Running a business, whether it is a small company or even a well-established one, there are always ways to increase sales performance and build better relationships with your customers and clients.
To improve profit margins and increase sales in your business, here are a few handy tips that just may spark that idea that will change the game for your business.
Focus On Existing Customers
One effective way to improve sales is to shift some focus from attracting new customers to those who have already previously brought or tried out your products or services. There are many ways to achieve this but is affected usually by the size of the business; who is in charge of buying and selling for the business, the amount of product and stock availability and the ability to gain the needs of customers to upsell.
Having numerous ways to contact previous customers has its perks. Having a list of numbers for your clients that allows you to talk directly to the relevant people in head office, buyers or stock controllers can greatly improve the chances of making that extra sale.
Email, phone calls, fliers, leaflets, and catalogs are great ways to allow clients to shop your store or business and make an order. This comes with costs of production but the time it takes to invest in this method could pay dividends in the future. Be aware though as some clients can get annoyed at some approaches that are made in order to maximize sales. Consider building a customer relationship with all of your clients individually. Incorporate technology to help such as Ringless Voicemail which allows you a subtle way of keeping a successful relationship between your business and clients.
Keeping an invested amount of time for existing customers can have huge benefits with increasing any businesses sales. There are loads of things a company would need to do before appealing to the customers that may be looking for your products and services. Amongst these is the planning and execution to build on valuable trust and credibility.
Ask For Referrals
Your current customers are also a great asset in providing your business with new client referrals. If you know that a customer or client is completely satisfied and happy with your business, ask them for the names and contact information of other small business owners who might also benefit from working with you.
You can also ask satisfied customers for testimonials and reviews which can then be used to show those online visiting your website; or even in sales emails or newsletters. Always be sure to ask permission first when using a customer testimonial.
This is perhaps the simplest yet most overlooked tactic when trying to boost your sales performance. Listening to your clients or potential customers is the best way to understand and address the companies needs. Without open communication between the parties, the chances for misunderstandings and frustrations increase. Make sure that you and your sales team all understand how to listen successfully, this is proven by asking leading questions to get more information whilst being comfortable brainstorming solutions with clients.
If some members of your sales team aren’t okay with employing any of these tactics, that’s fine. It might be better to have them focused more on closing sales or making initial contact than true consultative selling.
Learn About Competitors
Businesses constantly analyze what market competitors are offering, and by keeping up to date with the forefront of market trends, they learn new techniques and ways to invest in profitable ideas. Not only thinking of ways to outdo them but also to support the healthy variety of competition, this is a challenge and an opportunity to boost your sales especially if you use their potential weakness and maximize on your business’s strengths.
Competitors may be able to help business. Sometimes companies will outsource work that they require completing to companies that are fit to serve that industries product. A factory with the right equipment can gain business from its ability to produce products and manufacturers will always look for places to take workload but only for the best price.
Competitive analysis; or competitive research, is essentially a field of strategic research that specializes in the collection, analysis, and review of information about rival businesses. It’s an essential tactic for finding out what your businesses competitors are doing and what kind of threat they may pose to your business. Having a framework set up like this is invaluable to a business so that they keep up to date with the trends and what competitors are doing about it. This will give your business that extra edge it needs to know how to gain more custom from a reputable source that’s trusted.
Innovation And Unique Products Or Services
The customers should not leave your business with some kind of product or services that they just need to get, rather they should be fully satisfied with their experience doing business with you. It is important to make the customers want your business to others whether it be by maximizing on quality and innovative products that can outdo similar on the market or by being the best at providing the most enjoyable business to shop with.
Build A Customer Relations Service
Building a comprehensive resource center and great customer service is a great way to give your clients access to a diverse range of the products and services that you offer. Additionally, you should consider the monitor your product, services or brands in case of returns and complaints, this will allow you to address the issues quickly in a timely manner. The customers need to feel appreciated, important and welcomed to the business always.
Marketing and Promotion
Marketing is a concrete way that helps to boost sales. Of course, marketing is no easy feat. but by achieving successful marketing, the products, and services which are advertised cany help capture the attention of new customers and in the process, make them valuable esteemed consumers. Some businesses offer a wide range of VIP or discounts to registered customers.
The promotional schemes and marketing incentives to customers and give customers a great sense of the products or services you deal with. For example, discounts can give customers the ability to try out your products without paying full RRP out of the promotional period. In some instances, companies will offer free samples.
Provide Credible Products And Services
Credibility is one of the key factors that make customers repeat custom and trust and feel comfortable with your products and services. Using techniques such as advertising but including the use of customer testimonials to enhance your credibility in your sale. For example, the use of customer testimonials and online marketing aid in raising customers trust in your products.
Is It Time To Raise Your Prices?
This may seem a little antithetical to increasing sales. Only because raising prices might make some potential or even current clients hesitant to do business with you. If you do consider raising prices, don’t do it quietly. Announce the increase to your current clients in due course. Give customers and clients the chance to renew their contracts or further purchase of products and services before the increase takes place.
Raising your prices is not something that should be done without due care. Be sure to analyze the pros and cons of increasing your prices for both the short and long-term.
While none of the strategies above requires any financial investment or cash up front, they will take time and commitment from you and your team to incorporate. Whether over the phone, in person or via social media. However you continue to promote sales, by continuing to make connections with current and potential clients, you have the best chance of increasing your sales and demonstrating your businesses products, services, and value.
Own a successful business yourself? Or do you work within a team as a key part in the functionality of hitting sales targets? Let us know your tips and ideas in the comments below!