Four Methods to Increase Revenue

In The Personal MBA it is mentioned that there are only four methods to increase revenue:

Key Points:

• There are only four ways to increase revenue:
  • Increasing the number of customers.
  • Increasing average transaction size. Try to get each customer to purchase more.
  • Increasing the frequency of transactions per customer. Try to get each customer to purchase more often.
  • Raising your prices
• Remember the lesson of Qualification: not every customer is a good customer.
• Always focus the majority of your efforts on serving your ideal customers. The more ideal customers you attract, the better the business.

Questions for Consideration:

• How can you use the 4 methods to increase your business’ revenue?
• How can you encourage your customers to become more like your ideal customer?