3 Hacks to Increase Your Revenue
Whilst long-term revenue and brand building should be your marketing priority. There are times when you need short-term cash. Whether it’s for a holiday, or an unforeseen cost. Fear not, we’ve got you covered.
For each of the hacks, we explain it, provide an example, discuss the revenue potential and address any objections. There’s nothing to stop you getting all 3 of these setup within 2 hours of reading this blog. So let’s begin.
Hack 1: Transaction Fees
Transaction fees are additional charges applied to online booking transactions. Vendors often use transaction fees to offset payment gateway charges and other costs associated with online payments.
Chances are if you’ve bought something online, you’ve encountered transaction fees. Whether it’s buying festival tickets or ordering food, transaction fees are everywhere:
The power of transaction fees becomes clear when considering their revenue potential. Imagine that your venue processes 15000 online bookings a year. By applying a £1 transaction fee, you’re boosting revenue by £15000. It takes less than 5 minutes to set up on popular booking platforms like Roller and Book Now.
The most common objection is: “If I do this my customers are going to complain”. Whilst there’s the possibility of backlash, it rarely happens. Customers are more likely to complain about an overt pricing change than the addition of a transaction fee.
Hack 2: Retargeting Ads
Retargeting is a digital advertising strategy that serves ads to people that have engaged with your website, but haven’t made a booking. Retargeting ads can be set up on all major advertising platforms, including meta, google and tiktok ads.
The easiest way to retarget is by plugging your retargeting audience into your existing digital ads campaigns. Alternatively, you can set up specific retargeting ads:
You see the profitability of your retargeting campaigns via your chosen platforms’ reporting. It’s not unusual to see mid-sized venues net £2000-4000 revenue and strong ROAS from their retargeting ads.
Retargeting campaigns are disproportionately cheap compared to other elements of digital advertising. For just £100 per month in budget, you can build a solid setup.
If you have questions about how to set retargeting campaigns up, reach out to us. We’re happy to provide instructions on a simple but effective set up.
Hack 3: Upsells
Upsells are additional buying opportunities within a booking or purchasing process. They’re a great way of increasing your customer’s average spend.
Think back to the last time you ordered dominos. When pressing the checkout button, you’re diverted to an upsell page offering sides, drinks and desserts.
Well structured upsells offer awesome revenue potential. Imagine you own a trampoline park. Your average customer spend per visit is £20.00. You decide to add three upsells to your booking process:
- An extra hour for £6
- A meal deal for £6
- An unlimited slushy for £6
If we conservatively imagine that 1 in 12 customers purchase an upsell (there’s nothing to stop a single customer purchasing all three), for every 10,000 customers, an extra £5000 in revenue is generated.