10 Most Effective Strategies to Increase Revenue in 2024

Are you looking for new ways to increase revenue this year?

Then you’re in the right place.

Today, I’ll teach you the most effective strategies to increase revenue. 

Ready? Let’s get started!

Here are the ten most effective strategies to increase revenue:

1. Increase your rates
2. Add products or services
3. Enter new markets
4. Find new customers
5. Increase productivity
6. Improve the way you market your business
7. Get more repeat customers
8. Upsell your products and services
9. Offer incentives to get customers to buy more
10. Use payment plans

What does it mean to increase revenue and sales? 

Increasing your revenue and sales is about generating more income for your business.

I want to point out that they aren’t the same thing.

Increasing revenue means growing your business’s overall income. Increasing sales means selling more and/or raising prices. 

Both are important because they contribute to your business’s financial health and success. Today, we’ll talk about your revenue. 

Read on if you’re ready to dive into the most effective strategies to increase revenue!

1. Increase your rates 

Increasing your rates is a sensitive topic for most entrepreneurs.

I get it! It’s normal to feel uncomfortable about raising your prices. You don’t know how customers will take the news, and, worse, there’s the chance that you’ll lose them because of it.

But it’s one of the most effective strategies to increase revenue. You just have to be strategic about it.

Above all else, focus on the value of what you’re offering – in other words, your products or services must be worth what you’re charging.

That means timing it carefully and waiting until you’re absolutely sure that the new price reflects the value. 

If you do it before the value is there, you’ll drive your customers away.

Remember that even if the value is there, it might take your new and existing clients some time to get used to the increase, and you might see a slowdown.

That’s why I always recommend waiting until you don’t need new sales to come in immediately.

Also, price increases tend to be most effective if done incrementally. 

I talk more about increasing your rates in this quick video: 

2. Add products or services

One of the most effective strategies to increase revenue is expanding your product or service list with a new offer.

For product-based businesses, a new offer could be as simple as upgrading the existing products or as intriguing as expanding the product line or launching limited-edition versions.

On the other hand, a service-based business like a coach, consultant, or freelancer might create and add a profitable digital product to their services.

But one of my favorite and most effective strategies to increase revenue is packaging and selling your knowledge in an online course. 

In fact, ​high-value courses often sell for $1,000 to $2,000 per student.

The most important part of launching a course is choosing a profitable topic – one that solves a problem in a better, faster, or more affordable way. 

Check out my list of over 170 highly profitable online course ideas for inspiration.

After all, there’s potential for an online course in every niche. I’ve seen people launch profitable courses on everything from copywriting to van life. 

You can learn how to create a successful six-figure online course in this guide.

3. Enter new markets

The third strategy to increase your revenue is to enter new markets. 

But when you’re ready to expand into new markets, remember that a one-size-fits-all approach almost never works.

There are two types of markets you can approach: Geographic and demographic.

If you’re entering a new geographic market, focus on what’s already available in that region and how the audience differs. 

In addition to any potential cultural differences, consider your target audience’s needs, challenges, and preferred methods of communication. 

Will you need to adjust your message to make sure it resonates? What about your pricing?

But new geographic markets aren’t the only markets you can break into. 

In fact, I’ve found that one of the most effective strategies to increase revenue is entering a new audience segment.

You don’t have to make broad changes to your business for this to work — it could be as simple as expanding your services/products or niche. 

For example, if you primarily work with beginners as a coach or consultant, you might consider offering a more advanced offering for non-beginners. 

Or, if you primarily work within one sub-niche, is there another that could use your skills? 

4. Find new customers

One of the most effective strategies to increase revenue that no one talks about? Landing new customers with tailored pitches.

People buy your products or services for a reason: Because you sell exactly what they want.

One of my favorite strategies for making a sale is to clearly outline how I can help a customer.

That’s not to say that each customer gets a different product. 

But during a sales call, I listen to each customer’s barriers and goals while thinking about how my approach can work for them. 

Then, as I walk them through my offer, I tailor it to them by touching on specific things we discussed. 

This makes a pitch feel less scripted and more exciting.

But you have to honestly believe your offer is right for the customer. If you don’t, they won’t either.

I explain this concept in greater detail in this video:

5. Increase productivity

One of the simplest ways to increase your revenue is to increase your productivity (and get more things done faster). 

And the key to increased productivity, even in business, is shockingly simple: It’s knowing what to focus on.

You can find yours with my one-sentence formula: My goal is ____, so I need to ____ by ____.

Let’s say your goal is improving your email marketing. 

One way to do that is by writing the kind of emails your audience wants to read.

So your sentence would be, “My goal is to improve my email marketing, so I need to engage the audience by writing great emails.”

Writing great emails is your key activity.

Now, add a number to it. It could be writing one or two emails or practicing for 30 minutes daily.

And finally, put it on your calendar. If you don’t, you risk not doing it at all.

I break it down even further in this video:

While increasing your output is one of the most effective strategies for increasing revenue, it’s important not to overwhelm yourself. 

That’s why my number one productivity tip is taking breaks.

I’ll tell you why in this video:

6. Improve the way you market your business 

We all know that good marketing is one of the most effective strategies to increase revenue for your business.

Look at your marketing efforts. Is there space for a more profitable strategy?

For example, if you’re using paid ads, you might add Search Engine Optimization (SEO).

SEO involves optimizing your website with better keywords, stand-out content, clickable titles, and backlinks to ensure it ranks higher on search engines. 

You can learn more about SEO in this guide. 

Think about it like this: Do you look at the second page of Google results?

Me either.

That’s why your ranking is so important. The higher you rank, the better your chance of getting in front of customers.

The best part? SEO is scalable and profitable.

It builds your visibility organically over time, increasing your qualified traffic and brand awareness. In fact, I turned SEO into a multiple-six-figure marketing channel for my business in just two years.

Note: While it will eventually increase revenue, SEO is a long-term strategy with slow results. I don’t recommend it if you need results now.

7. Get more repeat customers 

Once you’ve worked with a customer, they have two options: Buy from you again or part ways with you.

Ideally, you’d like them to buy from you again, right? Yes – because keeping them coming back is one of the most effective strategies to increase revenue.

After all, recurring customers spend 67% more on average than customers who are new to your business.

You can retain more customers by positioning yourself correctly and offering good service.

How you do this depends on your business model.

A product-based business is all about customer service. 

But a high-value service-business, like consulting or coaching, is all about guiding your clients.

When you position yourself as someone who guides their clients, they see you as the expert who can get them the desired results.

And doing precisely that is what will keep them coming back for more.

I’ll tell you more about the secret to positioning yourself correctly in this video: 

8. Upsell your products or services 

Upselling and cross-selling encourages your clients to buy something: A pricier version of your offer, an upgrade, or an add-on.

It increases your sales value and is one of the single most effective strategies to increase revenue for your business. In fact, 74% of salespeople who cross-sell say that it drives 30% of their revenue.

Most businesses do it – just look at these upsells on an Amazon product page: 

Upselling in your business requires finding new ways to enhance the client experience and increase their results. 

I’ve used upselling to grow my own coaching business.

When I started a mastermind coaching program, I kept a close eye on each of my students.

As soon as they started seeing results, I upsold them to one-to-one coaching sessions for individualized attention and guidance.

Some said no, and that’s okay. But those who saw the value in what I was offering said yes. 

Suddenly, I was offering an even greater experience and increasing my individual coaching revenue by more than $20,000.

Hear more about upselling in this video:

9. Offer incentives to get customers to buy more

It might seem counterintuitive, but offering incentives is among the most effective strategies to increase revenue. They keep customers engaged, build loyalty, and drive sales.

You can offer incentives to new and existing customers.

Think things like…

• Birthday rewards
• Referral rewards
• Referral discounts
• Holiday sales
• Contests
• Giveaways
• BOGO deals
• Flash sales
• Free resources

However, never offer a discount because you’re afraid people won’t pay for your services otherwise. 

Instead, do them because you appreciate your customers – and because they’re fun. I love offering my students discounts on training offerings during my LZ Friends and Family holiday sale because it’s a fun way to introduce people to my business. 

You can also launch a loyalty or referral program.

Loyalty programs reward your repeat customers and keep them coming back for more. 

It should always help clients build toward something, like discounts, upgrades, or benefits.

On the other hand, referral and affiliate programs fuel organic leads by having existing customers recommend you to their network in exchange for a commission (10% for services, 30-70% for products).

10. Use payment plans 

This is another seemingly counterintuitive way to increase revenue, but hear me out.

Some customers put off a purchase because they can’t afford the total upfront cost, because they’re afraid of paying it all in one go, or they just prefer to pay in rates. 

By breaking those big-ticket items down into smaller, more manageable payments, you expand your reach and – you guessed it – increase sales and revenue.

Payment plans can also increase revenue because, when customers choose monthly installments, they pay more than the upfront cost.

Let’s say you’re offering a course for $3,000.

A customer can either pay the $2,999 up-front or take advantage of your payment plan that costs $550 per month, totaling $3,300.

Monthly installments always cost a bit more because, in reality, payment plans are a double-edged sword. 

While they help you increase your reach, you also increase the risk of not getting your payments. The extra money will mitigate that.

Next steps 

There you have it – the ten most effective strategies to increase revenue.

Whether you’re a seasoned entrepreneur or just starting out, increasing revenue will remain constant. 

Figuring out the combination that works best for your business and target audience is what will finally take you from employee to entrepreneur. 

If you’re ready to build a six-figure business and have greater freedom, I’ll show you exactly how I did it, step-by-step, in my FREE blueprint:

Read more:

How to Attract More Customers

How to Scale Your Business

Why You Should Invest in SEO