If you’re having a difficult time reaching revenue goals for your freelance or consulting business, it’s time to take a good look at your sales strategy. You could be making mistakes that are leaving money on the table. But before we look at those mistakes, let’s look at strategies that can help increase revenue streams.
4 ways to increase revenue streams
You can increase revenue streams by increasing one or more of the following:
- Customer base
- Transaction size
- Transaction frequency
The mistakes holding you back could be tied to missing opportunities in these areas.
By identifying and resolving the following four errors, you can begin to increase revenue streams and start hitting your income goals.
1. You aren’t attracting new clients.
More customers mean more income. So if you want to see a rise in your income, bring in new clients. You can attract new clients to your freelance or consulting business with the following strategies.
Use what you know about past clients to attract new clients. Go through your current client roster and determine how you attracted each client. For example, if they were brought in by a speaking engagement, see if you can find more opportunities with a similar audience. If they were acquired through a guest post, see if you can post on the blog again.
Produce educational content. Freelancers and consultants can find more clients by providing value to their target audience before they become clients. By producing free educational content (via blogs, webinars, in-persona seminars, etc.), you can introduce your skill set and show off your knowledge to potential clients and lead them to working with you.
Ask for referrals. Your past customers are a great resource for finding new customers. Reach out to former or current clients and let them know you are taking on new clients. Also, consider giving them a discount or incentive for referring new clients to you.
2. You aren’t increasing the size of sales transactions.
Another way to increase revenue streams is bringing in a larger fee for a single transaction.
To increase transaction size, consider doing one or more of the following.
Develop complementary products. Consider what else your customer will need while they do business with you, and provide it as a service. Upselling a complementary product or service when you have already attracted a customer is a smart way to bring in more revenue without acquiring more clients.
Create packages. Make the value of the complementary products easy to see by bundling them into packages. Also, discount products and services when they are sold in a package to give clients an additional incentive to upgrade their purchase.
Offer discounts or bonuses for reaching a certain price point. Encourage clients to spend more by rewarding them for doing so. Offer a free bonus for spending a target price point or give a percentage discount for purchasing a large volume of services or items at one time.