Kick-up Your Summer Revenue
May 30th, 2018 by Morna
This is the unofficial first week of the summer. For many people, this is the time to kick back and take it easy. You know the lazy, crazy days of summer! And, sure people do take vacations, but not all of them are gone every day all summer. So, you shouldn’t be either.
If you are trying to grow your business, taking it easy really isn’t an option. And, if you take advantage of the time many people do take it easy, your business will be ahead of the game.
Here are some ideas to kick-up your revenues this summer.
Start off with an intention or goal for the summer
You have roughly 90 days from Memorial Day to Labor Day. Decide what you what to accomplish in that time. Since we are talking revenue, pick a number and work back from there. Each week start with a weekly goal that will get you to that end result. Review it at the end of the week. It’s important to have a process to generate that revenue. For example, how many calls does it take or how many products do you need to sell to generate “X” dollars?
Review your business journal
Go back through your business journal to look for an idea that you haven’t followed through on. I know you have an idea that could bring in cash if you went back and looked. Check out this blog post I wrote on the Secret of the $5,000 Notebook. If you don’t keep a journal, start keeping one. You’ll be amazed at how many ideas that you either forget or discard that can produce income for your business.
Raise your rates
This may be contrary to what you think you should be doing. I’m sure most of you are not the high cost provider, so you aren’t going to price yourself out of the market. One of my clients, Beth, a longarm quilter, resisted raising her rates for fear she would lose clients. When she finally did, she not only did not lose any clients, she realized she still wasn’t charging enough and raised the rates again. Charging too little for your products and services is an indication of the extent to which you de-value yourself.
Create bundles
Look for ways to bundle your products. If you offer one pattern, consider offering a packet of three. Or add a pattern to a book purchase. Package earrings with a necklace or bracelet. See if your shopping cart has an up-sell feature so you suggest additional products or services. That way your average sale will be higher. This idea works for both online and brick and mortar businesses. If you are stuck figuring out where to bundle, go back through your sales to see what people buy together. Or try brainstorming with a business friend.
Revisit your use of social media
Use social media to add revenue, whether that’s with a Facebook Flash Sale or Facebook or Instagram Ads. You can also use social media to drive sales to your retail brick and mortar for an unplanned sale.
Host an open house or an event
Invite your customers to a special showing of your products. Our local quilt shop hosts an event when her fabric rep is in town so she can show you what’s new. Her customers are excited to be the first to see what’s new, enjoy a treat and also spend time and money in the shop. If you don’t have a brick and mortar shop, you can invite your favorite customers to stop in for a gallery tour of your studio. You can also do something online. Facebook lets you create events. I have a friend who hosted a live event that featured a quiz and prizes. Of course, the customers who win likely wind up purchasing more. Regardless of which approach you take, remember to make the experience fun for the attendees.
Check your numbers
Look at your numbers and review your profitability by product or service. Consider discarding those that do not either create a profit or contribute to the sale of other products or services. Look for ways to lower your expenses so you can increase your net profit. And, look for your big sellers and look for ways to promote more over the summer.
It’s your turn!
Which idea will you use first to build your revenues this summer?
Tags: Facebook ad, goals, planning, profitability, summer, summer success