Ways to Increase Revenue

Successful business leader Loren Wesley Vankirk has served as the CEO of Vankirk Electric for more than two decades. In this capacity, Loren Wesley Vankirk oversees the direction of the electrical construction company and is responsible for implementing corporate strategies, managing company resources, and increasing revenue.

In business, the only ways to generate more revenue are to increase the number of customers, transaction frequency, average transaction size, and/or prices. Increasing the number of customers is a pretty straightforward strategy for increasing revenue. When there are more customers making purchases, revenue will naturally increase. Businesses can increase their customer base by offering newsletters, maintaining excellent customer service, and keeping an up-to-date website.

Increasing transaction frequency and transaction size is a bit more challenging. For transaction size, businesses must focus on upselling their products and services to ensure that each customer is spending more money on each transaction. Meanwhile, transaction frequency requires businesses to get existing customers in the door more often. This can be accomplished by developing ongoing relationships with customers to encourage them to return more often.

Finally, companies who do not change their transaction volume, size, or frequency can still increase their revenue by increasing the price of their product or service. When doing this, businesses must be careful that they don’t alienate their existing customer base by raising prices too much. Instead, it may be safer to cross-sell or bundle complementary products and services together.