3 Ways to Increase Your Business Revenue

Your company is comfortably profitable by following your business plan and sticking to your revenue model. Or maybe you’re just in the beginning stages of starting your company, and achieving profitability is still a ways off. Either way, there are steps you can take to start bringing in more revenue without a burdensome amount of additional effort. Read on for three tactics you can employ today to start padding your business’s bank account.

Host an Event

If your business is in its infancy, hosting an event is probably one of the last things on your to-do list. After all, you’re probably trying to nail down your final branding guidelines, arrange your office space and get into a groove with customer processes. But if you think an event is out of the question, think again. With few resources and a nominal time investment, you can host a gathering that will net some additional revenue.

Task employees with getting a donation or two for a silent auction you can hold on behalf of a charity of your choice. Send an email invitation to all of your networks, and encourage employees to do the same. The event can be simple — just the auction and some time for mixing and mingling. If you’re giving to charity, a local eatery is more likely to donate some food and drinks for the event so you won’t be left with the tab. You can also set up a simple display with some of your products or services showcased, and make it easy for interested parties to make a purchase on the spot. By drawing in new prospects for such an event, you’ll gain awareness for your business and make a few bucks. And every face there will remember you as the company that was philanthropic from the start.

Join an Affinity Program

An unlikely way to keep your customers around longer and increase your revenue is through being part of an affinity program. It’s just about as simple as finding a well-respected program that has something of value you can offer to your customers, and showing them the benefits.

A company like Lifelock has an affinity program that boasts a member retention rate of more than 85 percent. By offering identity theft protection, customers have a far better chance of being engaged and loyal, while your business can bring in dollars as an Affinity Programs partner. It is one of those elusive win-win situations. And the best part is once the initial terms are in place, there isn’t much further work to be done on your part.

Make Content Work for You

Most businesses, even in their earliest stages, are aware of the value of producing quality content online. Whether your goal is for customers to have questions answered through your blog or to drive more traffic to your website as a result of SEO-rich third-party pieces, you can absolutely use your content to generate revenue.

First, decide which forms of content you’d like to monetize. Do you want to keep your blog posts free to anyone, but charge for your white papers? Then, create an editorial calendar for whichever forms of content you’re choosing to pursue. You’ll need to be sure you have enough topics figured out in advance so you can keep these avenues up to date. It’s also worthwhile to explore things like pay-per-click ads, which you can set to appear on screens that display your content. And if your business is not mature enough to have much content yet, start small. Maybe begin with a weekly blog post and then look into monetizing it once you have a decent amount of content stored up. The goal with content marketing is awareness, but it can also be a solid stream of extra revenue if you plan it right.

One piece of advice for pursuing peripheral revenue possibilities is to be sure your business’s main tasks are being handled well. If your core functions are operating smoothly, then you can branch out into trying an event, joining an affinity program or monetizing your content. By approaching it this way, you’ll be confident your business is on track and excited about the prospect of bringing in a little side cash at the same time.

 

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