How to generate more revenue without spending a penny
Have you lost clients post-pandemic and during the recession? If so, you are not the only one. Countless businesses have lost a substantial amount of revenue over the past 2 years, some of which have been forced to declare bankruptcy or shut their doors for good.
When we lose clients, it can be tempting to jump back on the sales horse and concentrate on winning new business. Of course, this isn’t wrong, but there are better ways to initially generate new revenue than trying to win more leads.
In this article, we outline 6 ways to generate more revenue from your existing client base without spending a penny!
Prioritise the money you are owed first
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. Next, bill any WIP or completed work that has been invoiced.
Review and start charging for your ‘freebies’
We all like to go above and beyond for our clients, but sometimes this comes at a cost. Review what you are currently giving away ‘for free’ above and beyond the service your clients are paying for and start charging for it. Usually, this is an area where significant amounts of extra revenue can be found.
Consider increasing your fees
You may be hesitant about raising fees during a recession, but ask yourself: when did you last do a fee increase, and how much more time are you having to spend with your clients to support them right now? If you’re doing a lot more for less, explain to your clients that you need to increase your fees to keep giving them the level of support that they need.
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. A clients 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.
Follow up with old, cold leads and catch up with your good referrers
You can ring old prospects or existing clients to check in and see how they are doing. There isn’t going to be anybody that won’t appreciate you asking how they are. Make sure to catch up with your good referrers too!
Increase other marketing activities
What other marketing activities can you do that won’t cost a penny? One of the best tasks you can do for your business is to focus on increasing your online presence. This enables you to stay in front of prospects and clients and it ensures that you are remembered when they are ready to buy your service.
Always focus on your existing clients first
Your clients already like you and trust you, so they will be a lot more willing to buy more from you. If you’re looking to increase your revenue during times of difficulty, always turn to your existing clients first. You may find that you don’t need to go out and find new business after all.