As an entrepreneur, your number one goal is to increase your sales which translates to more profits. No matter what your budget is, there are always ways to increase your sales. The following are 7 ways you can increase your business sales even when working on a tight budget.
1. Enticing Your Existing Loyal Customers
It is six to seven times more expensive to attract a new customer than it is to retain an existing one. Targeting your regular customers is one of the best proven ways to increase your sales. These customers, know the quality of products much better and can help in pointing out key areas of improvement. It would be great to attract them to buy more by offering them discount or extended credits.
2. Using Social Media to Promote your products
Social media marketing has become one of the best tools to raise awareness and promote products nowadays. It is important to set social media accounts for your business and connect with your existing and potential customers. Use it to post your products, company updates, any offers, and to communicate directly with your customers. If you are too busy to manage your social media accounts, hire a social media marketing agency to help you connect and reach more customers.
3. Offering Promotion, discounts or incentives
Offering slight discounts on your products may attract many new customers who are looking for cheaper options out there and if your products are great more and more customers will come rushing in. Promotions are also a great way to increase sales. Clients will try out your services or products hoping they become the winners in the promotion. Make sure you set terms including start dates and end dates for your promotions. Incentives are also a great way to bring in more sales. For example, you can offer an additional free item on your customer's cart once they buy your product or a certain number of products or offer free samples for them to test.
4. Using Follow up Method
You can decide to collect customers contact details such as emails or phone numbers and use them for following up and for sending periodic reminders and offers. Many businesses have used this method and have developed over 50 percent of their sales. This also saves advertising expenses especially when on a tight budget.
5. Setting up an Affiliate Program
Affiliate programs are getting popular these days and is a unique way to drive in new sales. How does this work? You as a merchant, encourage people to sign up as affiliates and market your products to potential customers. You pay them in terms of commission when an actual sale is made from a customer using their referral link.
6. Diversify your Products
It always important to continually develop new products or try different packaging. Enhancing your brand always increases shelf visibility and increases the chance of your products being picked by a potential customer. Do market surveys of your product and point out areas where you can improve in order to sell more.
7. Have great Customer Care Services
There is nothing greater you can offer your customers other than great customer care. This is a simple and mostly overlooked quality of a business that can cost you great customers. Customers value a company that listens, understands them and addresses their needs and issues. Customers have a tendency to purchase products where they trust the company and know all their needs will be attended to.
After reading the above strategies, take your time to identify how well you are implementing them in your business. Continued improvements in your strategies will generate a big increase in your sales and contribute to your overall success.
-Anthony, from the Online Growth Systems Team
21 Year Old Entrepreneur