As business owners, something that’s often on our mind is how to increase revenue each and every month. Even if you’re content with what you’re bringing in now, considering ideas and ways to grow your monthly income is always in the back of our minds.
But, figuring out exactly how to do that can feel overwhelming and sometimes the first things we think of are creating new or more products, instead of just focusing on what we have in front of us. I’ve been guilty of this many times before.
Thankfully, I’ve learned there are 3 straightforward ways to increase your revenue month after month and none of them require you to create new products or do crazy dance videos on Tik Tok!
3 Straightforward Ways to Increase your Revenue This Month
1. Raise your Prices
The easiest and quickest way to increase your monthly revenue is to raise your prices. And if you’re thinking “I can’t just raise my prices!”—ask yourself, why not? Pricing is a very subjective thing and finding the right price point can be challenging.
But, if you’re at a place where you can’t take on any more work, but still aren’t earning what you want, a price increase is necessary.
If you’re nervous about raising your prices, make sure to read the post linked above to walk you through how to do it the right way. Then, make sure to download my free pricing guide to help you set your new prices and feel confident with them.
2. Increase the Number of Repeat Buyers
Selling to someone who has already purchased from you in the past is actually a heck of a lot easier than trying to go out and find new customers.
Look at your offerings and make sure that you have multiple different products that tie together. When you do, it makes it easy for a previous customer to come back and want something else you have to offer, especially if they’ve had a good experience.
So, how do we bring those repeat buyers back in? Email! This is why it’s so important that you have an email list and are actively focusing on growing it. When you have a new product or service to offer, create a simple email to your list and shoot it out there. It’s easy to post it on social media a few times and think people have seen it, but that couldn’t be further than the truth.
On social media, we’re browsing, often just looking for entertainment, not actual ways to grow our business. The conversion rate for email is insanely higher than social media, so make sure you’re sharing your offers with your email list frequently to encourage those repeat buyers.
3. Increase the Cart Size
You’ve seen this before whether you realize it or not. When business offer bundles, or last-second add-ons to your cart, or even the option to get free shipping if you only spend $11 more! These are all easy ways to increase the overall size of your cart.
When talking about your offers, talk about how two of them work really well together. You could even offer a special discount when people buy a bundled package of your services or products. This is such a great hack for digital products and courses because you’re not actually having to do any extra work or send actual product.
You can use your cart service, like Thrivecart or Samcart, to add up-sells to your cart. This means a customer would add something to their cart and after they hit checkout, they’re brought to a limited time only page where they can add something else to their cart at a discount, but only at that exact moment.
Think about your offerings and where it could make sense to add-on an up-sell or create a relationship to another product of yours that makes it a no-brainer for people to select both items.