The Three Ways To Increase Revenue

There are only three core ways a business can increase revenue:

1. You can acquire more new customers (assume this includes new types of customers too)
2. You can increase the revenue per customer (new and existing)
3. Increase the renewal rates of customers

When businesses get into heavy-duty customer acquisition mode, they often lose sight of their current customers and their needs. Sales gets headcount, but account management and support does not. Renewal rates aren’t measured. Customers get taken for granted more than they should.

It’s a lot cheaper to keep (and then upsell) a current customer than to acquire a new one. Don’t drop the ball with your current customers.