Have you been asking yourself how to improve your business revenue growth?
Improving your revenue growth rate is crucial as it helps in feeding the cycle of financial stability and expansion.
Baremetrics helps in forecasting so you can use your monthly recurring revenue (MRR) to shed light on the current period, and see how changes in annual growth impact your annual recurring revenue.
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Given below are tips that help drive a few basic sales growth strategies such as bringing in new customers, up-selling to current customers, and keeping/retaining those customers.
Smart Product Offerings
You may already have a successful product. If so, build on that success with a new product that complements what you sell. It's an easier pitch to your existing customers.
It's also a ready-made package to offer new customers that seek value for their purchase. Think of what goes naturally with what you already sell.
Do some preliminary analysis of what a new product costs to develop and produce compared to how much your top line sales will go up.
Expansion of Geographic Reach
Going into new markets can give you access to new customers. Especially offline B2B companies focusing on a certain geographic area, where they may face stiff competition.
Research potentially underserves markets and focus mainly on expansion. You can do a soft sell to gauge interest using social media or pop-up onsite marketing.
Develop a Strategy Based on Metrics
A typical startup knows its product, but may still get buried in spreadsheets. A marketing strategy may include targeted customer personas, social media ads and even few key performance indicators (KPIs).
Cleaning up all of that data offers a clearer picture of cash flow and sales for various periods. It's also the first stage of harnessing that data to develop a smart, focused strategy that increases revenue.
Use Baremetrics to Analyze Data
A solid data-driven strategy uses the information you already have to create a plan to target the right customers with the best sales pitch.
Baremetrics offers a full suite of data analytics services, such as smart SaaS dashboards to view trends and compare results from data changes.
Want to see how Baremetrics can give you the insights you need for smart top-line growth? Sign up for a free 14 day trial today.
Use Baremetrics to measure churn, LTV and other critical business metrics that help them retain more customers. Want to try it for yourself?
Tinker With Your Price Point
There is a sweet spot with product pricing. A higher price may lead to greater profit per item, but fewer items sold.
A lower price may reduce margins to such an extent that the company doesn't have enough cash flow to sustain the sales growth.
Do a full analysis of your prior period sales and gauge customer reaction. If you have low churn and a popular product, you may be able to make an incremental increase. Sales may sustain and you will increase your company's revenue.
Bonus tip: Do some research with Baremetrics' customer insights. You can get powerful data about each customer's sales history and how much they're willing to spend.
Consider Promotions or Discounts
The right price is important, as is motivating your current customers to keep buying. Give these customers a break on future purchases through discounts or coupons.
An "invite a friend" promotion can help you reduce the leg work of acquiring new customers. Product bundles save your customers money, offer value, and show those customers that you appreciate their loyalty.
Product bundles are also a great way to bring new customers to your company.
Get the Data You Need for Revenue Growth Rate Analysis
Driving revenue growth can lead to an increase in profitability. This path is most successful when your choices are based on in-depth data analysis.
Baremetrics has the tools you need to start a data-driven revenue growth strategy.
Learn more about Baremetrics today by signing up for a free 14 day trial!