24 Best Strategies On How To Increase Sales Revenue
Increase sales revenue with 24 powerful strategies that cover marketing, customer engagement, and conversion optimization techniques.
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When business slows down, it can feel like a punch to the gut. If you’ve experienced a dip in sales, you’re not alone. Many businesses see their sales numbers fluctuate, and this is especially true in today’s unpredictable economy. The good news is that you can take steps to recover lost revenue and increase sales again. One of the fastest ways to get back on track is to use sales acceleration software to help you increase sales revenue. This blog will cover actionable tips to help you get started.
One tool that can help you increase sales revenue is Aomni’s sales intelligence software. It helps you identify and fix issues slowing down sales, so you can return to business as usual.
What Does It Mean To Increase Sales Revenue?
Understanding Sales Revenue: The Foundation of Business Growth
Sales revenue is the income a business generates from selling goods or services. It’s recognized on the income statement for the month when the product is delivered or the service is fulfilled. Sales revenue is probably the most-cited and pressing metric for organizations of all sizes. It’s fundamental to:
- Calculating a company’s valuation and KPIs
- Forecasting
- Benchmarking growth
- Making strategic decisions
Understanding Gross vs. Net Sales Revenue: Key Metrics for Business Health
The two main components of sales revenue are:
- Gross sales revenue includes the total amount of money a company receives from selling products or services.
- Net sales revenue subtracts sales returns, production costs, and other expenses from the gross sales revenue figure.
While gross sales revenue indicates how well a business sells its offerings, it doesn’t necessarily reflect its profit margin. Net sales revenue clearly shows how much cash a company brings in.
What Does Increasing Sales Revenue Mean for Your Business?
Increasing sales revenue means boosting the total income your business earns from selling products or services. It's all about bringing in more money by selling units, raising prices, or adding new revenue streams.
Essentially, it’s what you’re aiming for if you want your business to grow. Revenue growth doesn’t just happen by luck—it’s about strategy.
Strategic Approaches to Increasing Revenue: Customer Retention, Product Expansion, and Market Reach
For instance, you might focus on reaching more potential customers, improving customer retention, or expanding your product range. For example, say you’re a coffee shop and want to increase revenue.
Consider introducing a premium coffee line or a loyalty program to encourage regulars to spend more on each visit. Or, maybe you get my product into local grocery stores to reach a broader audience.
The Benefits of Increasing Sales Revenue
Revenue growth can be small steps or big leaps. Every boost in revenue doesn’t just mean more money in the short term—it often sets your business up for sustainable growth by bringing in loyal customers and giving you a stronger market presence. So, increasing sales revenue boils down to creating a strategy that makes your business more valuable and profitable over time.
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13 Best Strategies On How To Increase Sales Revenue
1. Expand Your Market Reach
Improving sales often starts with increasing your market reach. In today's competitive business environment, you can't restrict yourself to a specific geographical location or a narrow audience segment. Explore new markets and customer segments interested in your products or services to boost sales.
For instance, if you run a furniture business, offering free delivery and installation can add immense value to your brand. This will help you attract more customers and increase your sales.
Eliminating Hidden Costs and Expanding Market Reach for Increased Revenue
Many businesses have hidden costs associated with their products and services. By making things transparent, you will gain an edge over your competitors. Many SMEs limit their sales efforts to a particular geographical area. You cannot afford to make this mistake. Don't limit your services.
A Dallas-based manufacturing company was initially restricted to a particular area but later found a huge opportunity in the nearby city, as it had no competitors there.
After expanding their geographical reach, they increased their revenue by three times.
Exploring New Markets: Cost-Effective Expansion and Strategic Partnerships
The additional costs associated with expanding their business to other city were minimal compared to their generated revenue. Never assume that other markets don't have potential. Explore new markets — you might be pleasantly surprised. If you want to get into a new market, another strategy could be forming a cooperative sales agreement.
You can contact businesses in similar industries and try to explore their markets with your offerings. This is very effective when expanding your business into international markets. All it takes is to find the right partner. Adding a sales team at no additional cost is surely going to boost your sales.
2. Review Your Pricing Strategy
Price is one of the most important factors that can influence your customers. A low price can make your service appear cheap, while a high price can make it seem overpriced. In both cases, you won't be able to attract new customers. Before implementing a pricing strategy, know how your customers feel about your product. Find out what your competitors are charging. Never change your price according to market conditions or business requirements. A price change can work wonders.
Strategic Price Increases: Maximizing Revenue Without Losing Customers
An immediate price hike can bring more revenue and profit if the increase doesn't negatively impact sales. Changing prices may shake things up, so you should be particularly sensitive to your customers' reactions as the new prices go into effect.
If the reaction is not positive, you can make further adjustments, including returning to the old prices or offering additional benefits. Consider raising your prices slowly at regular intervals. Consumers rarely react to slight price increases.
Boosting Profits with Strategic Price Increases and Product Bundling
While a slight increase in price may not seem significant when compared to the full price, the impact of the rise in profits is magnified since the increase will flow directly to the bottom line. Bundle your products better. Always consider packaging complementary products/services together to boost sales.
For example, if someone comes to develop a website for their business, you can bundle it with a first round of SEO and SMO. There is no harm in it; it won't cost your client much but certainly will add revenue to your financial statements.
3. Discounts/Offers
If you have loyal customers who purchase frequently, reward them with incentives, discounts, additional offers, etc. Since you have maximized your cash flow, there is no harm in providing a few extra perks. Uber is one of the best examples. They have special offers for their regular users.
Discounts/offers, properly marketed, create a massive buying opportunity in consumers’ minds, often tempting them to purchase. The discounts can be applied to limited products, such as:
- A single manufacturer’s brand
- A limited category of online products
- All products in a store-wide sale
Driving Sales with Rebates, Coupons, and Daily Deal Platforms
A rebate is a discount offer that offers a percentage of the price in cash after the product is purchased. Rebates typically have redemption rates of less than 50%. Coupons are very popular nowadays, and a coupon code is very familiar to those who regularly make online purchases.
Traditionally, coupons were distributed through newspapers and magazines. They have also been an effective medium for increasing sales revenue. Daily deal websites such as Groupon and LivingSocial aggressively seek companies willing to offer their products at a discount in return for exposure to their large markets of coupon users.
4. Communication
This is one of the most important sales strategies every company should follow: Communicate effectively with your customers. Use various online and offline mediums to interact. If you won’t communicate, someone else will, and they will take your customers.
- Provide your customers buying ideas. Navigate them to your landing pages. Resolve every small query. Use mediums like:
- Live chat
- Phone
- Social media platforms
- Newsletters, etc.
- Don’t sell products, sell benefits. Excellent Customer Service is the best sales strategy. Customers not only respond to this, they appreciate it and will feel valued and important for your company. The communication calendar should follow a gap between:
- Presales
- During sales
- Post-sales
- A regular communication will acknowledge them, keep them informed, support them during a project, and make them feel part of your business.
- Conduct events to educate & communicate with your existing customers on your additional service/product offerings. Do this in an informative manner and in a way that has “their best interests” at heart. Hold a “sneak preview” of my new products, services, models, etc.
- Hold exclusive events for my best customers. For example, an upscale luxury auto dealer might hold a wine and cheese party with a musical quartet to unveil the newest car models in front of its premium clients.
5. Redesign Your Sales Collaterals
If you want to understand ways to increase revenue, you have to either create a need or need to give your customers a reason to buy from you. The importance of sales collateral are often ignored by business owners, even though the only purpose of the collateral is to make the sales effort easier and more effective for your sales teams like:
- Brochures
- Flyers
- Presentations
- Pictures
- Videos
- Websites
You should use sales collateral effectively to keep your sales strategies up-to-date, accurate, and informative. Update your website regularly. Your website is the face of your business. Review and redesign your sales materials to see whether they convey the image and message you want to present to your customers.
6. Develop Relations
You can only increase your sales figures if you have good relations in the market. The more people are there to promote your brand, the more sales you will get. You can collaborate with other similar businesses and grow together. All this is possible only if you have good connections and a clear market image.
If you manufacture sports equipment, you need to identify companies that sell it, as well as international players, coaches, or even sports promoters who can promote your business. All these efforts will increase your overall sales revenue.
7. Motivate Your Sales Team & External Sales Partners
Your sales team could be the deciding factor for your business growth. Hire wisely. Sales don’t need any qualification. Selling is an approach that you need to master. You can’t afford to change your sales team every time. It takes a lot of time for a new salesperson or an external agency to understand your service/product.
Revamping Sales Incentives to Boost Motivation and Performance
To keep your sales team’s performance intact, you need to motivate them. Revise your incentive structure to “shake up” the sales force. Most incentive structures are developed where the salesperson receives a lower commission rate as his sales increase.
If you’re using that structure, change the incentive ratio from top to bottom by making the higher commissions applicable to the greater sales volume. This will motivate your team to work more and achieve higher numbers.
Motivating Sales Teams with Contests and Rewards for Increased Performance
To boost sales, you can also hold any kind of sales contest, where the top performer gets a cash reward or a holiday package. This can influence them to achieve higher targets, which will ultimately increase your revenue bucket.
8. Open Every Possible Payment Options
Flexible payment options can be handy at times. Don’t limit your payment options. Given the level of competition in the market, you need to introduce various flexible payment plans for your customers to sustain.
- Credit cards
- Debit cards
- Cash
- EMI options
- Online transfers
- Cheques
- E-money
A mobile transaction or app payment—keep all the options for your customers. Customers like options. Third-party payment gateways also do business by providing exciting rewards/offers to their customers, who can use that method to purchase a product from you.
9. Use Online Tools
Lead generation is the key to adding new sales to your business. Whether it is online or offline, generating leads is the first step. Many marketers focus solely on online tools to maximize their leads. It is important to diversify online marketing strategies in campaigns to generate a healthy number of leads. With creativity and adoption of effective lead generation strategies, companies should be able to lure qualified leads and convert them.
10. A Mobile App
Many companies are already enjoying the great benefits of enterprise apps, increasing productivity levels and developing innovative ways to generate revenue. There are many other ways in which companies can generate additional revenue thanks to mobile apps, whether by reducing their costs dramatically or creating new sources of revenue.
Mobile apps are very popular among users and they love to purchase products using mobile apps.
Enhancing Sales and Efficiency with Mobile Apps in Business
The number of people using mobile devices, smartphones, and tablets to research and shop on the move continues to increase. In 2016, business utility and productivity apps posted a 143% increase compared to the previous year. Businesses that have incorporated apps into their sales and marketing processes are reporting increased sales and improved process efficiency as well. If you want to increase your sales, a mobile app is a must.
11. Increase Prices
Sometimes, business owners are reluctant to increase prices because they fear that price rises will result in customer loss. However, if the increased gross margin that you gain by charging higher rates is more significant than the cost of the lost customers, the business will benefit overall.
If you have not increased your prices for some time, the effect of inflation on your expenses will have eroded your net profit. So, compare your prices with your competitors and see if a price rise might be in order.
12. Push Your Most Profitable Products
Look at your above gross margin analysis and identify the products with the highest gross margin. Switch more of your marketing spend to high-margin products and, if appropriate, gear your business to produce more of the products that earn you the most money.
Also, consider cross-selling your high-margin products to customers who buy lower margin products in your range.
13. Differentiate Your Products
Investigate your competitors and see if you could increase your products' perceived value without significantly adding to the costs. Look at how to differentiate your products from your competitor’s offerings to justify a higher price. Product differentiation may exist, but you may not highlight those differences in your marketing.
Revolutionizing B2B Sales with AI-Driven Account-Based Strategies and Automation
Aomni is an AI agent platform designed specifically for B2B sales intelligence software. Our solution empowers enterprise and strategic account executives to execute account-based sales and marketing strategies with unprecedented efficiency and effectiveness. Our key features include:
- AI-powered prospect and account research
- Comprehensive account mapping and planning
- Data-driven sales strategy development
- Automated call preparation
- Personalized AI agents for sales optimization
- AI chat interface for streamlined sales processes
- AI-assisted Account Based Sales/Marketing campaign execution tool
Empowering Sales Teams with AI-Driven Insights for Better Performance and Career Growth
Aomni addresses critical pain points for sales managers whose Account Executives, Account Managers, and Customer Success Managers must perform better and include quotas. By leveraging our advanced AI technology, sales professionals can significantly enhance their preparation for customer conversations, leading to the following:
- Larger deal closures
- Increased promotion opportunities
For individual sales professionals, Aomni provides the tools and insights needed to:
- Elevate their performance
- Close more substantial deals
- Accelerate career progression
Our platform transforms the way B2B sales teams operate, ensuring they enter every customer interaction:
- Fully prepared
- Strategically positioned for success
Try our sales intelligence software for free today!
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- Sales Industry Trends
4 Tips For Implementing Sales Increase Strategies
1. Know the Cost of Sales
Understanding the cost of sales is the first step to increasing sales revenue. This includes all expenses for producing, storing, and delivering a product. Knowing the cost of sales helps you determine how much of a discount you can afford to give customers without hurting your bottom line.
For instance, if you run a promotion, carefully calculating the costs will ensure that price cuts still leave room for profit. This allows you to attract more customers while maintaining healthy margins.
2. Keep Long-Term Goals in Mind
Growing sales now is great, but it’s crucial to consider how your efforts align with where you want the business to be. Focus on finding customers representing your future target market, and create a customer experience designed to keep them loyal over time.
This future-focused approach helps guide product development and even branding, allowing your sales tactics to build the right foundation for your business in the coming years.
3. Track Revenue and Expenses
Revenue tracking isn’t just about monitoring incoming cash—it’s a way to see if your revenue goals align with your actual performance. Regularly comparing your revenue with expenses gives you a clearer picture of whether your strategies are effective.
This insight can reveal opportunities to increase efficiency or refine your methods to reach your revenue targets more effectively.
4. Invest Back Into Your Business
Growth fuels more growth. As revenue increases, consider how reinvesting a portion of it can further boost your business. This could mean:
- Putting funds toward expanding your team
- Enhancing marketing
- Upgrading equipment
- Rewarding employees with bonuses or pay raises
Investing in your workforce, for example, can pay off through improved morale and loyalty, while equipment upgrades can enhance productivity.
11 Other Tips For Increasing Business Revenue
1. Embrace Sales Enablement
Sales enablement is a strategic framework that allows sales teams to use their resources better, work smarter, and win more deals. Sales enablement begins by aligning your organization’s goals with your customers’ needs.
Following are the five key action steps:
- Develop a process map outlining how specific business processes work.
- Embrace sales enablement technology.
- Implement sales automation.
- Apply analytics to gain insight into customer behavior.
- Manage customer success.
Boosting B2B Sales with Effective Sales Enablement: Strategies for Increased Conversions and Stronger Customer Relationships
The impact of this strategy can be seen in the B2B industry, where companies can create highly effective sales enablement programs. The key results of this are increased conversion rates and more leads generated. The sales team is on the front lines of customer care; they have a unique opportunity to use sales enablement.
This process also helps them get more customer information and build stronger relationships. Sales enablement has proved to increase conversion rates by 15%. It can also help you reach new potential by identifying customer pain points and providing solutions.
2. Enhance Financial Planning and Forecasting
Effective financial planning and forecasting are crucial for profit maximization. Regularly update your financial plans and forecasts to reflect current market conditions and business performance. This lets you anticipate cash flow needs, manage expenses proactively, and make informed decisions.
3. Strengthen Cash Flow Management
Efficient cash flow management ensures you have the necessary funds for day-to-day operations and strategic investments. Implement best practices such as timely invoicing, effective credit control, and negotiating favorable payment terms with suppliers.
4. Leverage Tax Strategies
Tax professionals will identify tax-saving opportunities for you, so use them to your advantage. Proper tax planning can reduce your tax liability and increase your net profit. Explore deductions, credits, and incentives that apply to your business to ensure you pay the appropriate tax amount.
5. Negotiate with Suppliers to Get a Better Price
Reducing your expenses is a way for your company to increase profit. Talk to your suppliers about getting bulk discounts on raw materials or supplies in exchange for cash payments or early payment so you can lower the overall costs of your inventory.
6. Keep an Eye on Your Business Inventory
Did you overstock on a particular product that isn’t moving? Look at your company inventory to see if a large supply of something hasn’t decreased over time. You could be holding onto many items without selling enough of them, which can result in inventory loss due to depreciation, misplacement or even theft over time.
Look at the numbers and be decisive. Overstocked inventory can be difficult for a company to sell to a customer if they slash prices, reducing profits per item sold. An inventory system is used to track when to stock a certain item and which customers usually purchase. This will give you a good overview of which market to target to increase profits.
7. Reduce Debt and Interest Expenses
High-interest debt can eat into your profits. Develop a plan to pay down high-interest debts as quickly as possible. Renegotiate terms with lenders or consolidate debts to secure lower interest rates, which can significantly reduce your interest expenses.
8. Engage Employees in Cost-Saving Initiatives
Encourage your employees to participate in cost-saving initiatives. Those on the front lines often have valuable insights into inefficiencies and potential savings. Creating a cost-conscious culture can lead to innovative ideas and sustained cost reductions.
9. Charge for Services that You Currently Offer for Free
Consider if you might be giving away too much to win sales. For example, if you offer free delivery and your competitors do not, could you charge for that service? Or could you increase your prices to cover the cost of free delivery?
Also, consider any additional services you can offer for a minimal extra cost. For example, if you employ delivery drivers, could I charge for the driver installing the product for the customer? Or could I charge extra for guaranteed 24-hour delivery?
10. Cut the Slow-Moving Products from Your Product Range
Slow-moving products could be draining your profits. If you sell a physical product, the cost of holding an inventory of a slow-moving item could eat into your gross margin. You may also be spending excessive money on marketing and selling things you sell in low volumes. So cut out the deadwood and focus your time, money, and energy on the fast-selling products.
11. Automate Processes and fasten better decision-making
Automating the business processes helps reduce time, keeps costs low, and drives revenue up. Also, it maintains a higher level of efficiency with low overhead costs. Choose business process automation to streamline operations on any level of your organization.
- Reduces the manual management of account payable information
- Maintains security, approvals, and compliance all you need
- Cost savings and speeds up business processes
- No late payment penalties, access to early payment discounts
The repetitive business processes like order filling, shipping, inventory management, purchasing, and billing are manageable through automation. Outsourcing HR and payroll tasks to an employer of record service can further enhance efficiency and compliance. It provides comprehensive solutions to manage these functions, allowing businesses to focus on core activities and reduce administrative burdens.
Try Our Sales Intelligence Software for Free Today
Aomni is an AI agent platform designed specifically for B2B sales intelligence software. Our solution empowers enterprise and strategic account executives to execute account-based sales and marketing strategies with unprecedented efficiency and effectiveness. Our key features include:
- AI-powered prospect and account research
- Comprehensive account mapping and planning
- Data-driven sales strategy development
- Automated call preparation
- Personalized AI agents for sales optimization
- AI chat interface for streamlined sales processes
- AI-assisted Account Based Sales/Marketing campaign execution tool
Aomni addresses critical pain points for sales managers whose Account Executives, Account Managers, and Customer Success Managers must perform better and include quotas. By leveraging our advanced AI technology, sales professionals can significantly enhance their preparation for customer conversations, leading to the following:
- Larger deal closures
- Increased promotion opportunities
For individual sales professionals, Aomni provides the tools and insights needed to:
- Elevate their performance
- Close more substantial deals
- Accelerate career progression
Our platform transforms the way B2B sales teams operate, ensuring they enter every customer interaction:
- Fully prepared
- Strategically positioned for success
Try our sales intelligence software for free today!
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