No matter what your industry or business model, companies have one goal: to solve problems. You could solve everyday boredom or revolutionize an entire industry. You have either created a new product, or you are able to innovate on what is already available and how to grow business revenue.
It all starts with an idea you are passionate about. Then, using a name generator tool, you find a great name and build a company that has a growing customer base. It’s satisfying to serve people and provide solutions. It’s satisfying. It’s also satisfying.
Although passion may drive you to solve the problems of the world, the ultimate goal is to make money. Few people are independently wealthy and altruistic. Passion and personal fulfillment are not enough to sustain one’s existence.
An increasing number of entrepreneurs see starting an online company as a way to achieve financial freedom. If you are willing to work hard, however, it is possible to achieve financial freedom online. We want to help you double the revenue from your online business.
They will not require any investment or effort on your part. These are just ways to increase your creativity and make money work harder for yourself. Understanding the principles will make it easy to increase your revenue regardless of how competitive the market is.
Principles of Money-Making in eCommerce
There are four ways to generate more income, regardless of what kind of online business you have. You can actually make more income by using these four methods. These methods are the foundation of any type of commerce and business growth. You can increase your customers, raise the price, increase purchase frequency or increase the amount per sale.
Each method has its pros and cons. Some work better than others, as will be apparent as you continue reading.
15 Ways To Double Your Business Revenue
In the next three years, online shopping will reach more than 200 million customers. These business revenue tips will allow you to reach more customers and increase sales exponentially.
1. Attracting new customers
This method of revenue generation seems to be the most popular in marketing strategies. If you want to keep your company competitive and viable, it’s essential to grow your customer base. This is true for startups and will continue to be so as new trends emerge and consumer needs change. Your initial customer base may outgrow your company.
However, Don’t chase new business at the expense of existing customers or product development. Too many companies focus on attracting new customers when they should be leveraging brand loyalty.
2. Raising your prices
For increasing your revenue, raising your price is a good option. However, this is a method that can be used to increase revenue. Are you able to improve your product enough to justify a price hike? Are your customers satisfied with the product?
Transparency is key if you plan to increase your prices. It’s not enough to simply blame inflation for a price rise.
If the initial price was an offer, were customers informed about this? Customers are getting more value for their money in terms of quality or quantity. A factor outside of your control, such as supply chain disruptions or higher production costs, could make an increase in price unavoidable. Did you notify your customers in advance?
3. Increasing the frequency of sales
A higher overall sales volume will result from customers buying more frequently from your website. For brands selling music, art, or other tangible goods, this is a great way to increase sales volume. What might they do if they only buy one item per month? Or shop on your website every day?
This method can be used to upsell, cross-sell, and repeat business. You can expect to earn 80% of your revenue from repeat business with 20% of your customers.
4. Increasing Per-Customer Sales
Customers who buy trainers may also be interested in socks, sports equipment, and sportswear. These principles will help you strategically deploy them to your customers, wherever they may be on their journey.
5. Add a Sales Bump at Checkout
This is the digital version of impulse buying that you encourage. Think about how fast food workers can increase sales by asking customers if they would like to order more drinks or fries. Amazon does this well too by including a “people also bought” selection in most sales.
It’s important to offer a complimentary or value-added item that is less expensive than the product being purchased. It’s important to mention a value-added or complimentary item before you place your order. This will allow you to increase the order amount by between 15% and 60% depending on what type of product is being offered.
Upselling is done after the initial sale has been completed. (More on this in a moment).
6. Create Upselling Triggers
Upselling is when a customer is offered a comparable product but at a higher price. A car dealer might steer you towards a more expensive model or a deluxe one.
This can be done online but it is more common to use automation after checkout to upsell customers. This is often done by booking websites when customers book a flight or a room.
A popup or email notification will be sent shortly after the final sale to offer a discount on add-ons such as car rentals, travel insurance, or tours. They may also offer discounts for a sportier car rental, extra days, or luxurious accommodations as an upsell. Are you selling vitamins? Why don’t we offer a greater supply at a slightly lower price?
7. Give them An Offer They Can’t Refuse
You have the customer in your sights. They’re about to purchase when suddenly they get cold feet. Offer them a lower risk offer to save the sale. This works especially well if the price or commitment is very long-term.
Customers might hesitate to sign a three-year, pre-billed contract for your service even at a discounted monthly price. They’ll be more open to taking a chance. If you offer a money-back or free trial, they will be more likely to accept it.
Also read: How to Build a Website Redesign Strategy
8. Redesign Your Website
This is usually as easy as updating images or streamlining the layout. One of my clients doubled the number of appointments at their dental practice, by replacing stock photos with images of actual patients. You can also use customer testimonials and user-generated content to encourage hesitant prospects towards conversion. Authenticity is the key to authenticity, and social proof is not as powerful as it gets.
Avoid using stock images and paid endorsements. Make sure that the images that you use are clear and high-quality, and that real people who appear on your site have permission to use their words and likeness. Start by looking at your website from the perspective of the customer.
- Is the layout pleasing?
- Do you have dead links?
- Is there anything unclear or confusing on the page? This is particularly important for product descriptions and images.
- Is the content leading the eye to your call for action?
- Is the CTA simple and clear?
- Increased sales can be achieved by making the process appealing and as easy for customers as possible.
9. Do not Neglect Your Checkout Page
While optimizing your website is an important step, many sales are lost at the checkout. These problems can range from glitchy shopping cart software to a lack of transparency regarding shipping and taxes.
These are the must-have features for your checkout page:
- A detailed product description so that they are clear about what they are getting
- Upfront Bottom-line pricing
- Customer testimonials and trust badges
- Product benefits reminders
- Satisfaction guarantees
10. Offering a Unique Shopping Experience
A little personal service can make a big difference in an age of calculated technology. This is the perfect time to make use of data and deploy automation to your advantage.
Data mining and website analytics, for example, will give valuable insight into which pages and products are most popular, how customers interact with your content, and even when your audience is most active. You can access customer history databases to view past purchases and inquiries.
This information can be used for creating detailed customer profiles and personas. Flash deals can be unleashed via Cold Email or Sms Marketing. A curated, personal shopping experience is created to meet customer needs.
11. Ask Customers What They Want
Asking your audience directly is the fastest way to get to know them. You can do this via email, a customer satisfaction survey using Survey Templates, or by polling your audience on social media platforms.
You can also read customer reviews on similar products via sites like Amazon. Or, go directly to the competitor’s website to see what their customers have to say. You’ll be able to identify opportunities for improvement in your services.
12. Create Multiple Landing Pages
Is it still possible to create one landing page and expect it to convert? There are no two customers the same. They are also not at the exact same place in their journey. Some customers know what they want, so they choose a straighter path to conversion. Others are more hesitant and may need more information.
You can segment and refine your audience using the most precise metrics and create a separate landing site for each segment. This is particularly important if you have a customer base that is split between professionals, casual users, and business customers.
A janitorial company is more concerned about performance than someone who needs to clean the house. Professional athletes won’t be looking for the same features as weekend runners.
Depending on the type of landing pages, they can also serve different functions.
Product landing pages can be used as lead magnets to attract prospects to your site. After completing a purchase, check out landing pages that can be used to keep people on your website.
There is no limit to the number of landing pages that you can create per campaign. The more landing pages you create, the better. research shows that 15 landing pages can increase conversion rates by up to 55%. Conversion rates for websites that have 40 pages or more increased by 500% The simple act of addressing customer pain points directly increased conversion rates by 80% compared to standard content that uses a generic CTA.
13. Split-Test Critical Elements
It happens all the time. You have built a great eCommerce website and everything is optimized and you’re active on social media. After that, launch day is over and nothing happens. Perhaps people visit your site but only browse the site and then leave. It was all worth it, but there was nothing left at the end.
Perhaps the subject in your email was not as compelling as it seemed. Maybe you have chosen the wrong social media platform. After A/B testing different images, we discovered the dilemma in our dental practice.
To determine which elements are most effective in engaging and converting your audience, you should test each element of your website, campaign, or platform before it goes live. You should only test one element at a time and use a large number of audiences from similar demographics. Also, make sure you test for long enough to obtain reliable results. It is a good idea to test for at least one week with 1,000 prospects, 500 control subjects, and 500 test subjects. To organize your split test, you can use the weekly schedule. This will give you a better understanding of the situation.
14. Optimize Product and Service Descriptions
Remember that you aren’t selling products, you’re selling solutions. Make sure your product descriptions address customer pain points. Product descriptions and Images should highlight features. That directly addresses what your audience is looking for from your brand.
15. Offer Exemplary Customer Service
Your brand is shown to the average consumer seven times before they become aware of it. Before making a decision, they will research your brand using multiple devices, look at your social media and read reviews online.
You should be available 24 hours a day to address any concerns and answer questions. You can do this by putting an email address and a customer service number on each page of your website as well as on all your social media profiles. Automate chatbots on your website and SMS messaging.
Pay attention to your Google My Business listing and other online listings. Recognize mentions and address negative comments and reviews promptly and publicly. You must be transparent and authentic and stand behind any claims that you make.
Whatever your company’s underlying mission, the ultimate goal of your company is to increase revenues. These tips will help you to develop actionable skills. Attracting customers and maintaining good relationships with them will increase sales.