5 Tips to Grow your Revenue & Profit without spending on Marketing.

Category: Business and Economy, Entrepreneurship, Productivity 86 0

5 Tips to Grow your Revenue & Profit without spending on Marketing.
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Marketing cost is one of the biggest cost that runs small businesses and startups into bankruptcy. The race to get new customers to buy from you will never end because of need to remain in business. Interestingly, the cost of marketing will continue to increase as your business expand, the need to be in the faces of people will drive your marketing cost up, hence driving your cost up and reducing your profit margin.

How then does a business survive without constantly spending on marketing especially in highly commoditized/competitive market?

I’m going to briefly expose 5 secrets to you business owners that is sure to grow your revenue from anywhere between 50% to as high as 300%.

✔Increase your Conversion Rate: its very expensive to run adverts to gain new leads or sometimes its downright difficult to get new leads but if you manage your sales funnel well, you can reach out to more window shoppers and turn them to loyal customers. Remove a lot of barriers in doing business with you, ease customers pain and you might just increase your revenue by acquiring paying customers from your existing potential customers.

✔Increase Number of Transactions: this focuses on frequency of purchase or repeat purchases. You need to find ways of turning your customers into loyalist/tribe in order to get more money from them. If on the average, your customers comes to buy from you once in a month, getting them to come twice will double your revenue instantly.

✔Increase your Average (Money) Naira spend: this is the average amount each customers spend with you per transaction. It’s important to know that beyond market share, the most potent share you need nowadays is walletshare. You need to get your customers to spend more money with you per time by upselling & crosselling. Sell basic products with average margins to them but ensure you upsell additional services/products with premium margin. This way you can instantly grow your revenue.

✔Increase your Margin: this is the most used method of revenue growth after marketing. It’s often time abused with concentration being on cutting costs either by reducing quality or pruning staffs. Every business has its own peculiarities so it’s not wise to just assume what you need is pruning staffs which in most times leads to loss of quality personnel. I need to point out here that indeed for some businesses they have incurred so much unnecessary costs that has affected their margin adversely such that they need radical pruning of overheads.
Increasing your price could be another potent tool to raise your revenue. It’s interesting that most business owners shy away from it with the believe that it will kill their business or allow competitors get their customers. I will deal with that in depth in subsequent posts but I want you to note it now; price increase is also a good tool to achieve revenue growth.

✔Speak to an expert: its easy to be bias when assessing your business. Hence, speak with a business expert to put you through in choosing the best growth plan for your business, customized implementation plan and guide you along the way. It will definitely cost you money but, Wouldn’t you rather spend a small sum of money to achieve exponential revenue and profit growth?

I understand that this is a general post and might not address your own peculiar challenges, hence you can get *15 minutes to pick my brain for free* on how you can utilize any or all of these tips to achieve revenue & profit growth.
In order to make it easy me to manage, you need to book your appointment ahead of time so that I can assist many people without burning out.

Click the link below to book the appointment now.
https://calendly.com/abayomiadewumi/alignmentsession

Your success is not negotiable
@abayomiadewumi
Your Growth Partner5 Tips to Grow your Revenue & Profit without spending on Marketing
===========================
Marketing cost is one of the biggest cost that runs small businesses and startups into bankruptcy. The race to get new customers to buy from you will never end because of need to remain in business. Interestingly, the cost of marketing will continue to increase as your business expand, the need to be in the faces of people will drive your marketing cost up, hence driving your cost up and reducing your profit margin.

How then does a business survive without constantly spending on marketing especially in highly commoditized/competitive market?

I’m going to briefly expose 5 secrets to you business owners that is sure to grow your revenue from anywhere between 50% to as high as 300%.

✔Increase your Conversion Rate: its very expensive to run adverts to gain new leads or sometimes its downright difficult to get new leads but if you manage your sales funnel well, you can reach out to more window shoppers and turn them to loyal customers. Remove a lot of barriers in doing business with you, ease customers pain and you might just increase your revenue by acquiring paying customers from your existing potential customers.

✔Increase Number of Transactions: this focuses on frequency of purchase or repeat purchases. You need to find ways of turning your customers into loyalist/tribe in order to get more money from them. If on the average, your customers comes to buy from you once in a month, getting them to come twice will double your revenue instantly.

✔Increase your Average (Money) Naira spend: this is the average amount each customers spend with you per transaction. It’s important to know that beyond market share, the most potent share you need nowadays is walletshare. You need to get your customers to spend more money with you per time by upselling & crosselling. Sell basic products with average margins to them but ensure you upsell additional services/products with premium margin. This way you can instantly grow your revenue.

✔Increase your Margin: this is the most used method of revenue growth after marketing. It’s often time abused with concentration being on cutting costs either by reducing quality or pruning staffs. Every business has its own peculiarities so it’s not wise to just assume what you need is pruning staffs which in most times leads to loss of quality personnel. I need to point out here that indeed for some businesses they have incurred so much unnecessary costs that has affected their margin adversely such that they need radical pruning of overheads.
Increasing your price could be another potent tool to raise your revenue. It’s interesting that most business owners shy away from it with the believe that it will kill their business or allow competitors get their customers. I will deal with that in depth in subsequent posts but I want you to note it now; price increase is also a good tool to achieve revenue growth.

✔Speak to an expert: its easy to be bias when assessing your business. Hence, speak with a business expert to put you through in choosing the best growth plan for your business, customized implementation plan and guide you along the way. It will definitely cost you money but, Wouldn’t you rather spend a small sum of money to achieve exponential revenue and profit growth?

I understand that this is a general post and might not address your own peculiar challenges, hence you can get *15 minutes to pick my brain for free* on how you can utilize any or all of these tips to achieve revenue & profit growth.
In order to make it easy me to manage, you need to book your appointment ahead of time so that I can assist many people without burning out.

Click the link below to book the appointment now.
https://calendly.com/abayomiadewumi/alignmentsession

Your success is not negotiable
@abayomiadewumi
Your Growth Partner

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