Methods to Generate More Revenue for Your Business

Revenue is the income generated by economic activity or business. It is the sales that a business entity makes from its normal business activities. For the butterfly sanctuary, its normal activities entail ticketing visits that interest parties make to the sanctuary. However, the sanctuary is running low on funds, and management needs to come up with a way through which they can increase their revenue to generate their income. There are different methods the sanctuary can use to generate more revenue. As the curator of the sanctuary, I would either increase the number of customers that visit the sanctuary, increase the average transaction size, increase the frequency of transactions by getting customers to visit frequently, or raise the entry prices (Kaufman, 2010). 

Therefore, the basic way to increase revenue is to increase demand. Therefore, the idea is to change demand by increasing it through the changing of any of the variables that demand is dependent on. As regards the sanctuary, demand is dependent on what the customers are coming to view at the sanctuary, which is the butterflies. One way to increase demand is to showcase the butterflies in their different stages; therefore, rather than just open to allow visitors to come and look at the beautiful butterflies, segment the viewing behind the butterfly's life cycle. This way, customers who came at the beginning of the life cycle can come for other viewings of the butterfly's life cycle. Segmenting the viewing also allows separate charging for the different stages. Hence more revenues. At this point, it is best to reduce the admission fee because of the ultimate revenue collected by the end of the cycle. Reducing the admission fee will also attract more customers, as this would make it more affordable. Looking at the strategy from the price elasticity of demand, segmenting and reducing the price becomes instrumental in increasing demand and the revenue collected y the butterfly sanctuary. 

Reference 

Kaufman, J. (2010). What Are The '4 Methods to Increase Revenue'? https://personalmba.com/4-methods-to-increase-revenue/.