If you started your business as a freelancer but it’s not really growing as you wish or if you’re feeling that you’re reaching a limit that you can’t exceed but you would still like to multiply your revenue, here are 7 great tips to increase your turnover.
1. Sell a high-end product or service
If you take the case of famous American start-ups for example, all businesses that generate millions in turnover, propose top-end products and/or services.
What is a top-end product or service? It’s a product/service that has a much higher quality than the average of the ones you sell and consequently a higher price – starting from 500 and up to 2000 euros.
If you are selling only cheap and medium-quality products/services, it will be hard for you to once generate a 6 or even a 7 figure turnover.
So, selling top-of-the-range products/services is mandatory if you really want to your turnover to skyrocket.
Of course, you have to provide all the customized support and business coaching when selling such top-quality products because it’s obviously not just about selling a simple product or delivering a one-shot service but it’s really about changing the life of your customers significantly.
It’s about impacting their entire business.
And the more your products/services affect the lives of your customers in a positive manner, the more expensive they should be.
2. Promote upselling
When a customer buys one of your product/service, as he is in a “purchasing mode” so to say and probably motivated to go further, you can suggest him/her a second product/service.
On average, the conversion rates for upselling are higher than the ones measured when you first sell a product/service to a brand new customer.
For example, with an entry-level product, you have 1% to 5% of people buying it but within this new client base, there could be between 10% and 20% who will buy a second product thereafter because their interest in you or your business would have already been proven.
And if they are not interested in a product/service that is more expensive than the first one they bought you can suggest them a Downsell.
3. Promote cheaper offers – Downsell
Suggesting to your customers a secondary product or service that is slightly cheaper than the one they bought in the first place can also help you increase your turnover.
Let’s assume one of your client buys one of your entry-level product for 200 euros and you suggest him/her a secondary product for 450 euros that he/she is not ready to buy yet, you can propose him/her a product around or below 200 euros so that he/she still builds stronger links with you.
4. Promote cross-selling
Cross selling enables you to suggest to your customer another product that is not directly linked to the product they initially bought but that is still part of your offers/catalog and that could be complementary as well to the product/service they purchased.
Why not proposing discounts of -20%, -25%, -30% to all new clients on your whole products’ catalogue but within a defined period like 48 or 72 hours for example.
This way your clients are able to buy secondary products/services from you that they have not considered in the first place but that can still be of great value to them.
5. Promote Order Bump
Assuming you have an online ordering system, when your customer checks out and give out his/her bank details, an order bump system would allow him/her to add a last-minute product.
This is rather designed and made for entry-level, cheap products that customers add at the last moment.
As a result, the average basket of all your customers increase and help you promote more of your products.
6. Investing in advertising
Not investing just one time but continuously, systematically launching advertising campaigns such as Facebook ads campaigns even tough you are on a low budget.
You just can’t hope to double or triple your turnover without having a powerful leverage to acquire new customers.
When used smartly and strategically, this universal leverage can be extremely efficient to generate tremendous results and especially scale your freelance business, i.e. bringing it to the next level.
For example, assuming you have a great website – it could simply be your freelancer’s showcase site and not necessarily an e-commerce website – generating a decent traffic and you’re getting satisfying results thanks to your best web pages, strategic advertising targeted on those specific pages will for sure allow you to also generate interesting results.
Even if you get results that are not as good as the ones coming from your organic traffic, they will still be results that will play a decent role in your business growth.
What matters the most when you conduct advertising campaigns it’s their profitability.
Consequently, invest systematically in advertising that constantly create results – even not remarkable ones – for your business.
7. Focus on what works the best for you.
You certainly sell some products/services that do not bring you back a lot. They take you time, energy, money.
We definitely advise you to get rid of them and to really focus on what generates 80% of your current revenue.
Focusing on the single things that benefit you the most and consequently allow you to simplify or delete everything that is going on around your freelance business and that is generating little results only.
That’s all for our tips/advice to help you significantly multiply your turnover and bring your business to the next level. If you apply (some of) them, your business will change for sure.
Do you currently apply any of those techniques with your freelance business?
Or have you tried one of those recently and has it changed the face of your business?