5 tips for revving up your business: innovation and value are among the major revenue drivers.

Author:Burns, Renita
Position:MANAGEMENT ADVICE
 
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JAMILAH BARNES CREEKMUR, A MARKETING-SAVVY NEGOTIATOR WITH A PENCHANT FOR INNOVATION, EARNED HER STRIPES leading business development efforts for AllHipHop.com (and won the BLACK ENTERPRISE Rising Star Award in 2006). Eventually serving as chief operating officer, Barnes Creekmur was at the helm of several multimillion-dollar deals and partnerships with the likes of Verizon Wireless and Sprite, propelling the multiplatform news portal's valuation to $17 million. Now the principal of JBC Consulting (www.jbcnyc.com), she specializes in business development, strategic partnerships, and several other aspects integral to enterprise growth. Barnes Creekmur offers these five tips to rev up your business:

1 Consider adding value before raising prices. With inflation on the rise, 15% of small business owners reported raising prices during the month of May, according to the National Federation of Independent Business. But Barnes Creekmur cautions against doing so without first creating added value. "Figure out if there are additional services you can offer with that same product that will cost you a minimum or no extra investment," she says. She recommends explaining to the customer the additional service that will accompany the rise in price, which will either enhance customer experience, the product, or service being offered. For instance, technology companies may consider offering more frequent upgrades or integrate new automated services to existing offerings.

2 forget to innovate. With technology in a constant state of advancement, early adopters of new innovations may reap the financial rewards. For Barnes Creekmur, making sure AllHipHop.com was an early adopter of mobile technology was essential to its growth. "There's usually an 18-month lead time on new technologies. This would give me time to see how we could fit this into AllHipHop's core offering," says Barnes Creekmur. She spent time attending conferences hosted by CTIA, a global wireless organization, to get a jump-start on the competition and latest...

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