Sales is an essential part of the business. Every company’s growth depends on its sales growth.
Below-mentioned is the 15 low-cost ways how business can increase their sales.
Business strategy to increase sales
#1. Finding new customers to increase sales
Convert prospects into customers to increase sales.
Take a thorough examination of your current website, mailers, flyers, or sales and marketing. See if you’re focusing on features more than benefits.
If so, pay attention to how your product will make customers’ lives easier or happier.
Sometimes you want a different approach. One way is to look for creative and other ways to combine one’s services into a package or multiple products into a bundle.
You can combine the same services (for example, combo interior and exterior car wash). Or like a discounted basic car wash after an oil change.
Stand out from the competition. Give something to chew upon. It is introducing some features or identifying a better component than the rest.
#2. Improve sales conversion rate
The conversion rate is the number of leads converted to actual buyers.
But what is the excellent conversion rate of a sales team?
Your website lookers turn into actual buyers either in paid search strategy or in an organic way.
Let’s first understand what is sales conversion rate is and how your sales conversion is.
Calculate the Conversion Rate for Your Marketing / Sales Funnel
Do you convert 10 out of 100 proposals?
10 out of 50 proposals?
10 out of 30 proposals?
This determines the rate at which you convert your sales.
If your conversion rate is 5%, To get 5 New Sales, You need to have 100 leads at the top of your funnel to process and execute all your funnel steps.
Refine your “Pre-Selling” system.
Is there a video you want your audience to watch? A white paper you want your audience to review? A client testimonial you want your audience to see.
-consider them as if they are going through some loss.
One of the easy things is introducing a valued bonus they get today if they take action and buy. Or you could give them a strong pricing incentive to take action right now.
-Test any bonuses they are getting or added features if your audience acts just now. The only way to have a maximum rate for your conversion is to test, test, test.
If your Conversion rate is low, Improve sales performance.
Build a highly efficient sales team. Compare the sales data with the earlier periods and note the achievements and loopholes, if any.
A business wants a happy customer, and all the efforts and energies should be directed to aim that.
#3. Improve sales process
How good are you in sales and conversions?
How accurate you are in positioning yourself in thriving business sales with your sales leadership.
· generating leads
· send proposals
· negotiations
· sales confirmation
· delivery/shipping
· Receiving final payment
#4. Improve sales productivity
Input has to be such that the sales team enhances its productivity. Start by understanding your business niche. What the company does best?
Who needs what the company does? How do you approach these
prospective customers? How much can they pay for your services?
Answer these questions and get clarity and vision. Also, align the sales process to enhance the output and productivity of the employees. Give them bonuses/incentives to ensure they work overtime and extra hard. Improve your sales scripting, too, to get better results.
#5. Create a high-converting sales page
A website sales page or social media marketing page should convert the everyday consumer into a final paid customer.
#6. Increase revenue from existing customers
If you retain existing customers, your sales will skyrocket like anything. Give them new features so that they remain loyal and maintain brand loyalty. Existing customers are also a great deal because they spread word of mouth.
#7. Increase sales through customer service
Customer service and after-sales service are some of the factors which a company should well take care of. Increasing sales through customer service is like extending the trust and credibility of the customer so that they use your services repeatedly.
Assuring them that your product/service will be in the best shape or will become brand new again should be the company’s policy.
#8. Increase sales through digital marketing
Internet is so common these days, and so is digital marketing. It has gained much importance over a few years. It is like the promotion of products and services over the Internet.
It includes all marketing efforts which promote your brand through electronic /digital channels. It also provides marketing tactics such as social media, email, and search marketing.
Having followers, promoting companies’ products over the Internet would be best, or using this buzzword repeatedly.
It is usually internet marketing. So, here are endless possibilities for brands in video, mobile, social media, and website-based marketing opportunities.
You can experiment here with marketing strategies and different campaigns.
#9. Increase sales through social media
Facebook, Instagram, LinkedIn, and Twitter are the buzzwords of today’s times. Putting stories and posts on Instagram will help you out in today’s times over any other thing.
Harnessing its power in modern times is one of the best things you can do to get leads and conversions. Daily posts will help you generate paid customers, driving the company’s profits. This is the marketing and sales strategy of mostly all the companies.
To capture a good market share, one should take the help of writers and social media specialists to get the job done.
Do you know how to increase the sales revenue?
Strategies to increase sales revenue
- Make sure your prices relate to an increase in profit margin.
- Be clear, and have well-defined goals.
- Understand your business Sales funnel well; focus on the weaker sections in your sales process.
- Communicate more with your customers now and then.
- Maintain a high Conversion rate of your sales. A high conversion rate improves operation efficiency.
- Create more incentives for the employees to work hard and give you or the sales manager visible results. It will provide a boost for the employees, and they will leave no stone unturned.
- Bundle and package your products to raise revenue.
- Look out for varied distribution channels & opportunities.
- Focus on your brand as if you are connected, which matters most to you.
- Motivate your team hard and well with the carrot-and-stick approach. Use Maslow’s theory of needs and motivation.
For example, everyone has basic needs, but some have self-actualization needs.
Strategies to increase sales volume
It is always seen that when a company makes contact with a prospect, they’re already at least 50-70 percent of the way through with their buying process.
These days, Customers are more informed than ever; company and sales representatives should be increasingly savvy about how they sell.
The sales team has to set the objective to increase sales by setting up individual tasks, goals, team coordination, tracking and measuring sales, increasing customer satisfaction, etc.
Customer-focused mindset
Understand the whole picture as a scenario where you have to win the customer with a customer-friendly approach. Sales representatives can increase sales volume if they have a customer-focused mindset. First, identify the pain points of the customer, and then secondly, must bring in products as a solution. It will all look like a conversation with a customer rather than a pitch.
Finally, do a SWOT (strength, weakness, opportunities, threats) analysis of your business. And identify the core areas which need to be improved.
Even the help of technology can be taken, and sales representatives should ever be motivated so that there are visible results in the company’s sales.
Plus, social media and digital marketing are handy for increasing sales. Start from generating leads till the final payment for the product/service- efforts should be there to maximize the sales process.
Calculate sales growth
The sales growth report shows total sales corresponding to the old, showing the number of products sold.
Sales growth can be calculated by subtracting the net sales of the prior period from the current period and then multiple by 100.
Example
Current period sales – prior period sales / initial period sales* 100 = Sales growth rate.
It is the rate at which a business increases revenue from sales in a fixed period.
Understanding the sales growth rate
It is a unique metric that drives companies to make data-informed decisions. The sales team must work hard to drive revenue growth if this rate decreases compared to prior periods.
A high sales growth rate is often taken as a good sign for a company, meaning profit share is increasing, and the company is doing well.
A successful sales growth rate depends mainly on the company’s goals. Each company has its goals and sales strategies that are majorly influenced by factors like leadership, stakeholders, and sales team bandwidth.
Calculating sales increase Volume
To calculate the increase in sales, we do the following:
Increase = New Number – Original Number
Then: divide the increase by the original number and multiply it by 100.
It is a good indicator of an increase in sales of the company.
It means the company is trying to increase its new customer base and retain old customers. Also, making changes to the website, giving packages and deals, and introducing innovative solutions to capture the market share better.
Best ways to increase sales
Sales metrics and infographics
Sales metrics is a data point that represents individual or company-wide performance. The sales team checks progress toward goals, sees weaknesses, and prepares for future growth through metrics.
Sales metrics can also be defined as Key Performance Indicators (KPIs); sales metrics are essential for tracking various organizational objectives.
Some businesses need help identifying which sales metrics should become the basis of performance analysis.
Entrepreneurs find this the biggest challenge: how well are their key performance indicators?
The essence of sales metrics is to run a successful sales operation. Make infographics to understand the sales situations better.
Combined diagrams and words will improve the situation and help you in sales growth and forecasting.
