Image Source: Pete Linforth
Many businesses have sales targets that must be met every month. Sales targets are necessary in ensuring that the business is on track in profitability. Having a wonderful product, while experiencing poor sales can be incredibly frustrating. The following 12 actions will help you improve your sales figures:
- The very first thing you must know is that when sales are down, it is the time to review your actions, find any potential root causes, and rethink your strategy.
- Maintain a friendly relationship with your customers. Don’t encourage transactional interactions with your customers. They need to feel that your product or service adds value to their lives. You must also keep them updated on industry trends and inform them about new products or services if any. When customers stop patronizing your brand, politely inquire as to why and based on their responses, you’ll know how best to proceed.
- Build trust. New customers are cautious of being scammed, so you must establish a sincere connection with them. Reassure them to cast away their fears by sharing your brand story and by giving them a form of guarantee when they buy from you. If they need to see the face behind the brand, show them.
- Request testimonials from satisfied customers so you may post them on your social media pages to attract more customers. If they comply, you can even offer them a discount on their subsequent purchase.
- Provide after-sales care. This is the support you give to your customers after they patronize your business to win their loyalty. For instance, if you sell food items, educate your customers on the best ways to prepare them, additional dishes they can make with them, and ways to preserve them. They will remember you when they need to restock.
- Pay attention to what your customers are saying by conducting a survey. Customers are good at pointing out areas for improvement. The feelings customers have developed for your brand become more clear to you. Are they happy, sad, or angry after purchasing from you? Or perhaps your products or services need another function or an upgrade?
- Offer your loyal customers discounts to show them they are valued. Everyone loves being appreciated. They’ve been loyal to the brand and generally don’t need to be impressed as much as your new customers do. So give them discounts. You can also provide a discount in exchange for a successful referral. While they have decided to be loyal to you, treat them well.
- Organize a sales event. This will assist you to clear out old items from your inventory. Offer a price reduction or freebies to create incentives for high volume purchases.
- Go after sale leads. It’s crucial to follow up on potential customers who have interacted with your brand but didn’t fulfill an order. If they don’t buy from you immediately, they will eventually with regular follow up.
- Identify your competitive advantage and how you can leverage it to conduct business differently and stand out. How effective is your pricing structure, how quick or slow is your sales process? Figure out what makes you stand out and use that as a selling point to attract more sales.
- Use the FOMO strategy. Fear of missing out is real. So you should take advantage of it to attract both old and new customers. If you own a fashion brand for instance, tell your customers that the design is limited and that you won’t be restocking the items. They feel an immediate urgency to buy from you. You are making money for your business while people get to enjoy a limited edition piece from your store.
- Highlight the benefits of using your products or services. What other benefits can they enjoy from you and nowhere else? Sell the benefits! For instance, if you sell salads, simply telling customers to buy it because it’s healthy is insufficient. Enlighten them about the benefits of eating breakfast, the ingredients used to prepare them and what makes it nutritious. What proportion they should eat and how it will affect their bodies? Will it help them lose weight or keep them healthy? People are always interested in what they will gain or enjoy in exchange for their money.
Keep in mind that even when sales are down, you should still be promoting your business, posting, and engaging with customers. If you found this article useful, bookmark 234finance.com and follow all of our social media pages for more business tips.