As we approach 2025, successful business growth requires more than just hoping for the best or reacting to market conditions. For too many business owners, growth happens by chance—a competitor closes down, a major customer appears unexpectedly, or market conditions temporarily swing in their favor. While this reactive growth might provide short-term gains, it rarely leads to sustainable success.
True business growth comes from taking a systematic, strategic approach to revenue generation. It requires carefully examining every aspect of how your business creates and captures value, from customer acquisition to pricing strategies, from transaction frequency to product mix. The most successful businesses don't leave growth to chance—they engineer it through deliberate action and careful execution.
Whether you're looking to attract new customers, increase transaction frequency, expand your product offerings, or optimize your pricing, this comprehensive guide will give you practical, actionable strategies to drive growth in the coming year.
1. Increase prices with value-based pricing
Full article: Value-based pricing
Value-based pricing is a simple idea: charge what you’re worth. And not what you’re worth to you, or your suppliers, or your former employer - charge what you’re worth to your customers. Your customers don’t care about the cost of materials or the labor hours or your target margins or any other measurements or metrics; your customers care about how you address their needs and solve their problems. Your pricing should reflect that.
“Customers just go with the cheapest option.”
No they don’t. Almost every brand you’ve ever heard of - from Apple to Levi’s Jeans to Procter & Gamble to American Airlines - has priced its products based on value. No matter what industry you’re in, only one business can be the cheapest - everyone else has to compete on value.
“If I raise prices, I’ll lose business.”
You might lose some business, but what remains will be more profitable. Your challenge is to convince your customers that your price is worth what you charge. You do that by communicating your value to them proactively. Some strategies for communicating that value will show up later in this list.
“How do I get started?”
Brainstorm all the ways your business separates itself from its competitors and why those things benefit your customers. Include things like honesty and transparency or professionalism and expertise. Do your employees wear uniforms? Do you use top-of-the-line tools and technology? Have you won awards?
Once you understand your differentiators and the value they bring to your customers, find ways to tell your customers about those things. Include it in your advertising and your sales pitch. Talk about what they mean for your customers and why they’ll be happier with you. Then adjust your prices accordingly.
2. Find new customers in a new marketing channel
Full article: Marketing channel
Marketing channels are places where your customers discover your messaging, e.g. Facebook ads, LinkedIn posts, TV commercials, direct mail, billboards, affiliate partnerships, vehicle wraps, sponsored little league teams, etc. Wherever your customers might encounter you, that’s a marketing channel.
Most small businesses should focus their time and money into a small number of their most impactful marketing channels. If you get a lot of leads from Facebook ads and very little from newspaper ads, you should put your dollars into Facebook ads. That makes sense from a budget perspective - you don’t want to be wasting money, after all.
But if you’ve been using the same channels for years and growth has started to stall, it might be time to add a new channel and allocate some budget there instead. This can be especially helpful if you’ve maximized your impact in existing channels and have reached a saturation point where spending more money gets you diminishing returns. But it can also be helpful for multi-touch attribution: sometimes your prospective customers need to see you more than once before making the decision to buy.
So if you feel like you’ve hit a ceiling with your current marketing channels, introduce something new to the mix. Work with your marketing agency or in-house marketing team to identify a good audience-channel fit, then develop messaging that matches that new channel context. As you collect performance data, don’t be surprised if your legacy channels see a bump in performance as the multi-touch marketing starts to pay dividends.
3. Eliminate your underperforming marketing channels
Full article: Marketing channel
Similar in thought to #2 above, it might be time to prune your marketing tree. For many small businesses, marketing efforts can shift into autopilot, where the same dollars are spent on the same audiences month after month. It’s easy to miss a slow decline in performance, especially if the month-to-month changes are small or hidden by seasonal fluctuations.
When you prune a tree, removing some branches gives more energy to allow the remaining branches to thrive. If you decide to remove a marketing channel, be sure to shift your time, money, and energy into the remaining channels so they can grow and support your business success. It can be short-sighted to cut overall marketing spend, so move your investment into your highest-performing efforts.
How do you choose what to cut? First, look at one of the most critical KPIs in your business: return on marketing expenses or ROME. (This is different from return on advertising spend - ROAS - which is a metric your marketing agency should provide. Ask your CFO to calculate your ROME if they aren’t already, or schedule a short call with Entrefy - we can calculate it for you.) You can break down your ROME on a per-channel basis, then evaluate which channel needs to be cut.
As mentioned in #2, be aware of multi-touch attribution. Removing a channel might mean that you’re removing a valuable touchpoint for prospects that contribute to the overall success of your marketing efforts. If you aren’t using some kind of multi-touch attribution analysis in your marketing, partner with an agency that provides this service as part of their normal work. It’s an invaluable tool for companies that market across multiple channels.
4. Launch a loyalty program
Full article: Loyalty program
Your current customers are your best source of revenue. They already like your business and your products and services, and ideally they’re pleased with their experience so far. Rather than invest time and money on the difficult challenge of acquiring new customers, why not reward your current customers for their repeat business? That’s where a loyalty program can help grow your revenue.
The goal of a loyalty program is to transform traditional customer relationships into structured relationships built on consistency and long-term value. The customer enjoys a financial benefit from consistently choosing your business over your competitors, and your business enjoys the increased average lifetime value of the relationship. From coffee shop punch cards to airline miles programs, loyalty programs create mutual benefits for both parties.
Although most loyalty programs offer some kind of financial benefit to the customer, these benefits don’t have to be expensive to be valued by customers. Priority scheduling, waived deposits, exclusive lines of communication, and small tokens of appreciation every year can add meaningful value for the customer without squeezing profit margins. Even when loyalty comes with discounts, small reductions in margin can yield larger increases in profit when the discounts drive more volume.
When building a loyalty program, consider four key performance indicators to track success: program participation rate, customer retention rate, purchase frequency, and reward redemption rate. When budgeting, expect to spend at least 2% of customer purchase revenue on rewards and administration, but no more than 10% to protect profitability. Get creative with the benefits and perks, and remember: launching a new loyalty program is a great opportunity to show your loyal customers how much you appreciate them. Expect a bump in sales!
5. Start cross-selling your products
Full article: Cross-selling
Continuing the theme of selling to existing customers, cross-selling is another low-cost strategy for building revenue without the added expense of additional customer acquisition. Cross-selling is the process of selling complementary products or services to existing customers, either when they’re already making a purchase or any time thereafter. Cross-selling comes in a variety of formats, and leverages several other ideas in this article like bundling, product suggestions, and value-added services.
To cross-sell effectively, you need to prioritize your customer’s needs over your own revenue goals. Although it’s tempting to use every sale as an opportunity to earn more business, doing so without considering what your customer’s priorities are is a recipe for a damaged relationship and decreased profitability overall. Have you ever been annoyed by a business trying to sell you a $40 product warranty on an $8 pair of headphones? That sort of “cross-sell no matter what” can be frustrating for salespeople and customers alike.
Instead, try to learn where your customers’ needs are still going unmet even after purchasing your product. Do they need help installing or setting up their new purchase? Would they benefit from peripheral equipment or additional services? For example, an accountant might offer bookkeeping services or payroll management in addition to tax filings. A landscaper might start with weekly lawn mowing, but add lawn fertilization services as well.
To get started, identify your product offerings that pair well together, and train your team to identify unmet needs experienced by your customers. Develop language around offering solutions for those needs, while emphasizing a consultative, low-pressure sales technique. Finally, review the timeline for your customer engagements to best choose when to offer a complementary product: do you offer it when closing on an initial purchase, or later? Once you’ve organized your cross-selling process, monitor for customer satisfaction and revenue growth. Good luck!
6. Don’t be afraid to try upselling
Full article: Upselling
Upselling means offering your customers a premium version of what they're already buying. It's different from cross-selling (which we covered earlier) because instead of offering additional products, you're offering better versions of the same product. Whether it's a higher tier of service, a longer commitment period, or premium features, upselling can significantly increase your revenue per sale.
Premium offerings aren't about charging more for the same thing - they're about delivering more value and charging accordingly. Even price-sensitive customers will pay more for better results, faster delivery, or enhanced service. The key is communicating that value clearly.
When done properly, customers shouldn’t feel pressured by your upsell. Good upselling comes from understanding what your customers need and showing them how a premium option better meets those needs. If you focus on helping customers get better results, they'll appreciate the suggestion rather than feel pressured.
To get started, first review your current offerings and identify opportunities to add premium features or service levels. What do your best customers ask for? What challenges do they face that a premium offering could solve? Create clear tiers of service with specific benefits for each level. Then, train your team to spot opportunities where customers might benefit from premium options. Develop clear language around the value of each tier, focusing on outcomes rather than features. For example, instead of saying "our premium package includes priority support," say "with our premium package, we guarantee a 1-hour response time.”
Monitor your average sale value as you implement upselling. A well-executed upselling strategy typically increases average transaction value by 10-30%. And since you're selling to existing customers, these additional revenues usually come with higher profit margins than new customer acquisition.
Remember: the goal isn't to make every customer buy your premium offering. The goal is to make sure customers who would benefit from premium options know they're available. When done right, upselling helps your customers get better results while growing your revenue - a win-win for everyone involved.
7. Develop a referral program
Full article: Referral programs
Your existing customers represent your most powerful and cost-effective marketing channel. Every satisfied customer has a network of connections who likely face the same challenges and needs that drove them to your business in the first place. A well-designed referral program taps into these networks, turning happy customers into advocates who help grow your business.
The concept is straightforward: reward customers for introducing new business to your company. But the execution requires careful thought. The most successful referral programs make it easy for customers to participate while offering meaningful incentives to both parties, but poorly-planned programs can leave both parties feeling exploited and unappreciated.
The foundation of an effective referral program lies in three key elements. First, design your reward structure based on your margins and customer lifetime value. Most successful programs allocate 15-30% of a new customer's first-year revenue to referral rewards, depending on margins and the average lifetime value of a customer. This might seem generous, but referred customers typically deliver significantly higher lifetime value than those acquired through other channels, making the investment worthwhile.
Second, create seamless systems for tracking and fulfilling referrals. Whether you use specialized referral software or develop internal tracking procedures, your system needs to reliably attribute new business to the correct referrer and deliver rewards promptly. Clear documentation and consistent processes help avoid confusion and ensure your team handles referrals professionally.
Third, develop a promotion strategy that makes your program visible without being pushy. Start with your most satisfied customers, as they're most likely to participate. Integrate program information into your regular customer communications, and train your team to mention it at natural points in customer interactions. The goal is to make referrals feel like a natural extension of your customer relationship, not a desperate plea for business.
Monitor your program's performance through key metrics like customer participation rate and overall program ROI. Successful referral programs often see 3x-4x returns or higher, making them one of the most profitable ways to grow your business. Pay attention to both the quantity and quality of referrals - strong programs don't just generate new customers, they generate great customers who go on to refer others, creating a sustainable cycle of growth.
8. Offer subscriptions
Full article: Subscription-based revenue
Transforming your one-time sales into recurring revenue can create predictability and stability in your business growth. Subscription models change the traditional customer relationship from one-time transactions into an ongoing partnership, which often leads to higher customer lifetime value and more stable cash flow. For small businesses, this predictable revenue can make a significant difference in planning for growth and managing resources effectively.
Building successful subscription offerings requires structuring them to deliver additional and experienced value to your customers while maintaining profitability for your business. Once you’ve identified which products or services could be delivered on a recurring basis, narrow down the list to options that are more valuable to your customers if delivered regularly. Once you’ve done that, determine how you’re going to deliver and communicate the value consistently.
Critically, you want to avoid charging your customers for a subscription that they aren’t receiving any benefit from when you charge them. So a lawncare maintenance subscription should only be billed in months when lawns can be maintained, but a personal products delivery service could operate year-round. Resist the temptation to bill seasonal services on an annual basis: this creates a cycle of cancellations, which are expensive to manage and monitor.
When designing your subscription model, focus on creating clear, value-based tiers that align with different customer segments. Each tier should offer distinct benefits while remaining profitable for your business. Consider factors like service frequency, access levels, and additional perks that make the subscription valuable to customers. The pricing structure should be simple to understand but flexible enough to accommodate different customer needs.
To implement subscriptions successfully, start with a small test group of customers to gather feedback and refine your offering. Monitor key metrics like customer retention rates and monthly recurring revenue to gauge success. Remember that subscription models require excellent customer service and consistent value delivery to prevent cancellations. Many businesses find success in maintaining some traditional pricing options while introducing subscriptions, allowing for a gradual transition that minimizes risk while maximizing growth potential.
Remember that the goal isn't just to create recurring revenue – it's to build stronger, more valuable customer relationships. When done right, subscription models can transform sporadic customers into long-term partners, creating stability and predictability in your business growth while delivering ongoing value to your customers.
9. Make bundled offerings
Full article: Bundled offerings
Bundling your products or services together can increase your average transaction value while making it easier for customers to say "yes." When done right, bundles solve multiple related customer problems in a single purchase, creating more value than if the components were purchased separately. For small businesses, effective bundling can simplify your sales process, increase customer satisfaction, and increase average transaction size.
It’s important to remember that bundling isn’t about discounting - you aren’t merely reducing your prices in exchange for more work. Instead, bundling is about sharing efficiencies with your customers: it’s cheaper and easier for you to offer two services to one customer than it is to offer one service to two customers. Furthermore, the services should complement each other, making one another more impactful and effective for your customer and further adding value.
The key to successful bundling is identifying combinations that make natural sense to your customers. Look for products or services that customers often purchase together, or items that would work better together than separately. For example, a marketing agency might bundle strategy development with content creation and monthly reporting, or an IT provider might combine hardware, software, and support services into a complete technology solution. The goal is to create packages that solve related problems more effectively than individual purchases would.
When pricing your bundles, focus on creating clear value for the customer while protecting your margins. While bundles typically offer a modest discount compared to purchasing items separately (usually 10-20%), they should actually increase your profitability through higher purchase volumes and operational efficiencies. Don’t include your highest-margin items in bundles unless they substantially enhance the value proposition – you want your bundles to drive additional sales without cannibalizing your most profitable individual offerings.
Pay attention to both the composition and the pricing of your bundles – customers should immediately understand what's included and why the items work better together. Train your team to effectively communicate the value of your bundles, focusing on the complete solution rather than just listing the components. And as with all things, be sure to communicate the added value for your customer, centering their success in your sales efforts.
10. Create value-added services
Full article: Value-added services
Adding complementary services to your core offerings can create significant additional revenue while making your business more valuable to customers. Value-added services convert one-time transactions into comprehensive solutions that better serve customer needs and differentiate you from competitors. For small businesses, these additional services can improve customer retention, diversify revenue streams, and build stronger competitive advantages.
Successful value-added services address genuine customer needs rather than just creating additional revenue opportunities. A great place to start is with your collection of customer complaints and support tickets: where are they struggling with using or understanding your current products and services? Focus first on services that both complement your core offerings and can also be delivered without developing new business competencies or hiring new staff into new roles. You want this to be a seamless extension of your existing business, not an extra appendage you have to maintain.
When pricing value-added services, aim for margins that are higher than your core offering to justify the additional operational complexity. This higher profitability helps offset the resources required to develop and deliver the new services. However, be careful not to overprice – the combined cost of your core offering plus value-added services should still represent clear value to your customers.
Not only will this generate more revenue, but it will also support your customers’ success, driving higher customer satisfaction and greater long-term value for your customer. When done well, value-added services differentiate you in the market, deepen relationships with customers, and generate recurring business from loyal fans.
11. Form strategic partnerships
Full article: Strategic partnerships
Strategic partnerships combine your business's strengths with another company's capabilities to achieve growth neither could reach alone, allowing both to serve a broader customer base and capture more revenue per customer. Unlike casual referral relationships or vendor arrangements, strategic partnerships involve deeper integration and mutual commitment to shared success, often including formal agreements about how resources will be shared and benefits distributed. The best partnerships leverage complementary capabilities - for example, a marketing agency might partner with a web development firm to provide comprehensive digital solutions, or a plumber might partner with a carpenter to create a one-stop service offering to a homeowner.
You need to conduct a thorough evaluation of potential partners and align on clear objectives from the start. Look for partners whose values, culture, and business practices reflect your own, and focus on creating specific, measurable value for both organizations. Create detailed partnership frameworks that outline roles, responsibilities, and decision-making processes, including how profits will be shared and how conflicts will be resolved.
Remember that each partnership requires significant time and resources to manage effectively, so focus on quality over quantity. Start with one or two key partnerships and expand only when you have the capacity to maintain strong relationships with all partners. The goal isn't just to create more business opportunities – it's to build lasting relationships that create sustainable competitive advantages through unique combinations of resources and capabilities.11. Offer time-based promotions
12. Give volume discounts
Full article: Volume discounts
Volume discounts are about creating mutually-beneficial pricing: your customers save money while you gain bigger orders and steadier demand. Success depends on structuring them around your real cost savings, because there’s no point in giving away discounts if that added volume isn’t profitable for you.
Calculate your exact savings when customers buy more, from reduced handling costs to better inventory turnover to supplier discounts and incentives. Your discount levels should mirror these actual savings, not arbitrary price cuts. And be cautious when calculating these numbers: have a deep understanding of your variable costs versus fixed costs so you don’t inadvertently offer savings that you don’t actually receive.
Create clear, achievable tiers. Each step up needs enough savings to motivate larger purchases while maintaining your margins. Spell out the benefits plainly so customers grasp why buying more makes sense. Then train your team to explain these benefits in concrete terms - show customers how bulk buying cuts their long-term costs or ensures steady supply. Monitor your average order size and purchase frequency to refine your approach.
13. Invest in quality or feature improvements
Full article: Quality improvement
Premium prices need premium quality, and you can earn those premium prices by improving your products and services. Instead of focusing on superficial tweaks or marketing puffery, focus on solving real problems your customers face and adding value back into your customers’ lives with meaningful improvements to your offerings.
You can identify opportunities for improvement by analyzing your customers’ feedback. Study their complaints, support requests, and wish lists. Look for patterns pointing to common pain points you can fix. Choose improvements that strengthen your core offerings rather than scattered upgrades.
When you do make changes, make sure to tell people about them. Many businesses will invest in expensive upgrades to quality and capability and neglect to inform their would-be customers. You can’t make money on things you don’t sell, so include them in your marketing materials and educate your sales team on the benefits.
Track these changes through customer satisfaction scores, retention rates, and pricing power. These metrics reveal if you're moving in the right direction.