5 Simple Ways to Increase Business Revenue

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StrategyDriven Marketing and Sales Article | 5 Simple Ways to Increase Business Revenue

Business revenue is the money the business makes over a set period before expenses are subtracted. Revenue is generated by selling goods and services, earning interest on investments, or other core operations. Increasing business revenue is a key way to drive profits. To be a successful business, it’s important to find workable strategies to increase business revenue and, therefore, profits.

In this article, we’re going to look at the simplest ways to achieve this.

Target Existing Customers

Finding new customers is resource intensive. It’s a lot easier to concentrate your efforts on existing customers since you already know they are interested in what you sell. The likelihood of a sale is between 60% and 70% when you target an existing customer, compared to 20% or less with a new customer. Not only can you sell them new products, but they’ll also be receptive to upselling and cross-selling.

There are several ways to target existing customers. Offering discounts is a tried and tested way to encourage people to make repeat purchases. Email marketing is inexpensive and can yield excellent results, but it’s important to segment your list so emails are better received.

Loyalty campaigns are equally effective with B2C and B2B customers. B2B loyalty software such as this one helps businesses segment and target customers using specific campaigns via SMS, email, and an onsite inbox.

Review Your Prices

It is worth reviewing your prices regularly, to ensure you are charging enough for your products or services. However, be careful not to raise prices across the board without testing small increases first.

If demand isn’t there or your brand is perceived as too expensive or charging unfair prices, it will negatively impact your brand and, therefore revenue. That said, if your expenses have increased, as is the case currently with the high cost of utilities, it is sensible to increase prices before your revenue and profits are impacted too badly.

Review Profit Margins

Markets change all the time. What’s in demand now might not be in a few months. Continually review your product ranges and work out the profit margins for each item. If profit margins fall, either because supplier prices have increased or demand for that product has fallen, decide whether it’s worth increasing prices or removing it from your inventory.

Identify New Products

Carry out regular market research and monitor market trends. You might be able to identify new products in a less saturated niche. If you can beat your competitors and stock items before anyone else, it’s an excellent way to generate significant revenue when demand is high.

Incentivise Your Sales Teams

Revenue will increase if your sales teams are working harder, but they won’t do this without incentives. Offer bonuses to employees hitting their targets, so they are incentivised to go the extra mile. Your best-performing sales teams should always be rewarded, as they are a valuable asset to the company.

Increasing business revenue requires a multi-faceted approach. Pour resources into tackling each area on this list and you’ll see dividends in no time.

Unspoken Rules Of Mascot Marketing Every Brand Must Follow

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StrategyDriven Marketing and Sales Article | Unspoken Rules Of Mascot Marketing Every Brand Must Follow

While digital marketing has emerged as a transitional trend in the branding landscape, some strategies continue to go strong. For example, brand mascots are still crucial, and they will never be outdated when it comes to promoting brands. In fact, you can use them to fuel promotions across all channels, from retail settings to print ads, TV, business events, websites, and social media. Since mascots are everywhere, you must choose them wisely and take a strategic approach toward promoting them. Let us share a few unspoken rules of mascot marketing that every brand must follow.

Rule #1- Conduct in-depth research

Start by choosing your mascot design wisely. You may have something in mind while launching it for the first time, but do not stick with a random idea. An in-depth research of your target audience is a good start. For example, your mascot should be fun if your target audience is the younger generation, while you can choose something more serious if targeting older buyers. Likewise, ensure replicating your brand’s vision, values, and message in its design. You must also dig deep if you want to rework the mascot of your brand down the line. Research should always be the first step.

Rule #2- Consider personalization

The market has countless competing brands selling similar products and services to the same target audience. A mascot that looks like any other is the last thing you need for your marketing campaigns. So you must consider personalization with a unique look, feel, messaging, and features. A personalized character is more likely to connect with the audience and stay in their memory, no matter how much competition is in the market. You can finalize a design and invest in Custom Mascot Costumes to promote your brand at events and in retail settings for the long haul. You can even try customizing it with different costumes or expressions for changing moods, seasons, and campaigns. Consider it a small investment to make your brand visible and memorable.

Rule #3- Maintain consistency with your visual identity

Another unspoken rule you must follow for mascot marketing is to maintain consistency with your visual identity. Simply speaking, your mascot should look the same everywhere, whether on your website, social media promotions, print campaigns, or business events. Consistency is also about aligning it with your brand assets, such as logos, colors, messaging, and tone of voice. Not maintaining consistency can send out confusing signals to your buyers, and they may end up feeling disconnected from your brand. You cannot afford the disconnect because it can affect customer loyalty and sales in the long run.

Mascot marketing is more than choosing a character to represent your brand. Think beyond and scratch the surface to make the most of this compelling branding strategy. You must follow some rules to select an ideal design and promote it effectively to gain attention, recognition, and loyalty for your brand. Following these unspoken rules can keep your business on the right track with an effective mascot marketing plan.

The Role of Visuals in Marketing: Photos Edition

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StrategyDriven Marketing and Sales Article | The Role of Visuals in Marketing: Photos EditionUsing high-quality images in your marketing efforts is essential for building trust with your audience and presenting a professional image.

Photos are a powerful marketing tool that can help businesses capture the attention of their target audience and effectively communicate their message. In this article, we’ll go over some tips and best practices for using photos in marketing efforts.

Choose high-quality images: The first step in using photos effectively in marketing is to make sure they are of high quality. This means they should be well-lit, in focus, and free of distractions or blemishes. High-quality photos give a professional and polished appearance, which can help to build trust with your audience.

Use relevant images: The images you use in your marketing efforts should be relevant to your business and the message you are trying to convey. For example, if you are promoting a new product, it’s a good idea to use a photo of the product itself. On the other hand, if you are trying to convey a certain emotion or mood, you might consider using a more abstract image.

When it comes to using photos in marketing materials, it’s important to consider the visual hierarchy of the image. This means choosing an image that will draw the viewer’s attention to the most important part of the photo. For example, if you are using a photo of a person, you might want to focus on their face to draw the viewer’s attention.


Consider the context: The context in which an image is used is also important. For example, if you are using a photo in an email marketing campaign, it might be best to choose an image that is more vertical in orientation to better fit the format of the email. On the other hand, if you are using a photo on a landing page, you might want to choose a horizontal image to take up more space.

Optimize for different devices: With the increasing use of mobile devices, it’s important to consider how your photos will look on different devices. This means choosing images that are high-resolution and that will look good on both desktop and mobile devices.

Finally, don’t be afraid to experiment with different images to see what works best for your business. You can test to compare the performance of different images in your marketing efforts. This can help you identify the images that are most effective at capturing the attention of your audience and driving conversions.

In conclusion, photos are a powerful marketing tool that can help businesses effectively communicate their message and capture the attention of their target audience. By following the tips outlined above, you can use photos effectively in your marketing efforts and achieve the desired results.

Dreamstime is a great resource for finding high-quality photos, and the process of downloading them is simple and straightforward. With a wide variety of images to choose from and easy-to-use download options, Dreamstime is the perfect place to find the perfect photo for your next project.

11 Strategies to Expand Your Service Offerings in 2023

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StrategyDriven Marketing and Sales Article | 11 Strategies to Expand Your Service Offerings in 2023

Are you an entrepreneur, start-up head, or business owner looking for an edge in 2023? If so, there are plenty of ways to increase your service offerings and create an even greater impact. With the right strategies and tools, you can quickly expand what you offer to customers – making it easier for them to rely on your services.

This blog post will explore strategies to boost your competitiveness in the market while growing your business exponentially.

From offering unique customized services to continuously innovating, these actionable tactics will assist entrepreneurs in staying ahead of the competition.

Let’s dive into it:

1. Conduct Market Research

The first step in expanding your service offerings is understanding your target market. By conducting market research, you can identify your target audience’s stated and unstated needs and wants. The derived information can then be used to inform your service expansion decisions.

Not sure where to start with market research? Try surveying your current customers or conducting focus groups. Once you understand your target market well, you can create services that align with their needs and wants, making them more likely to be successful.

2. Offer Customized Services

Customized services are an incredible way to stand out from the competition. By offering customized services, you can cater to the specific needs of your customers. Not only does this make your customers feel valued, but it can also boost your revenue. The key to creating successful customized services is to get to know your customers, understand their specific needs, and create services that align with those needs.

For instance, if you’re running an event management company, ensure to account for the needs of varying audience members. You might have to get wheelchair accessible portable bathroom rental if your audience consists of individuals with disabilities or special needs. Likewise, your event menu should cater to vegan food alongside the usual items.

Customization and personalization are crucial components in ensuring the success of any service organization.

3. Identify Your Unique Value Proposition

A unique value proposition differentiates you and sets you apart from your competitors. It’s the thing that makes your business special. By determining your unique value proposition, you can create services that align with it and make you stand out in the marketplace.

Remember, your unique value proposition is not just about what you do but also how you do it. It’s about the unique benefits that your services offer that others can’t match.

4. Leverage Technology

Technology is constantly evolving, and several techniques and methods can be utilized to expand your service offerings. For example, you can utilize virtual reality to create virtual tours of your services or use automation to streamline certain processes.

Using technology, you can offer services that set you apart from your competitors and make your business more efficient. Don’t hesitate to think outside the box. Given the rapid advancements in technology, a plethora of options awaits you.


5. Partner with Other Businesses

Partnering with other businesses is a proven strategy to expand your service offerings. Not only can you combine your expertise to offer new services, but you can also reach new audiences by tapping into your partner’s customer base.

Look for businesses that complement your services, not compete with them. And remember, a good partnership is a two-way street – make sure you are also offering value to your partner.

6. Expand Your Service Area

Expanding your service area allows you to reach new customers and increase revenue strategically. Expanding your service area allows you to tap into new markets and offer services to a wider customer base.

But remember, expanding your service area doesn’t just mean physically expanding; it can also mean expanding your reach by promoting your services to new groups of people or in new ways.

7. Utilize Social Media and Online Marketing

Social media and online marketing are powerful tools that can help you reach a broader audience. By devising a social media strategy and utilizing online marketing techniques, you can promote your new services and reach new customers.

Remember, social media and online marketing are not just about promoting your services but also about building relationships and creating a community around your brand.

8. Continuously Innovate

To expand your service offerings, you must stay on top of industry trends and continuously innovate. For this purpose, you must stay up-to-date with new technologies and experiment with novel ideas.

You can create new services that set you apart from the competition by continuously innovating. Innovation doesn’t have to be about creating something completely new. It can also mean finding new ways to improve your current services.

9. Keep an Eye on the competition

Most importantly, keep an eye on your industry competition. By understanding what your competitors are up to, you can identify gaps in the market and create new services that fill those gaps.

But don’t just focus on imitating your competitors – use that information to find new opportunities and develop something unique. Remember, the goal is not to be like your competitors; it’s to be better.

10. Invest in Employee Training and Development

Investing in employee training and development is crucial to expanding your service offerings. By providing your employees with the necessary skills and knowledge, they will be better equipped to provide new and improved services.

Ultimately, such employee investments can lead to increased productivity, improved customer satisfaction, and higher revenue generation. Training and development programs can also improve employee morale and retention, which is beneficial for your business.

11. Focus on Customer Service

Customer service (CRM) plays a crucial role in the service sector. Focusing on customer service is essential to expanding your service offerings. If your customers are happy with the service they receive, they’re more likely to return and recommend your business to others.

Additionally, by regularly soliciting customer feedback, you can identify areas for improvement and create new services that cater to the specific needs of your customers. Always remember that customer service is not just about solving problems or answering queries; it’s also about creating a positive customer experience.

Conclusion

Expanding your service offerings in 2023 can be a game-changer for your business. By implementing the right strategies, you can create new revenue streams and tap into new audiences. So, start implementing these strategies today and witness their positive impact on your business. Be creative, don’t be afraid to take risks, and think outside the box. Remember that sometimes the best opportunities come from the unexpected.

5 Reasons Using A PR Firm For Your Business Should Be On Your List In 2023

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StrategyDriven Marketing and Sales Article | 5 Reasons Using A PR Firm For Your Business Should Be On Your List In 2023

Being a “software as a service” provider company, you must invest in marketing for your product as much as your competitors do. Every company regardless of what size it is and whether it belongs to the FMCG sector, electronic appliances, automobile, or any service sector, is going to need some sort of promotional function on its side. Public Relations is a good option. It’s a great way to get everyone talking about your product. Also known as PR, this is a fantastic way for many businesses to establish direct contact with their audience. But what does a PR firm do for a SaaS company? Let’s find out:

1. It Can Ensure More Credibility For Your Brand

If you are looking to create a more honest and reliable image of your company among your customers, public relations can help. Creating a positive image for your brand is a very vital component of public relations from the start and it has always been this way. When you are looking to increase the credibility of your company, you are also looking to invoke a sense of trust among your customers. This has to be driven by real opinions that are not biased at all. For this, you have to come across as a considerate brand. And to achieve this, you must connect with a reliable and skilled public relations company that understands your sector as much as you do, if not better.

2. It Is A Low-Cost Option

Who told you that PR is going to be expensive on your budget? Even the most elaborate public relations function is going to prove to be a low-cost option. This is because there are custom promotional campaigns available for small-size, medium-size, and large-size businesses. The implementation of a PR campaign can be as customized and streamlined as you want it to be. You can either pause it at your convenience or even keep it running for as long as you want. It does not necessitate for you to have a high monetary outlet. Most of the public relations functions that are recommended by marketing gurus use free media coverage which means that there is little to no investment from your side for the most part.

3. Don’t You Want To Become A Category Leader?

Becoming a category or industry leader is a dream come true for every SaaS company out there. You want to lead the innovation circuit. You want to become the pioneer in your sector. With public relations, you can establish a strong dialogue with your consumers. You can easily convince them to buy your product (and also ditch the offerings that are available to them via your competitors). But of course, this message is going to be very subtle and in a way that will help them understand just how skilled, experienced, and knowledgeable you are as a brand.

4. Great Reach At A Very Affordable Price

This is a very big reason that a lot of technology and solutions companies in the IT sector are aiming for public relations. The reach of these SaaS PR firms is phenomenal. It can help you connect with your target audience more easily. As a tech company, you are able to reach even the furthest corner of your target demographic by leveraging the popularity of these PR professionals. They help you understand the many ways you can use social media to widen your reach and gain more attention even internationally. Public Relations is not only a great way to create more awareness about your brand but also about the various offerings in your product portfolio that would otherwise go unnoticed by most of your prospects. Your campaign can be run on various mediums such as television, radio, podcasts, online news websites, print media, and a lot of other channels that you may have not even tapped into before.

5. Constant Activity

Just as pointed out above, this can be a constant exercise or it can be a periodic one. Depending upon your needs and your financial capability, you can choose to stay in the minds of your customers for as long as you want. It can be only for the duration of a project or up until the launch of your newest product/service.

Final Thoughts

Public Relations is critical to the success of your SaaS company. Almost everyone in your industry is already using it in some way or another. It is time for you to invest in it as well. The sooner you do it the better it is for you.