Are you trying to come up with new ways to generate revenue, but just can’t seem find the right techniques? Don’t worry; that’s normal. Traditionally, business owners cut costs to save money instead of finding new ways to bring in large sources of revenue. They lay off employees and cut wages, and the fact is that it works. These are the businesses that emerge from recessions and hard times with renewed strength and money still in the bank. But for some reason, small businesses have trouble following in the footsteps of larger, somewhat more successful companies. Do you know the last time you raised prices? If you’re struggling to make ends meet, why wouldn’t you raise your prices, if you knew that doing so would take the edge off?
Perhaps you simply think you’re not ready, but maybe it’s time to find out if you’re wrong. Check out the following tips to see if raising your prices will significantly boost your profits.
Add Value to Your Packages
If your packages could use a reboot, think about adding extra value when you raise your prices. Maybe you can throw in three or four extra services, plus an hour of customized guidance from you. That way, your customers may be paying more, but they’re getting infinitely more value for their money. The more quality services you add to your packages, the higher the price – and the more return high-end investors will get from your services. In addition to making your packages more heavy-duty, offer a small discount when someone enrolls in auto-pay. People often stay longer with a company when everything is automatically deducted from their accounts.
A Joint Business May Be Right for You
It doesn’t matter if your business is serviced-based or product-based; it can benefit from a joint venture partnership. Joint venture partnerships can help you increase your visibility and revenue significantly. Be careful when choosing a partner, and approach them politely and over time about bundling your products with theirs. If you don’t think this kind of partnership works, think about Halo and Xbox 360 – the limited edition Xbox 360 that came with the newest version of Halo sold better than the original did.