Questions such as "How to increase sales?" and "How to be successful in sales?" are the most recurring issues that consistently run through a sales rep's mind.
Let's face it: selling a product is tough.
Additionally, business owners are cognizant of the fact that increasing sales is crucial for their company's growth. If there's one metric that actually measures the health quotient of a company, then it's by gauging its sales volume.
To reach the maximum potential, a company must have effective strategies to increase the number of customers and ultimately, improve sales.
Globally, businesses are constantly looking to increase their sales numbers which continues to remain an uphill task. Several products and businesses have been developed to assist other businesses to improve and meet their sales targets.
If you're looking for tips to boost sales for your business, you're at the right place!
In this blog, we'll discuss why increasing sales is important and 10 go-to tips to boost sales for any business in 2024, big or small.
Let's begin.
Sales growth measures the change in revenue of an organization over a fixed time period - say between 2 quarters or between 2 months. Sales Growth measures how quickly a company has been growing its revenue, or sales.
It is calculated as using the formula:
Sales Growth = ((Net Sales of current period - Net sales of previous period) / Net sales of previous period)) * 100
A positive sales growth indicated operational efficiency, and high confidence of the customers with the particular company. While a negative growth rate could imply that the organizations need to improve its processes to remain sustainable.
Sales are essentially, the number of goods and products that were sold in a particular time period by a business. Typically, a person or a company conveys their interest in the product, or services you are selling and will offer money to get that for themselves.
When the transaction is done, and the product is handed over to the person, a sale is made.
As we're all aware, sales are the primary source of revenue for a company. Without substantial sales growth, a company will suffer a steep loss in terms of revenue, sometimes leading to acquisition of the company, or shutting it down altogether.
In addition, it also plays a vital role for the company to withstand the market trends.
Sales leaders that learn and acclimatize processes to maximize their sales and build lasting relationships with their customers grow to become a large, successful company.
Sales teams are not the only team responsible for increasing sales - it is a collective effort by teams of all departments. Leaders of a company should jot down an exhaustive plan that consists of a set of actions every department needs to compete and win against their competitors.
The following tips will help you move from interest to engagement to conversion, and thus boost sales this year. Let's start.
Customers are a company's most important asset.
Understanding their needs, pain points, challenges, fears, and desires can help you go a long way, and also sell your product with ease.
When you genuinely engage with your prospects and listen to their questions and shortcomings, you have a chance to understand their concerns better. This not only helps you build lasting relationships with your customers but also improves your product.
When you engage with your customers to genuinely help them out and not to make a sale, you build loyalty and gain their trust because you served them well.
Another way to understand your customers well, including potential and existing customers, is by sending out surveys to help understand how well they like your service and share their opinions, too.
Based on their inputs, you can make necessary changes to your processes and product, if needed.
Leverage free resources such as Google to maximize your reach to new customers and ensure your company appears in the search results.
Google My Business is a free tool by Google that can be used to set up your business profile and jot down your services that help prospects learn more about you and your product.
Your company profile will appear in the local section of Google Search, Google Maps, and Google Knowledge Panel. Optimize your listing to stand out against your competitors by following easy tips and practices, and thus, stay on top of the listing.
Encourage your existing customers to provide customer testimonials, and reviews and when done, reward them. It's a win-win!
A business cannot thrive on its own.
All companies need a consistent and strong marketing plan to reach its customers. Create a marketing plan that leverages all omni channels, including digital and physical channels such as social media, customer testimonials, offline marketing, and more.
Having a consistent marketing plan that aligns with the sales process can help you receive more leads that match your services, promote the product so prospects are aware of its existence, increase sales, and more.
Team selling is one of the most popular ways to close a deal and gain your customers' trust.
There are a variety of ways to indoctrinate this technique. Team selling allows you to keep important people in your sales process informed, exchange ideas together to provide value in your offerings, and establish authority.
Have two sales reps work together on one deal, or introduce a senior manager to answer important questions about the product. You can even split up teams into pairs of reps based on their performance for a contest to improve sales.
What are the odds that you aren't the only organization selling your product?
Learning and analyzing your competitors is critical to be able to explain the benefits your customers will receive after purchasing your services.
It is not uncommon to expect questions such as "How are you better than your competitors?". It is better to develop your competition advantage than be dumbfounded during a live call.
Conduct a simple research and get answers to questions such as :
"How is my competition selling their products and what are their claims?", "What are the benefits they are selling?", "How are our services different?", "How can I get better?", and more.
Picking the right price for your service is necessary to the long term success of your business.
Pick too low a price, and you may find it hard to remain sustainable, and pick too high a price, your competition could simply capture the market by offering a lower price.
The price you pick should depend on the potential of your customer, the positioning of your brand and the price quoted by your competitors.
Luxury brands are typically priced higher than the ones used for large-scale consumption, as they create a sense of exclusivity and the people who use the service or product would derive satisfaction from using a non-common brand.
In this case, the volume of sales will be low.
Of course, it totally goes without saying that the quality of the service offered or the product should match the price charged.
Similarly, commodities of mass consumption are priced lower to attract more customers, and generate higher volume of sales, and revenue.
A lot of customers struggle with payment options provided by an organization.
Sometimes, payment choices provided are not usually compatible with every customer, especially if they belong to different geographies.
Some prefer a credit card, some net banking, while others prefer digital methods such as PayPal or Apple Pay.
If you provide only standard options such as credit card payment methods, you are essentially limiting the pool of customers to credit card holders. Include other popular payment choices to improve sales and allow potential customers to make purchases with the payment method they prefer.
It's ubiquitous that selling to existing customers is 10 times easier and affordable than selling to new customers.
To make this a possibility, try increasing the cart value and review your current price. Look for complimentary products that can be added with the current purchase, and increase the frequency of purchases.
Although this may be dependent on the niche of your business, nonetheless, provide more value by offering exclusive deals and promotions for customers to return more often.
We're all aware of customer rewards programs, and a ton of businesses have it in place, and for a good reason.
Having a simple discount, referral program, and add-ons can go a long way. Incentivize and offer a reward every time your customer completes a milestone such as providing customer testimonials, or is leveraging your product regularly.
Done right, rewards programs can help build customer loyalty and also, increase sales.
While one-off purchases may help boost sales over the short term, however, continued spending from loyal customers add up to your revenue over time.
It's worth calculating lifetime customer value (LCV) to understand how much customers buy and spend over time. Based on this, you can then adjust your sales process to match.
Know that, for buyers who are satisfied with your services or product, less work is required to drive more purchases.
Prioritize these buyers by including special offers, reducing price by offering discounts, and enhancing their experience so customers trust you and your team.
Do not let stale selling strategies foul up your year or quarter.
It's 2024 and it is of the utmost importance to keep up with the latest sales and marketing trends to improve sales. Infuse new life into your existing sales process by practicing new techniques listed above.
In doing so, you'll not only access greater heights in your role, but also nurture a strong sales team, enhance close rates, and foster lasting connections with customers who feel appreciated, and thus, boosting sales.
If you're looking to improve your closing rates and boost sales in more ways than just one, jump on the bandwagon of intuitive sales tool. Book a demo with Salesken today and get started!
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