Profit making is the essential goal of any company: even those primarily motivated by providing a good product or service acknowledge the need to make enough to keep their lights and the lights of their employees on.
However, to have a healthy and robust bottom line, you need to consistently generate even more sales and revenue – something that can be difficult when you’ve used up all the tricks in your sales arsenal.
Even so, there are many ways to boost your organization’s sales revenue and add a double digit or even triple digit increase to your company’s profit margin.
Offer a Steep Discount
Technically, this could get tricky as it largely depends on the nature of your business. Most small retail businesses and stores can actually do this – typically in the form of clearance sales. Big businesses like Boeing for instance, aren’t able do this because it could actually impact them negatively.
That being said, if you run a SaaS business or own a line of products, you can consolidate your services or products, offer a one time significant discount and watch the revenue roll in.
For example, if you were to offer a steep discount of 40%-70% for a short period on a line of products or services that usually costs $3,000, you will generate significant revenue without taking a loss.
Offer Complementary Services
This is a tried and true method that will comfortably generate even more revenue for your firm. For instance, companies offering landscaping services can also offer swimming pool maintenance services.
These do not require any extra manpower, aren’t necessarily difficult and can be done alongside your core business. Doing the swimming pool maintenance will surely generate even more revenue for your company. The same goes for being a speaker or an author. You can offer consulting or VIP sessions for even more revenue. If you cannot spare the time for additional training on this complementary service in-house, consider partnering with a local company that specializes in the service you want to offer as a complement.
Offer Travel Incentives
This is particularly rewarding for employees. According to the Incentive Association Marketing Recognition Council, companies that offer travel incentives to their employees typically produce 30%-40% more results that those who don’t.
While most employees would prefer a cash reward system, it’s often better to reward them with travel incentives that are bound to boost company morale and motivate other employees to work even harder and close more sales.
For instance, you can offer a juicy travel package for the employee(s) whose idea or team helps generate the most revenue. This will force your employees to think outside the box and come up with even more ways to generate revenue.
While it may not be direct sales like the other tips in this article, travel incentives always indirectly impacts your revenue generation.
Ask for More Sale
This is completely different from raising your rates. Many salespeople advocate this. We don’t. We all know that no one likes it when the price of their favorite milk or coffee is raised. If anything, we all tend to resist that change. So, what can you do instead? Create a few amazing offers.
These offers should be irresistible. Then get in touch with your subscribers or previous buyers and customers and intimate them about the new opportunity, product, or service that you have. This is a no brainer tactic.
People will always buy more from you when you have a particularly good reputation and relationship with your customers. This is the easiest way to raise and generate even more revenue for your business because you already have a list of willing buyers and customers.
Ask For More Referrals
Better still, incentivize those referrals. If you have a great customer base and loyal fans, you could benefit from their loyalty. They are your fans already. Some of them probably do it anyways. So, create an incentive program that rewards them for every referral. The rewards should be significant and have high perceived value; nothing quite as pedestrian as sending them a coffee mug.
- License: Creative Commons image source
Oscar King was once one of the top sales reps in his office before he went to freelance writing full time. Now he offers what he learned to help other businesses improve their sales. One service he does highly recommend both to incentivize employees and as a way to encourage sales are travel incentives offered by GetUpandGo.com. You can find out more about Oscar on Google+.