Success can mean a lot of things. It can mean creating a company culture that supports and lifts up your employees, it can mean using your business to do good in the world through philanthropic efforts, but at the end of the day, a successful business stays successful because it makes money.
Making more money can be hard, especially if it means developing new products or rethinking your marketing strategy, but not all ways of making more money are hard! Here are four quick tips you can try to start making more money today.
Increase In-App Purchases
If you’ve had an app for a while, you may have forgotten about it. It’s true that it’s a good way to connect with customers and clients, but you didn’t just create an app for fun. You created it to make money!
It’s already there, so why not try increasing in-app purchases? That might mean enabling push notifications for your users so you can communicate with them instantaneously or creating a customer loyalty program that encourages spending.
Focus on Getting Your Current Customers to Buy More
Marketing isn’t easy. Especially if you’re focusing all of your efforts on finding new customers. Although brand new customers will definitely help your business bring in more money, you’ll have more luck with existing customers, and it takes less work!
That might include:
- Following up with customers after a sale
- Hosting a special event for existing customers
- Asking for feedback when developing a new product
- Sending them coupons on their birthday or anniversary
You can also give existing customers a reason to recommend your business to their friends and family with a referral program.
Pricing goods is fairly straight forward. Pricing services isn’t. If you sell services, you will find that you make more money if you clarify your pricing.
Although hourly rates can work, most customers don’t like the idea of an open-ended transaction. Instead, you may want to try charging a flat fee. That shows customers you’re willing to bear the risk of your service taking more time than you anticipated, instead of leaving the risk squarely on your clients’ shoulders.
These tips are great, but at the end of the day, it’s all up to the customer to buy more. If you’re looking to have a little more control over making more money for your business, try cutting expenses.
You can cut expenses by:
- Reducing office space expenses and utilities
- Hiring contractors when work picks up and not renewing contracts when it slows down
- Reducing advertising costs by looking for free marketing opportunities
- Working with a tax and legal expert to reduce your tax burden
If you have the time and money, you should definitely develop new products and boost your marketing strategy to target new customers, but if you don’t have the time and money, you aren’t doomed! Give these quick tips a try and you can start making a little more money today.