Boost Revenue In Your Service-Based Business Today With This Guide
Running a service-based business is significantly different to running a business where your revenue comes from product sales. Offering a service means you have to market your business differently, and also means you’re likely to be looking at a different type of customer. As a result, boosting the revenue in your service-based business can be harder than in a product-selling business.
Consequently, this guide is for anyone that runs a small service-based business and is trying to increase sales and revenue. Here, you will see plenty of ideas that are almost guaranteed to help you out.
Focus On Loyal Customers
The thing with service businesses is that your main revenue source comes in the form of loyal customers. More often than not, you offer a service that can be used over and over again. On a basic level, imagine you offer painting services for people’s homes. Ideally, if you get an order from one person, you’d like to imagine they’d use you again for any future paintwork. Similarly, let’s say you run a business that offers tax services. Hopefully, every year, you’ll get the same customers ordering your service to help with their taxes. Loyal customers help bring in a consistent supply of money for your service business. As such, you need to focus on getting customers and making them stay with you. This is possible via loyalty rewards or discounts, but it mainly comes from providing a great service. Give them a service they won’t find anywhere else, and they’ll have no choice but to keep coming back. Of course, you should always try and bring in new customers to expand your client base – but always ensure the main goal is loyalty!
Manage Your Workflow More Effectively
When your business offers services, it can often mean you’re working on different projects at the same time. Similarly, you could have employs working with separate clients, and your entire workflow can be really spread out. As a consequence, many companies find they lose revenue because certain work orders aren’t completed or take too long to complete or even cost too much to complete. Saying that, you can increase your revenue by simply learning to manage your workflow more effectively and keeping track of every order as it comes in. These days, you can get work order management software that lets you track everything and store all the details digitally. So, when a customer makes an order for your service, it’s immediately in the system, and you can allocate an employee to that job, and monitor it. This helps avoid instances where some work orders aren’t completed or run into issues, preventing you from losing sales and money.
Bundle Your Services
A lot of small service-based businesses struggle for sales because the services they offer are way too specific. You might think you’re doing a good job by offering so many different services for people to buy, but the reality is you’re not. A consumer might want two or three of your services but won’t want to pay for three separate things. The solution? Start bundling your services into packages for people to buy. If they only want to order one specific service, then let them. But, offer bundles that include multiple services at one price. This makes consumers feel like they’re getting better value for money, and more services for one simple payment. A good example of this is a business that offers general gardening services. Instead of offering things on their own, you could offer a bundle called something like ‘Lawn Maintenance’ where you provide lawn cutting, fertilizing, and general care. No matter what services your business offers, you’ll always find ways of bundling them together to lure in more customers and make more sales.
Raise Your Prices Slightly
The easiest way to increase your revenue is to raise the price of your services, right? In theory, this only really works if you make the same amount of sales and retain the same number of customers as before the price increase. However, this is where that point about inspiring customer loyalty becomes all the more important. If you can make people stay loyal to your business by providing such a high-level service, then they won’t mind a slight price increase. Companies do it all the time, and the key is to do it loud and proud. Don’t subtly increase the price over time and try to catch your clients off-guard. Send out emails and announce the increase, they’ll respect you for it. If you’ve done a good job of gaining loyal customers, then I promise this price increase won’t scare any of them off. They’ll stay with you because they love what you do!
Publish Testimonials & Reviews
Testimonials and reviews from your clients are so crucial in helping you increase your revenue. People will only order services from a business they can trust. Especially if the service you offer is expensive and very important to the client. When they look around for the best company to use, they often consider what other people are saying. If you publish positive reviews and testimonials on social media and your website, then you’ll quickly see an increase in revenue. Don’t get me wrong, testimonials and reviews are important for businesses selling products too. However, they carry more weight when you offer a service. People want to know how you operate; are you quick at replying to queries? Do you take a hands-on approach or are you more distant? Did you finish previous projects on time? There are loads of questions people want to know about a business before ordering a service from them.
Running a service-based business can sometimes feel very hard. Often, you want to just pack it in and start selling products instead. But, if you stick to it – and follow the advice in this guide – then your fortunes will turn around. Your revenue will receive a nice little boost, and you’ll start earning more money. The advice in this guide isn’t too difficult to try out, and it doesn’t require you to completely change the way your business operates. So, you may as well try it all out and see where it takes you!