One of the major determinants of growth in any business is its return on investment, which obviously depends on the sales you make on a daily, weekly, monthly, quarterly or annual basis. Without a significant amount of sales per period, it becomes really hard to sustain the operations of the business. Remember, various expenses such as adding inventory, purchasing office equipment, paying employees, marketing, covering regular office expenses, and even acquiring new business will all depend on how much revenue your business generates. To keep your business afloat, growing, and running with minimal difficulty, the sales need to be at a peak.
Have your sales been declining lately? Are your competitors getting a larger share of the cake on the market? Have creditors been on your neck requesting payment for products that have not yet even been opened for the last couple of months? Do you want to take your business to a whole new level? If your answer to any of the above questions is yes, here are some surefire pointers on how to boost your sales, so let’s get the ball rolling.
Understand Your Target Customers’ Buying Needs
Before you think of ways to boost your sales, it’s important to start by asking yourself a very simple question; “I’m I selling the right products/service?” Well, it can be extremely difficult to promote a product or service to an audience if it’s not solving any of their problems or addressing a particular need. However, you can always repurpose a product or modify it in such a way that it addresses a particular pain point. The trick is to sell what customers want or would want to buy.
Nonetheless, this may go far beyond just the product or service itself. Maybe not many people know what you’re offering or the benefits it provides. Perhaps you don’t have much presence online, which means you’re losing a great deal of prospects who could become new customers. In addition to this, personal needs, tastes, and preferences may vary from one consumer to the other. Read on to find out how to promote your business better for more sales.
Rethink Your Marketing Strategy
As hinted earlier, the number of sales you make at any one given time will largely depend on how many people know about what you’re offering and how they can benefit from it… it’s that simple. And if you guessed right, this is where marketing comes in. If you’ve been using posters, mainstream media ads, and other traditional forms of marketing, it’s time you rethink your marketing strategy. Today, everyone is online at least a few hours a day, browsing in search of information, looking up exciting stuff, seeking entertainment, or shopping. In the U.S., for instance, 76% of consumers shop online according to a survey done by the Marist College and National Public Radio (NPR) in 2019. This means that without a significant presence for your business online, you’re losing out a great deal.
If you guessed right, one of the best ways to boost your sales is to invest in marketing your business, products, and services online. Depending on the industry you’re in, you’ll want to start by building a website or a blog that you can use to promote your brand and what you’re offering. In case you’re dealing with a wide variety of products, you could also set up an e-commerce site where your target clients will be able to view products in detail and make their purchase. You will then want to promote your business site using various ways, including search engine optimization, search marketing, pay per click, Google Ads, and other forms of digital marketing.
But even then, digital marketing can be a bit overwhelming for you if you’re not technically equipped with the right skills. When it comes to SEO, which is the most important strategy of digital marketing, Daniel Hunjas, Managing Direct at Edge Marketing, says that you’ll need an expert in on-page SEO best practices to avoid being penalized by Google and see your site promoted up the ranks in search engine results. The best way to go about it is to hire an experienced digital marketing service provider to handle it all for you. As your site climbs through the ranks and traffic increases, your products and services will reach out to a larger audience, which directly translates into more sales.
Take Advantage of Social Media
A larger percentage of the world’s population is on one social media or another. Actually, a majority of potential consumers have an active account in more than one social channel. You can invest in paid ads such as Facebook ads or even promote your products/service/brand for free through your social profile on IG, FB, and Twitter. In addition to promoting brand and product awareness, the good thing with social media is that it acts as a strong link between you and your audience or potential clients. You can keep them engaged, get them to like and share your posts with their friends, which is a great way to build lasting relationships. You can also use social media to get new leads and conversions, where you promote a product with a purchase link attached to it so anyone interested can follow the link and buy the product.
Provide Offers, Discounts, and Coupons
We’re living in tough economic times when every buck you save matters. According to Louise Balle in a recent article published on Biz Fluent, price affects consumer behaviour and a majority of consumers make their buying decisions based on its price tag. Most consumers have the tendency to buy items in bulk when the price is low. If you’re offering discounts for various products at your e-commerce site, it probably means that you’re selling them at a lower price compared to your competition. Also, consumers tend to be drawn more into purchasing products with exciting offers attached to them. Offers such as “buy two get one free” or “buy a pack of noodles and get a free bowl” can go a long way in boosting your sales. It’s all about getting creative and even in the service industry, offers, discounts, and coupons can help increase your client base and improve lead conversion.
Price Your Products/Services Right
Still, on the economic side of things, another great way to boost your sales is to rethink your pricing, especially if there’s a perceived value of sorts. On this one, you’ll want to conduct some market research to find out what your competition is charging for their services or how much they’re selling similar products at. If your prices are higher, there should be a justification for that, perhaps when it comes to quality, delivery, or convenience.
Improve Customer Service
Sometimes the sales department suffers because we’re so focused on attracting new customers, such that we forget the existing ones or those who’ve already tried out our services or products. Research suggests that it’s easy to get an existing customer to buy again compared to convincing a total stranger, especially if they didn’t experience any issues with quality. Well, one of the secrets of customer retention is to provide superior customer service and support. In addition to gaining you return customers, excellent customer service can also help you recruit new ones, making it a win-win situation when it comes to boosting sales. As you seek to invest in training to improve business’ customer service, be sure to gather feedback, reviews, and testimonials from your first-time, and return customers as these will be key in improving the department at large.
In summary, the survival and growth of your business will ultimately depend on your sales. If the sales suffer for a considerable amount of time, your venture could easily be brought to its knees. From improving customer service to acing it on delivery and pricing right, and improving your marketing strategy, the above few tips can help see your sales significantly increase