The “easiest” way to increase revenue is to increase prices. But it’s not the ONLY way that you can raise the value of a customer purchase. Here are 4 additional options to consider if you are looking for ways to make more money in 2023.

  1. Offer higher-priced options: One way to increase the price per purchase is to offer higher-priced options in addition to your lower-priced options. This allows customers to choose the option that best fits their budget, while also giving them the opportunity to spend more if they want to.
  2. Bundle products or services: Another way to increase the price per purchase is to bundle products or services together. This allows you to offer customers a greater value for their money, while also increasing the overall price of the purchase. Bundles can include premium packaging, bonus or complimentary items or volume discounts.
  3. Upsell and cross-sell: As mentioned in the previous response, upselling and cross-selling can also help increase the price per purchase. By suggesting related or complementary products or services, you can encourage customers to spend more on their initial purchase. If you have a sales team, training your employees to identify customer needs and suggest related products can be a worthwhile investment. If you have an e-commerce website, you can purchase plugins that will suggest additional products or position impulse purchases at the shopping cart stage. (A website that does this really well is Knix!)
  4. Offer premium or VIP experiences: Consider offering premium or VIP experiences that come with a higher price tag. This could include special access to events or exclusive perks that are only available to customers who are willing to pay more.
  5. Create a subscription service: Translating your product or service into a subscription can guarantee multiple sales and create a more reliable income stream into the future.

Adding or improving some combination of these ideas can result in multiple opportunities to improve sales and increase the value of a purchase.

If you aren’t sure how to implement some of these, or you are curious about the costs to execute on these changes, book a free consultation with one of our account managers, and we would be happy to help you weigh your options!