10 Tried-and-Tested Ways to Grow Your Business Revenue

Business, Magnet, Money, Finance, Marketing
Featured image credit: Tuncay GÜNDOĞDU/iStockphoto.com

Like every field service business owner, your goal must be to grow your business and generate more revenue. Regardless of the number of customers you are serving or how dense your distribution channel is, your bottom line marks the difference between a thriving or a struggling business. This is because your customers do not care about your profit margins. They want more efficiency and transparency at a reasonable price, and this can go beyond how your employees make them feel, and how convinced they are with your goods or services.

Any management book will tell you that the fastest and most effective way for any small business to increase sales revenue is to get its service quality and pricing right. Providing the right product or service at the right price can maximize your revenue far quicker than expanding your customer base. However, with the field service businesses becoming competitive, owners have started to design sales strategies that not only focus on expanding, but also improving business activities that drive revenue and increase profit. This is the reason successful business owners place extra emphasis on the top line as they create their sales strategies.

Here are 10 of the many proven ways to increase sales revenue:

1. Adjust Pricing

Often when we want to increase income, we focus on increasing sales and decreasing costs, yet tend to ignore pricing. In fact, according to a report, a mere 1% price adjustment can result in almost 11% higher revenue. If you want your customers to understand what exactly they are paying for, and what service quality or extra features they can expect from you, they may not mind paying a higher amount.

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2. Introduce Operational Changes

To improve revenue, try cross-selling and up-selling by offering new services that complement your existing services. To attract new customers, you may consider offering a bundle of pick-ups or deliveries at a discounted price. Employing management techniques such as Lean Six Sigma to eliminate process inefficiencies is also a reliable way to generate revenue. You will have to think outside the box to improve your processes as well as operating income.

Want To See For Yourself How Route4Me Can Boost Your Profits?

Whether you want to slash the time it takes you to plan routes for your drivers, increase the number of stops they can make, or keep your customers satisfied knowing that your drivers show up on time… Route4Me helps you achieve that!

3. Improve Customer Support

Poor customer service will impact your reputation, and eventually, profits. One negative customer experience can result in a scathing online review, which could significantly reduce customer retention and lead generation. According to a study, a bad customer service experience can result in 58% of customers not doing business with that brand, 55% choosing to do business with a competitor, and 52% spreading negative word of mouth about that brand. Since acquiring new customers is costlier than retaining existing ones, you must provide experiences that will translate into higher profits.

4. Invest in Advanced Tools

From ensuring timely deliveries to all the back-end paperwork, there’s hardly a moment to monitor drivers and manage schedule adjustments. That’s why route optimization software is integral to field service businesses. An advanced route optimizer like Route4Me with Dynamic Route Optimization™ technology can create accurate and optimized routes in less than 30 seconds, thereby reducing travel times, improving customer experience, and reducing fuel costs.

Also, Route4Me comes with an interactive map feature that shows you where you’re doing well and where you’re not doing so well. It’ll also show you how much it would cost to expand into a given area, taking into account all the factors involved, such as the price of gas and the wages of your workers. The software even comes with a color-coding feature that allows you to identify hot and cold leads from just a glance at your map.

5. Monitor Online Reputation

Your business’s online reputation is critical to increasing your business income and ultimately improving profits. The majority of customers read online reviews to evaluate field service businesses. Taking control of your online presence and strengthening your online reputation is key to both retaining existing customers and attracting new ones.

6. Leverage Social Networks

There are tons of popular social networks, but not all of them are relevant to your business. You need to identify which networks are best suited for your needs and learn how they can help you. If you provide excellent customer experience on social networks, according to research, customers will reward you in several ways. Nearly 70% of people will be more likely to use your product or services; almost 65% will be more brand loyal, 25% will be less likely to visit a competitor, and 43% will be inclined to make a purchase.

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7. Understand Customers’ Needs

Customers like when the business they are dealing with understands their needs and offers the best services at reasonable prices. Your field employees can use a field management software app to view the client’s data and understand clients’ needs. This information can then be used to upsell and provide personalized services, making the customers feel valued.

8. Build a Responsive Website

Having a responsive modern website is critical for increasing your business revenue and attracting more customers. Make sure your site renders well on a variety of mobile devices. The objective of your website is to educate your customers so they can make an informed decision when availing of your services. A responsive and informational website is an essential marketing tool at your disposal.

9. Encourage Referrals

Customers usually don’t refer unless you ask. The most reliable way to earn referrals is by providing excellent quality services at reasonable prices. Another simple way to gather references is to inform your existing customers that you are looking for new customers. Don’t hesitate to ask your current customers for recommendations, and don’t forget to thank them later for the referral business.

10. Make Use of Email Marketing

Before you read further, pay attention to this: According to a report, email marketing has an average ROI of $38 for each $1 spent, and, as mentioned in another survey, email marketing is 40 times more effective at acquiring new customers than popular social networks.

There is no doubt that email is a powerful marketing channel for driving customer engagement and improving the bottom line. Emails can be a goldmine for field service business owners who know how to use it effectively and ethically. Emails are so versatile as a communication medium that they can help you accomplish any marketing task and achieve any strategic goal.

Conclusion

The profitability of your field service business depends on your ability to reduce costs and increase sales. Your best bet is to build efficient processes and focus your sales efforts on existing customers. You can also segment your customer base and utilize upselling and cross-selling techniques. Following these revenue-generating ideas for business will help you increase revenue streams and significantly increase profit margins.

Want To See For Yourself How Route4Me Can Boost Your Profits?

Whether you want to slash the time it takes you to plan routes for your drivers, increase the number of stops they can make, or keep your customers satisfied knowing that your drivers show up on time… Route4Me helps you achieve that!

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