31 Aug Strategies to increase sales of your business
If you sell a product or service and you are interested in increasing the sales of your business, do not forget to read the following. Many times we find ourselves in unproductive runs and this forces us to create new sales strategies. Do not forget to take into account the following points.
Having high costs is not always bad
The high prices allow to offer discounts. A person prefers to buy something from $ 100 at $ 80, than something from $ 80 at $ 80. A bid sounds much more attractive. To achieve this, your prices must give you a profit margin that you can offer in discounts and increase the sales of your product. On the other hand, you can create “premium versions” of an article to increase the cost and offer better options to your customers.
Find a hook
You must find THE product that makes your customers cross the door. This product will be decisive when creating strategies to increase the sales of your SME. Once they are inside you can offer them more things that complement that for which they entered. In this way you will be able to increase the sales of your business in a significant way, because you will have doubly satisfied customers. Also, including additional services or products for the same price will serve to attract more customers.
Separate products or sell them in packages
Offer additional products to your core product. For example, if a person is going to buy a cell phone, a case or a mica will not hurt. In this way you are creating a package in which your client buys a couple of extra things that he probably would not have bought if not for the package. The important thing is that your client works with the product so that it helps you increase sales. On the other hand, there are products that people do not usually buy separately. For example: nobody buys a computer without a charger. Here your competitive advantage, rather than selling incomplete products, is to offer your customer a better charger that makes your laptop charge in less time.
Good relationship with your customers
Do not offer things that people do not need or will generate a higher expense later. Selling for sale will not help you increase sales. You must maintain a good relationship with your clients so that they return to you on repeated occasions. Do not lose credibility, know the preferences and profile of your customers so that, by word of mouth, you can increase sales of your business.
Give away durable items
If you have the opportunity to give items that your customers last a long time is an excellent option. The profit you will get is that your customers will get a good product and they will be happy. You can also increase sales by selling disposable items that will be required if you want to continue making use of what you initially gave them.
Increase your average ticket
Propose to raise your average ticket every month, for example: if you sell $ 5,000 daily and you make 82 invoices daily, your average ticket is $ 69.97. Encourage workers to increase sales by $ 20 per ticket and tell them that they can keep 20 or 30% of what they can sell extra.
Increase your contribution margin
To calculate the contribution margin you must do the following: to the net sale you must subtract all the variable costs from it. For example, in a restaurant, at the final cost of your dish you have to subtract what it cost you to make it. The result of that is the margin of contribution. VN (net sale) – CV (variable cost) = MC (contribution margin). If you divide the MC between the VN, the result is the percentage contribution margin. You must be very careful with the numbers of your business so that you can increase your sales and obtain real profits.
Once you are billing a month what you need, you can request a credit to take your business to another level and remodel it or open another branch. It is also important to consider more marketing strategies that can help you increase your business sales.