What are some versatile revenue improvement ideas that are applicable to most cases (e.g. increasing marketing)? Thanks
Versatile Revenue Improvement Ideas
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Hi there,
Remember, you need to apply your revenue improvement ideas to the specific case at hand. You cannot be generic.
That said, some major ways companies boost sales include:
- SAAS (software as a service)
- (Relatedly) Subscription revenue
- Get people onot subscription plans (i.e. Netflix)
- Behavior-changing "memberships" - i.e. Amazon Prime
- When people enter Prime membership, they actually actively spend more than they did before
- Bundling
- I.e. sell a few things together
- Radiation
- Sell products similar to the current one
- Low-price entry
- Get someone in with a super cheap/good deal, then, now that you have them as a customer, sell additional, higher-margin products (insurance companies do this, for example)
(edited)
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Hello,
First of all I suggest to breakdown the problem into two subsections: Volume and Price.
Regarding the volume you can think of many different ways to increase it taht you have to evaluate according to the specific case: invest in marketing, entry new market, target new market segments, reinforce sales force, upselling, create new product ecc..
On the price section, you should understand what is the best price point to mazimize the revenues. Be careful: increasing the prince it's not the only solution to increase revenues. For example if decreasing your price by 20% will increase your volumes by 40%, then your revenues will increase.
Hope it helps,
Luca
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Hello!
It´s very difficult to give you a meaningful answer in generic.
I would recommend to always break it down (revenue: P x Q) and build the 2 complete branches.
Cheers,
Clara
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Hey, whats "versatile"? You mean out of the box/innovative?
No need to overthink as there are plenty of proven approaches already to increase revenue by looking at customer segments, channel mix, product/service, M&A, Alliances/Partnerships, talent/human capital etc etc
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Increase the price and/or sales volume...
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