How to Grow Revenue

JIM LOGAN: Whether you are Microsoft or a mom and pop shop, there are truly only three ways to grow your revenue.

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How to Grow Revenue:

-Acquire More Customers

-Get Customers to Spend More -

Encourage Repeat Visits

You can get more new customers, increase the value of your average sale, or increase the rate and volume of repeat business. Typically, most people just focus on the first one— getting more new customers. But you want to be sure that you don’t overlook the other two ways, they are powerful ways to get more revenue into your business. Increasing the value of your average sale is taking a $100 customer and making him a $150 customer.

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How to Increase the Value of the Average Sale:

-Up-Sell

-Cross-Sell

-Down-Sell

You can do that through up-sales, cross-sales, or even down-sales of products, that allow them more opportunities to purchase from you. Increasing the rate and volume of your repeat business is about getting customers back into your shop more often. So while they might purchase from you once a week, once a month, or once a quarter, it’s just increasing the frequency of that purchase by offering them more services, more specials, more bonuses, to get their business.