Concerned about low sales? Use these 8 Greatest Strategies To Increase Sales Of Your Products:
- Target your customers
- Attract customers
- Increase revenue
- Inventory reduction
When you started your own business, your most obvious concern was how to find incredible strategies to increase sales in your small business.
The concept and the importance of sales can be better understood when you look at the the annual financial statements of any business starts with the SALES FIGURE.
Sales figure has become so important because that all your business expenses will be deducted from your sales. At the end of the day, you either make a profit or losses.
Furthermore, the importance of sales explains why big and small companies make relentless and sustained efforts, searching for incredible strategies to increase sales instantly in their businesses.
Going forward, therefore, this article seeks to bring to the fore, these four tried and tested strategies that you can use to increase sales in your small business.
1. Strategies to increase sales: Advertising
Advertisement may be defined as “a picture, set of words, a film etc that is used to advertise a product or service”.
In other words, advertising can be anything from your shop sign or a website, to an advertisement in a trade magazine or a 30-second radio slot.
- provide basic information such as your contact details and website address
- increase sales by telling potential customers about your product or service
- tell customers about changes to your service, new product launches and improvements
- increase your short-term sales by informing your potential customers of any special offer you may bring to the market
- And the benefits they stand to get by buying your products.
- get customers to visit your premises or website, or use a discount voucher
- remind existing customers about your business
- change people’s attitudes and perceptions of your business
- help to create or develop a unique product or service for your business to help you stand out from the crowd.
- make your business first choice for customers, ahead of your competitors
- generate awareness of your business
- develop a particular market niche or position
2. Target your customers
In advertising your business, you can target local, regional, national or international audience.
Remember that advertising nationally can help your business expand into new territories.
Moreover, you can advertise in a wide range of different media including:
- Face book
- LinkedIn and lots more
In the same vein, you can advertise your business on the print media, radio and television.
However, before selecting a particular type of media, you need to find out:
- their circulation or coverage
- whether your product will interest your audience
Furthermore, you should not buy advertising space in a certain type of media just because you read, see or hear it yourself.
The can advertise in a media that can touch the heart, soul and spirit of your potential customers to make them buy from you.
More importantly, you should remember that you have a duty to ensure that your advertising is legal, decent, honest and truthful.
Most importantly, if you can write a good advert message, you should feel free to seek help from advertising outfits to help you out.
3. Strategies to increase sales: Packaging
Packaging may be defined as “an amount of something or several things, packed together firmly and wrapped in paper, etc, parcel”.
To sum up, product packaging covers the entire process of designing, manufacturing and enclosing the product before selling.
Essentially, packaging services to protect the product inside.
In addition, packaging must be able to:
- keep the product safe during shipment between the manufacturing facility and the retailer.
- prevent damage while the product is on display in the shelf
- differentiate two products packed in a similar way.
- provide detailed information to the consumer who may be looking to buy
- must be attractive
- help you to fight competition.
For example, if you are selling nutrition product, packaging strategy can provide the following information:
- Nutrition information,
- product measurements,
- instructions or the purpose of the product.
All of the above can help your customers to decide whether to buy the product or not.
Therefore, product packaging is quite an important component of marketing and advertising that you cannot afford to ignore.
4. Strategies to increase sales: Promotion
Promotion may be defined as ” an activity intended to help sell a product or service”.
Moreover, promotion is the component of the marketing mix strategy that uses various communication tools to let your present and potential customers know about the value of your company, products or services.
Furthermore, you can also use it to focus on the long-term objectives of your business.
Promotion can enable you to achieve your goals in the following areas.
5. Attract Customers
Sales promotions are typically used as a strategy to attract buyers who do not want to buy at your regular selling prices.
Moreover, you can use sales promotion strategy if you want to:
- build a customer base, such as at a grand opening,
- take advantage when a competitor goes out of business
- survive in a highly competitive industry.
For example, you can use sales promotions on a product you have identified as a “loss leader,” to lure reluctant customers into your store so you can sell other more profitable items to them.
At end of the day,what you get from the loss leading product plus the profit you get from the profitable one will add up to your bottom line.
6. Increase Revenue
Usually, increasing revenue is another common goal of sales promotions.
Often, sales promotions reduces your profit potential.
However, they allow you to generate more revenue in the short run due to increased sales volume.
Consequently, high sales volume can help you to improve your cash flow.
This explains why companies struggling to meet urgent financial obligations often turn to discounting the selling prices of their products to enable them to increase sales
Therefore, to realize greater revenue, you need more customers to buy more products at the reduced price.
7. Inventory Reduction
Effective sales promotions can help you to keep an optimal level of stocks and inventory.
Carrying excess stocks and inventory can cause you losses due to high carrying cost, rent, damages, etc.
For example, if you want to maintain an optimal level of stocks and inventory, you can arrange for your sales promotion to take at the end of a busying season.
More importantly, it will enable you to get ride of stocks that are nearing expiry dates or those experiencing low demand.
Although, sales promotion can result in gross losses on excess inventory, you can at least, get some revenue instead of throwing out expired or obsolete products.
8. Strategies to increase sales: Marketing
Marketing is defined as the activity of trying to sell a company’s product by advertising, using attractive packages.
In other words, marketing is the process of getting people interested in the goods and services you provide.
Going forward, if you have a website, your can market your products or services online, through your website.
With the right marketing strategy in place, you will start attracting the right audience to your website and ultimately increase sales.
Effective marketing can help you to drive foot and website traffic to your store.
Please note that you market your business, products or services, your website must be:
- mobile friendly, and
You can use marketing in the entire:
- sales process,
- producing informational material
- helping sales reps address the concerns of potential customers
- make them buy from you
- increase the number of opportunities your sales representatives see
- improve a buyer’s perception of sales coverage,
Besides, marketing can enable your sales team, with the right value proposition, at the time time, to win deals.
By Samuel Ijenhi, B. Sc. Accounting, (Uniben)
Founder: Ijenhi Business Solutions