Easy Ways to Boost Sales in Your Home Business.
6 Strategies to Increase Sales and Profits
May 11, 2015
Whether you’re letting your website or sales letter do all the heavy lifting or you’re doing in-person sales pitches, there are ways to increase sales and what you earn per sales transaction. Even if you’re happy with your current sales numbers, it can’t hurt to tweak your efforts to see if you can’t increase them. The following sales-boosting strategies are easy and affordable to implement.
1) Target your market. One-size fits all marketing is long gone. Instead, you need to identify the best buyers of your product or service so you can tailor your sales pitch directly to them (see #2). People buy solutions, but you can’t sell a solution if you don’t know what the market needs. Determine your target market by researching the demographics, needs, desires and purchase power of the people most likely to buy what you’re offering.
2) Speak to your market’s needs. Think about the last time you made a decision about a purchase. What factors led you to buy one product over the other? While price often is a part of the buying equation, the other factors include how well the product fits your specific needs. As mentioned in #1, people buy solutions, which means your pitch and marketing materials need to focus on how your product or service is the answer your market is looking for. To do that, you need to focus on the benefits of what your service or product offers.
3) Offer incentives. People not only love a deal, they feel like they lose out if they don’t take advantage of one. Increase the odds of a sale by offering an incentive to buy now. The type of incentive you can offer varies and include free shipping, additional product/service for free or discount (i.e. buy one get one half price), payment plan and more.
4) Offer an upsell. Many people don’t like upsells, so you need to be careful on how you present it. While your goal is to increase the amount of the sale, you don’t want your customer or client to feel like you’re just trying to make a buck. Instead, the upsell should be something that compliments the original product or service. The best-known example is in the fast food industry. When you buy a burger, the order taker asks, “Do you want fries with that?” Identify products or services you can offer that compliment what you’re selling.
5) Create a loyalty program. Generating repeat customers is one of the best ways to keep your business going. They’ve already bought once, so they’re more likely to buy again if they’re happy with the product or service. However, customer loyalty isn’t a given in an economy in which people are pinching pennies. Customers or clients may like you, but if another business offers them a better deal, they just might take it. A loyalty program lets your clients and customers know you appreciate them and it encourages them to stay with you. Consumers that participate in a loyalty program spend more than those who are not in the loyalty program. Develop and implement a loyalty program that rewards customers for sticking with you.
Just remember that a loyalty program alone won’t keep customers coming back. You also need to provide them with great products and services.
6) Encourage referrals. Second, only to generating repeat business, garnering referrals is one of the most effective ways to build sales. People who come to you by word of mouth are already predisposed to like you, making it easier to make the sale. Although many customers and clients will talk about you on their own, it doesn’t hurt to develop a referral program to encourage your clients and customers to let others know about you. It can be as easy as asking for referrals or you can offer incentives, such as discounts on future purchases.