3 strategies that strengthen pest control revenue

Many business owners focus on getting more clients to grow revenue and profit, but there are other effective ways to achieve business growth.

Consider trying these three strategies:

1. Sell more to your existing customer base. This growth strategy is often overlooked, yet it is more profitable and easier to sell more to your existing clients than it is to acquire new ones. Marketing additional services to your existing clients also is much less expensive than cold-calling potential customers. You can run specials or offer discounts to incentivize additional purchases. Remember, your existing clients already know, like and trust you. You can easily reach them through emails, texts or phone calls to inform them about additional services or upgraded service packages or bundles.
2. Add new products or services. Expanding your service mix can increase your revenue by attracting new clients and increasing spending from existing ones. For example, if you currently offer pest and termite control services, you could add mosquito or wildlife management services. Some companies even branch out into non-pest-related offerings such as holiday light installation, electrical or plumbing services, landscaping and more.
3. Raise your prices. Many businesses are quick to discount prices to attract new clients or retain existing ones. However, discounting often requires significant sales increases to recover lost profits. Raising your prices can be a viable growth strategy worth considering.

While you might fear losing clients by raising prices, industry statistics show you will lose only between 1 percent and 5 percent of your customers because of a price increase, regardless of the percentage of the increase.

Many companies today are raising prices by 10 percent because of their increased costs. Think about it: If less than 5 percent of their clients cancel, that still results in at least a 5 percent gain in revenue — even up to 9 percent depending on how many people really drop service. Plus, fewer clients to serve leads to a bigger boost to your bottom line.

Implementing these strategies can help you grow your business more effectively by maximizing the potential of your existing client base, diversifying your offerings, and optimizing your pricing strategy.