With the ebbs and flows of business throughout the year, summer tends to be a slow time, but that doesn’t mean we can totally slack off until September! If you’re feeling the summer blues and wondering what you can do to keep bringing in the $$$, I’ve put together a list of 8 easy ways to make more money in your business right now without spending a ton or launching something completely new. With these short-term strategies, can avoid the summer slump, and increase your income – or even take a vacation of your own!
8 Ways to Increase Your Revenue Right Now
1. Run a Sale
A lot of people talk about discounting as a negative thing to do for your business, but I don’t think it’s necessarily bad if you’re trying to bring in new customers or clients. If you position your sale a limited time opportunity, you’ll get people to act now rather than later. This is a great way to get rid of excess inventory if you have a product-based business and encourage get your audience to purchase something before it’s gone for good! Earlier this summer I did this with a couple of courses that I was closing by offering them at a discount before they were closed for enrollment forever.
2. Offer a Limited Time Bonus
If you don’t want to discount your products or services, you can incentivize new purchases by offering a bonus or a bundle for people who are going to purchase from you. This is where handy ‘buy one get one’ offers come in. Or tell your clients if they book a consulting session, they get a free eBook or a gift card toward a future purchase. With this strategy, you’re not just selling products, you’re giving your customers something in addition to motivate them to act now.
3. Announce a Price Increase
If you’ve been in business for a while or you’re expanding your offerings, you can give your audience the opportunity to hire you or purchase something at your current rates before they go up. This definitely increases customer interaction because everyone wants to feel like they got a deal. I recently raised the prices for the Styled Stock Society and a week prior to raising the prices I let everyone know it was going to happen, so whoever wanted to join before the prices went up had the opportunity to do that!
4. Add a Tripwire to Your Sales Funnel
A tripwire is a low cost ‘easy yes’ offer that helps you turn a lead into a customer. It’s an item that solves a very specific problem in your target audience’s life. This could be something like a template, a sample, access to an archive, training, or content you’ve already created. It’s something that’s small and has a low price tag so someone would be excited to pay a small amount of money for something that has a lot of value. The idea is that once someone buys from you, they are more likely to purchase again. By getting them to buy the small offer you create an opportunity to upsell them a larger package or product. In the meantime, it’s an easy way to make money while you’re growing the know / like / trust factor with your customers!
5. Offer a Popup Service
If you provide services, think about how your could take one specific part of your existing service offerings and create a mini version for a limited amount of time. You want this new offering to be smaller in scope and smaller in price. For example, photographers who offer portrait photography might do a smaller mini session with a specific theme. A health coach could offer a one week quick start meal plan instead of a 6-month program. A social media manager could create a limited time service like social media profile audits rather than their typical ongoing service. Popup services are a great way to introduce new customers to what you do without the pressure to invest in larger, more time consuming packages.
6. Run an Affiliate Campaign
If you have affiliates for your business, create a short series of emails to remind them how they can promote your business while earning money themselves. You might give them specific ideas on how they can promote your business with emails or social media updates. You could also provide graphics to help them promote your business and even swipe copy so you make it as simple possible for people to share how much they love your business! If you don’t have affiliates yet, you can still have brand ambassadors and even just business besties who share a word about your business you give them credit to your shop in return. Sometimes the easiest way to get new eyes on your business is by having other people promote it to their own audiences!
7. Update Your Evergreen Sales Sequences
First of all – if you don’t have evergreen sale sequences, you should definitely create them! A lot of people will get their audience to subscribe to an email list and send them one thing and then… nothing. Research shows it typically takes at least 7+ touch points for a customer to feel comfortable with investing in your business. If you stop after one or two touch points then you’re missing the opportunity to reach people who want to potentially buy from you! Create or update your evergreen sale sequences and add additional automated emails. Think about what else you can add to them to help educate potential customers and also remind them of the products and services you offer. Remember – just because you sent one email three months ago doesn’t mean someone’s going to remember who you are today!
8. Ask for Referrals
Asking for referrals can be uncomfortable for some people, but if you’ve provided your clients with value, there’s no reason they wouldn’t want to refer you to other people who could also benefit from the same services. This is a simple strategy that most people don’t do! If you don’t have a system in place for following up with your previous clients, checking in to see how they’re doing, and seeing if they need anything else, you should put one in place – AND use this as an opportunity to get repeat business by asking them if they know anyone else who could benefit from the same service :)
So those are 8 easy ways to increase your revenue and avoid the summer slump! What other strategies are you using to make more money right now?