10 Effective Ways to Build Sales
Every business must continue to drive sales to a higher level to counteract the normal attrition of customers. In an effort to be helpful and perhaps to spark a new sales program of your own, we have 10 basic ways to build sales out of the countless alternatives that exist.
- Price increases. They impact sales and profit dollar for dollar which is why they are ranked first. Keep in mind:
- When you have a low volume of an item or service, it is “volume” sensitive. When you have a high volume, it is “price” sensitive and the impact of a price increase is far greater.
- Price increases invite comparisons because customers react negatively to “paying more.” Make certain you are competitive or that you have explained why your product continues to be a better value – longer life, extra features, etc.
- Maintain a “price competitive image” on your commodity items while increasing prices on less popular items, unique offerings, or customization options.
- Offer a new service or product to existing customers . Your customers know your business and you have credibility. If the new service has a high-perceived value or can be bundled with you existing offering it’s your easiest sale.
- Convert prospects to customers. You are paying good money to get people on the phone or on your site. Make sure you have the best possible process to turn these prospects into customers. Don’t be afraid to try new things.
- Expand your business geographically. This may be as simple as increasing marketing efforts in surrounding areas or may require additional equipment or locations.
- Develop new channels of distribution. If you don’t sell on the Internet what are you waiting for? You can also look to partners who will bundle your offering with theirs for a sales commission.
- Acquire a synergistic business or product. Acquisition is often overlooked way to grow. Your partners or competitors may be looking to head to greener fields and provide a great growth opportunity.
- Use service people to sell. Every company mulls this over but few make it stick. Don’t ask a service person to close the sale but simply pass the lead on to your sales staff. Service people like the money but rarely are interested in sales.
- Upgrade the sales staff. Training is a great way to increase performance of your entire staff. Also consider replacing the weakest performers with some hungrier people.
- Upgrade your marketing collateral. Your prospects often only know you by your marketing. If you leave behind cheap looking collateral they will think they same of your company. Create a new sales piece that is far better than the competition’s.