Revenue Without Spending a Penny
Updated: Aug 1
You might not be the only one that has lost clients due to the Covid-19 pandemic. Many businesses have lost a great amount of revenue. Some businesses have been forced to declare bankruptcy or shut their doors for good.
When we are faced with losing clients, the natural thing to do would be to concentrate on winning new business.
Generating new business can be up to 7 x more expensive to do, than keeping a current customer.
In this article, we outline 5 ways to generate more revenue from your existing client base without spending a penny!
1. Prioritise Overdue Accounts
Talk to the clients who owe you money and negotiate how they will pay their debts. You have already provided this service, so chasing up and agreeing on payment dates is the first thing you need to do.
2. Increasing your fees
When was the last time you raised your prices? For some reason, this very act causes massive anxiety in many business owners. They worry that by increasing the cost of their product or service, they’ll turn customers off.
So instead, they waste all their energy and resources on attracting and converting new leads to customers. There’s nothing inherently wrong with this strategy, except that you’re leaving a ton of money on the table. The real money is made with your existing customer base.
3. Analyse your current client portfolio and help them get more from you
Look at your current client base and segment them into A, B, C and D clients. ClientsCheck-in are your most valuable and tend to bring in the most business and/or they pay very well. B and C clients are good quality clients who usually make up the majority of your business. D clients are usually not in line with your business anymore or are low payers and/or are picky.
Using your analysis, identify which clients need more help from you and who could benefit from other services that you offer. Start increasing your communication with your A and B clients and ditch or convert your D clients.
4. Follow up with old, cold leads and catch up with your good referrers
Check in on old prospects or existing clients to see how they are doing. Make sure to catch up with your good referrers too!
5. Increase other marketing activities
Focus on increasing your online presence. This enables you to stay in front of prospects and clients. Online marketing activities will ensure that you are remembered when they are ready to buy your service.