everyday.
New and Cutting Edge- NTR Methods
Many people who are involved in television and radio advertising know all about NTR. As an example, you might want to produce a themed trade show at a hotel in your community. This works especially well if your business is a consumer service oriented company, such as a bridal gown shop, a travel agency, a catering service, a pet service or a floral shop. Another option is a traveling workshop where customers and employees can reap the benefits of a one-day seminar. You can also feature demonstrations by experts who pay you to purchase sponsorship opportunities to ply their trade.
Two other smart NTR options include subleasing space in the building where your business is housed in order to rent to other small business vendors, as well as renting out your professional space for other types of events. The latter works best if you have a sought after location, a very unique office setting or work out of a large building or warehouse.
Source: Entrepreneur.com
Back to the Basic Methods- The Tried and True
To drive sales and earn you money, there is nothing wrong with sticking with what has worked for other enterprising individuals in the past.
1. Build an e-mail list for your business and then create an e-mail newsletter and send it out to everyone on your list. The best thing about this option is that it is cost effective. Regardless of how many individuals you send it to, the cost is the same. This is a very budget friendly means of reaching out to potential clients and promoting your goods and services.
2. Use existing ads to encourage more traffic to visit your website. The smartest thing to do in this case is to make your ads as compact as they can be and increase the frequency with which you put them out there. This will increase your exposure.
3. Track the ads you put out in cyberspace. You can do this either by using promotion codes or special tracking numbers. This is a way of knowing which ads are paying out and which ads are not making the grade.
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Promote your business website at every opportunity. This means include it on all of your e-mails and letterhead. Use your website as a place to earn money in more ways than one. For example besides selling your own goods, you could offer ad space or become an affiliate for someone else’s products. Todd Jamieson Founder and President of EnvisionOnline.ca |
4. Develop an e-book and offer it to visitors for no charge from either your e-mail newsletter (or ezine) or your website. Everyone appreciates getting a freebie from time to time and this is a way to put yourself in the good graces of others, in order to encourage more traffic and sales.
5. Do not attempt to sell too many goods and/or services at a time on your website or you will confuse and overwhelm visitors and they will be less inclined to buy from you.
6. When you write ad copy for your business end it with a postscript that emphasizes an advantage your goods and services have over their competitors. Another option that works well is to offer a complimentary reward.
7. Provide some personal information about yourself on your website so that visitors and customers see that you are so much more than just a business trying to make money. In turn make sure your contact information including business telephone number, e-mail address and fax number are clearly visible so visitors do not have to struggle to find the information in the event that they need to reach you.
8. If you have backend products, sell them to your customers after they have placed an order. An option is to have a “Thank You” page set up after the order has been placed and here you can have other products they might be interested in purchasing.
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