🔺12 Business concepts that can generate more revenue for you nowÂ
1. Upselling: Encourage customers to buy more by offering additional options or upgrades. For example, a restaurant can suggest a more expensive dish or a car dealer can offer a higher-end model.
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2. Cross-selling: Offer complementary products or services to customers who have already made a purchase. For example, a clothing store can suggest matching accessories or a technology company can offer software upgrades.
3. Subscription model: Provide customers with ongoing value by offering a subscription service. For example, a streaming service or a meal delivery service.
Learn More4. Bundling: Offer a package deal that includes multiple products or services for a discounted price. For example, a telecom company can offer a phone, internet, and cable package.
5. Loyalty programs: Encourage repeat business by offering rewards or discounts to loyal customers. For example, a coffee shop can offer a free drink after a certain number of purchases.
6. Referral programs: Incentivize customers to refer friends and family to your business by offering rewards or discounts. For example, a fitness studio can offer a free class to a member who refers a new customer.
7. Personalization: Tailor your products or services to individual customer needs or preferences. For example, a beauty brand can offer a customized skincare routine based on a customer’s skin type and concerns.
8. Limited-time offers: Create a sense of urgency and encourage quick purchases by offering limited-time discounts or promotions. For example, a clothing store can offer a one-day sale or a travel company can offer a flash sale on vacations.
9. Tiered pricing: Offer different pricing options based on the level of service or features. For example, a software company can offer a basic, standard, and premium version of their product.
10. Strategic partnerships: Partner with another business to offer a joint product or service. For example, a hotel can partner with a local attraction to offer a package deal.
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11. Diversification: Expand your product or service offerings to reach new markets or target customers. For example, a fitness studio can add a nutrition program to their services.
12. Customer experience: Create a memorable and positive experience for your customers by providing exceptional service and going above and beyond. For example, a hotel can offer personalized recommendations for local restaurants and activities.
🧩CREATED BY DR JOSEPH DEJI-FOLUTILE
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