Let’s talk about revenue.
For those of you looking at your current balance sheet and wondering how in the world you’ll get there by the end of the year, I’m breaking down a few simple, proven strategies you can implement to see massive growth in hitting that bottom (or top) line.
1. Raise your prices.
Want to know the #1 way to increase revenue without adding additional work? RAISE YOUR PRICES.
Spend an afternoon doing a little internal audit of your services, products & pricing. Determine how many clients you need to book or products you need to sell this year to reach your stretch revenue goals. If it’s a lot…as in, that amount of work will leave you completely burnt out, it’s time to start charging more.
For example, if this year’s annual revenue goal for your design agency is $100,000 and your average service costs $2k, you will need to book 50 client projects this year to reach your goal. However, if you start charging $10k for that same package, you only need 10 clients. And if you book 50 clients, you’ll make $500,000 in revenue. Simple. But hugely profitable.
If you’re wondering if it’s time to raise your prices, here are a few things to consider…
What is the value of your product or service?
The first thing to look at when deciding to raise your prices is the value your service or product holds for your customers. Will your offerings allow them to raise their prices? Sell more of their products? Book more clients? Reach new audiences? Gain new opportunities? Automate their processes? The list goes on.
For example, we have seen our clients double their revenue and quadruple their client roster after working with us. We’ve seen them go from being a brand nobody has heard of to an iconic leader in their field. The websites we build for our clients have the potential to bring in hundreds of thousands of dollars in sales. We’ve helped our clients organize and effectively present information that’s saved them time and money answering emails or hopping on long sales calls.
Your prices should reflect the value and ROI your product or service brings.
Are you presenting your brand in a way that LOOKS as valuable as it is?
How you present & position your offerings is EVERYTHING. Presentation adds perceived value. There is a reason why beautiful things cost more – they look more valuable.
Your potential clients and customers probably don’t know how good your product or service is yet. All they have to go off of is the way it looks.
So ask yourself…
If I knew nothing about my brand, would I pay top dollar for what I’m selling?
Do my offerings look as high value as they are?
Do I stand out and compete with other brands in my industry?
If you answered “no” to any of those questions, it might be time to consider investing in a rebrand. You are probably leaving a lot of money on the table, purely because you don’t look like the high-value brand or expert that you are.
What does the experience feel like for your customers?
What happens after the customer buys? Will their experience after purchasing reinforce their decision to buy from you? Was the experience one that will make them want to buy again? Will they tell their friends or colleagues about you?
The customer experience after purchase is just as important. For service-based businesses, this comes through in your client process, the way you communicate, how well the client feels taken care of and how your service is ultimately delivered. For product-based businesses, this is your unboxing experience, the culture you’re creating, on-going customer exclusives and how you’re building brand loyalty.
Oftentimes, the customers you already have are your best customers. How are you taking care of them and making them feel valued after they’ve purchased?
2. Invest in education.
New skills can help you reach more people, uplevel your current offerings and better establish yourself in your industry. If you want to increase revenue, you should continually be learning and developing your skills.
Start by identifying areas of your business that you wish you knew more about. Or think about services that would complement what you currently offer to offer clients and customers even more support.
Here are a couple of great needle-moving skills to invest in learning…
3. Outsource and invest in support.
If you see growth in your immediate future, you will need to invest in additional support. As your business scales, so should your team. And as scary as it feels, you need to hire help before the growth comes so you’re ready when it does.
Start making decisions as your next-level self. This will allow you to grow faster, become more efficient, and handle even more growth in the coming year.
4. Develop content & products for a new audience.
Spend 20 minutes this week scrolling through your social media followers. Get to know them. Are your products or services for them? If 20% or more of your followers aren’t your ideal customer, you are leaving money on the table.
Take some time to think about a new product that you could offer. These people are clearly interested in something you currently do. But you haven’t given them an opportunity to convert.
Never underestimate the power of simply listening to what your audience is asking for. It’s probably something completely different than what you think you should offer. Or servicing a new audience entirely. But it will be the most aligned thing you ever do for your business.
Increasing your revenue means trying new things, taking new risks, and learning more than you ever have had before. Step into your next-level self and create a scalable path to revenue growth.
Photo: Clarin J Photo
About the author: Ariel Garcia is a self-taught graphic designer and founder of the creative agency, ByAriel. She is committed to pushing the boundaries of creative innovation and carries that into each project, campaign, or brand she’s a part of. She also mentors graphic designers on developing their own unique style and artistry. Ariel’s typical day consists of several cups of coffee, logo designing, collaborating with clients, styling products, and planning her next adventure.
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