Any business will find “Revenue” at the head of their accounting. It really is the element of the business against which all other elements are measured. After all, without income how does a business pay its people, its bills, and its taxes? The answer is that it can’t … and any business starved of cash will, inevitably, die.
So, let’s take a brief look at how we can affect revenue streams and bring cash into the business:
- Focus on Your Market. ...
If you’re in a seriously competitive environment you need to differentiate yourself – one key differential is niche – picking out a key aspect of your product or service that appeals to the customer and basing your sales proposition around that.
- Reach Out to Repeat Customers. ...
If you’re not tracking your existing customers and taking them through your sales funnel, you’re missing out on easy sales. It’s far easier to keep a customer, than generate a new one.
- Use Brilliant Product Descriptions. ...
If you’re sales copy/imagery/packaging isn’t up to scratch, your buyers will assume your product isn’t up to scratch either. It’s worth a little investment up front to make your proposition zing.
- Stop Forcing Users to Register Before Buying. ...
You’ll end up with a tasty mailing list, but no buyers. The least number of hurdles you can put in the way of a customer to move them from first sight to basket means higher revenues.
- Use Product Reviews to Your Advantage. ...
Reviews are REALLY difficult to come by, right? Particularly ones that glow! So when you get them, use them. Copy them to your website, your product description, your email signature, tattoo them on your arms … they show trust in what you’re doing, and people buy trust!
- Manage Shipping Costs Wisely. ...
Everyone’s out to make a buck, and that includes your suppliers – in particular shipping costs can get out of control if you don’t keep a close eye on them. Amazon FBA helps tremendously – Amazon handle all shipping for a fixed fee allowing you to predict revenues accurately.
- Sell More with Personalization.
Your customers want to know that you know them. The more personal you can make that knowledge, the more they’ll love you. And but from you. And tell their friends to buy from you. And give you reviews that glow.
In conclusion, your revenue stream is the lifeblood of your business and needs constant vigilance. Never rest on your laurels – there’s always something to be done to up those sales.
A word from the author:
Our software Profitizer, is an app that makes it easier for eSellers to understand their marketplace profit & loss data from the top of their business right through to individual or grouped product profitability. For Amazon, eBay, Etsy and other marketplace sellers, Profitizer is “Profit and loss, made simple”.
Find out more: https://www.profitizer.app
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