5 Ways to Improve Your Offerings and Increase Revenue

Improve Products

The needs of customers change and evolve.  Are your products and services keeping pace?  Here are five ways to improve your offers and increase your revenue:

Create a new product or service for your business.  What do your customers need today that you could easily offer or integrate into your services – big or small?  The key to success here is to ensure it’s a natural fit for your other products or services.  They should complement your current offers – and be ‘logical’ to customers based on your company’s reputation, experience, etc.

Offer a simpler or smaller version of an existing product or service.  Can you take something away or simplify it to make it more affordable to your target customers?  This may be a way to create an ‘easy entry’ to your company – and you can up-sell or cross-sell them later.

Offer a bigger or more expensive version of an existing product or service.  What can you add – value or technology – to make the product or service more appealing to your ideal target customers?  Consider what your competition does, or does not provide?  One of the keys is to do a little research by talking to your ideal target customers.  What do they want, what are they willing to pay?

Package existing products or services.  While bundled services may cost more as a package, they typically deliver more value in the long-term and ultimately save you money.  The key with packaging services – do it for a niche.  Do not try to create packages that serve everyone or you will ultimately serve no one.

Update your services.  Most products or services have a shelf life based on changes in the market.  Does the added value you provide still matter to customers? If not, remove them and save the money.  Are there services that are now expected? If so, find a cost-effective way to incorporate them.  Feedback from customers makes this easier to do – so evaluate your services and modify them as needed.

More Ideas to Grow Your Business

Looking for additional ideas to improve your small business? Then subscribe to my monthly eNewsletter for articles, tips and great insights on business and entrepreneurship. Click here to subscribe.