How to Grow Revenue Without Raising Prices

Everyone in business despite the scale or nature wants to grow in size. Every organization thus have growth targets which are further divided into market share, consumer base, production targets, sales targets and what not. One of them though, is very significant, and it goes by the name of revenue. It is one of the direct components of growth targets and all departments try to maximize it. Mentioned below are some ways of putting your revenue growth on steroids, achieving revenue targets early and becoming the boss while doing so:

1.       Get hold of new customers:

This one is but obvious and I can imagine you saying Duh! To it. This is the aim of majority of marketing efforts by the companies and is pretty much known universally. This is pretty easy to get in your head too, more the number of consumers is directly equal to more units being sold and hence higher revenue. If you manage to retain the old ones, even better, you are on the path of achieving economies of scale which is nothing but reduction in costs because of huge volume production

2.       Discover new uses of your product

It sometimes is observed by the companies that the way that consumers are using the product is a bit different from it’s intended use. One of the best examples of it is that Vix vapour employees realised a sudden spike in sales in rural pockets during winters. On enquiring it was found out that farmers are buying it in bulk to apply it on their cattle to keep them warm. This although was hushed up by Vix due to the embarrassment that they thought that was on them, but I feel it to be one of the best examples of a new use being discovered by the company. If they market it as a body warming product, it is bound to be used up like that by a significant populations making them bathe in the wad of money from the sales that it generates.

3.       Increase the frequency of sales

This of course comes bundled up with 3, or, if you manage to convince the customers to use your product with more frequency or in greater quantity. Axe realised that their deodorants are being used just at the underarms and this means that there is a great gap in the next purchase of their product. Axe then came up with a campaign showing people using their deodorants in the shape of 8 which of course means more quantity of the product being applied at one go and this has an apparent shortening of purchase cycle on the consumers end.

4.       Sell bundled up products:

There is a concept of complimentary goods. Its like two goods are consumed simultaneously and without the other, the utility either gets reduced or is next to zero. Pen and refill, tea and sugar, printer and ink cartridges and so many more. Thus, if you are able to recognize such a combination, you can tie up with another brand to sell your and their product bundled up or you can extend your production line to that product, nothing like it. Your bundle will reduce the efforts for the consumer and maybe, both companies can enjoy the goodwill of each other. This way, it is bound to increase your sale and thus revenue. Also, if the partnership goes well, goodwill too increases to benefit you in the long run.

These according to me are the ways to increase your revenue without changing your process at all. Hopefully, if all are implemented, it will leads to an exponential increase in the revenue for you, which of course, is never a bad deal!