5 things you could do to improve sales and more importantly, profitability.
Marketing: 5 things you could do to improve sales and more importantly, profitability.
Do you need more sales? or is it profitability that you need to focus on first before increasing your sales? Here are 5 things you could do to improve sales and more importantly, profitability.
Rethink the way you present your business
People are not that interested in 'what you do' but they are interested in what 'what you do can do for them'. Review your website and literature to ensure that it's focusing on the benefits that can be gained from using your product or service.
Clarify your proposition or offer
Why should people buy from you if you are the same as the competition? What make you different from the rest? Be able to articulate the 'why' and 'what' of your business in a way that is truly effective. You should be able to convey this in one sentence.
Talk to people
Ask for referrals and introductions. Don't be afraid to ask for their business and close the sale. A good sales course will give you confidence and improve your conversion rate which will significantly increase your figures. There are a number of funding streams that may even pay for it in full.
Increase your prices
Even a small increase of 2-3% will create more profit per sale. If you lose any customers it will be the price-sensitive, disloyal ones that probably cause you more hassle than they are worth. You will be able to afford to lose them because you will probably make more money from the price increase than you will lose in leaving customers.
Stop customers leaving
Communicate regularly with relevant offers and updates. Why not run a customer survey? Talking to all your existing and past customers will generate more business. Most customers who leave do not leave because of the quality of your products or service. You'll find they were content but someone else came along who wanted their business more than you appear to.