Right in front of my computer is a question: “How do we 2x revenue?”
Revenue growth is everything for a startup. Grow double digits month over month, and you attract investor interest. Grow revenue, and solve most of the problems you face in a business.
But how do companies really, truly improve revenue growth? Are there certain hacks or secrets other company founders are doing that might be applied to more businesses?
Here’s a few answers from the community at Terkel.
How Do You Improve Revenue Growth?
From gaining market share for products to building a deeper connection with your brand, here are five answers to the question, "What helped propel consistent double-digit revenue growth month over month?"
- Identify Market Gaps
- Make Data-Driven Decisions
- Build Your Product Range
- Invest in Your Team
- Build a Human Connection With Your Clients
Identify Market Gaps
An important thing we did to propel consistent double-digit revenue growth month after month was to reevaluate our product offering in the market. We identified a gap in the market for a more affordable and user-friendly solution for our product.
This helped us to gain market share for our product and also helped us to grow our customer base. This strategy helped us to focus on expanding our market share and increasing sales.
Matthew Ramirez
CEO, Paraphrase Tool
Make Data-Driven Decisions
Using a combination of data-driven decisions, strategic partnerships, and creative marketing initiatives, I could propel consistent double-digit revenue growth month after month. To achieve this goal, I first identified key opportunities for improvement by analyzing internal and external data sources.
Then I developed a comprehensive plan that incorporated both short-term tactics and long-term strategies.
Aviad Faruz
CEO, FARUZO
Build Your Product Range
If you're experiencing a lull in business profits, consider expanding your product range to stimulate revenue growth. If your business is known for its staple line of products, launching new creations can increase conversions of existing customers and reach new ones.
Just ensure your new product offerings align with what your target market desires. Your product launches should work in tandem with your existing line of products.
Amy Adlerstein
Senior Retention Marketing Manager, Canvas People
We Invested in Our Team
One thing we did that helped propel consistent double-digit revenue growth month over month was investing in our team. We created a work environment that fostered personal and professional growth and offered our team members opportunities to learn, grow, and develop.
We also implemented a comprehensive training and development program that equipped our team members with the skills they needed to succeed in their roles.
Now our developer team has new skills and a bigger stack. Thanks to this, we can now serve more and larger clients. All this has allowed us to have higher revenue and higher profits.
Luciano Colos
Founder and CEO, PitchGrade
Build a Human Connection With Your Clients
When I was launching my wedding photography business, one thing I did that propelled consistent double-digit revenue growth month over month was focusing on creating and nurturing relationships with customers. As a business owner, it's important to build trust and credibility with your clients, so that they not only are eager to use your services but become loyal ambassadors for your brand.
Taking the time to connect with customers via email, social media, and in-person meetings allowed me the opportunity to better understand their needs while providing them with more personalized service—something that truly set me apart from competitors.
By offering discounts or promotions for those repeat customers, I created an incentive for customers to develop a deeper connection with my brand. This approach ultimately helped drive monthly revenue growth significantly.
Stephanie Jenkins
Founder, Stephanie Jenkins Photo
Submit Your Answer
Would you like to submit an alternate answer to the question, "What's something you did that helped propel consistent double-digit revenue growth month over month?"