4 Guaranteed Ways to Grow Sales in Your Business
As a business owner, you no doubt know the value of having a good sales strategy.
There are hundreds of tactics and methods people use to grow sales, each with their own pros and cons.
It can all be very confusing.
Luckily, entrepreneurs really only need to know 4 basic strategies. These are:
- Get more customers: in current or new markets
- Get customers to spend more: increase average transaction
- Get customers to buy more often: increase frequency
- Get customers to stay longer: customer retention
Choose the right strategy and watch your numbers skyrocket
To see a change in your sales results, it’s important to choose the most appropriate strategy (or mix of strategies). As you read through the list below, ask yourself which applies to your business best.
Which of the 4 strategies is right for you?
1. Get More Customers
This is the most obvious and common approach when it comes to growing sales. To close a sale, we need…people!
However, it’s a tad more complicated than just knocking on doors. There are two dimensions to “get more customers".
The first is to improve your conversion and rate and the second is to get more prospects. Lead generation can be expensive, both in terms of time and money; that’s why it comes later.
So, optimize your conversion rate. Focus on converting current prospects into customers. Indeed, you may not have to do any new marketing at all if you can successfully turn lukewarm leads into paying customers.
2. Get Customers to Spend More
Often overlooked, this is one of the easiest ways to grow revenue.
Do you know how McDonalds grew their profits by $35 million? I bet you do! It is a six-word script.
“Would you like fries with that?”
This tactic is genius. A simple add-on suddenly ups how much customers spend on each transaction.
This can be accomplished by raising prices, promoting premium products, upselling or cross-selling complimentary products or services (like delicious French fries) as well as by expanding payment options you accept or offering plans.
Just think. If you could increase every transaction by 5%, what would that mean for your business?
3. Get Customers to Buy More Often
Marketing gurus know that having a revolving door is one of the best ways to grow sales. It’s not enough for customers to buy once. You want them to purchase again and again. This keeps cash flowing in.
To give customers a reason to come back, your business needs to stay connected.
For example, you could:
- Maintain a customer database and use it to promote members only offers via mail, email, or text
- Start a monthly continuity program
- Write a newsletter
- Develop a fanbase on Facebook, Twitter, Instagram, etc.
- Promote special offer for followers
- Offer a lead magnet “freebie” to new subscribers
All these tactics encourage customers to keep in touch, and thus make them more likely to buy from you a second, fifth, or even twentieth time!
4. Get Customers to Stay Longer
As mentioned previously, the opposite of keeping customers is losing customers. And statistics show that it costs businesses 6-7 times more to recruit a new customer than to keep an old one.
How do we avoid that hefty price tag? By building brand loyalty.
Here are a few techniques to consider:
- Deliver what you promise – and them some!
- Offer a thank you or bonus gift with a first purchase
- Send birthday and holidays cards
- Call to follow up after a purchase or job completion
- Ask for testimonials
- Recognize customers in newsletters
- Respond positively to comments on social media
- Give ‘free’ information or advice
Determine your customer’s need. Then act on it!
Above all, clearly articulate how your business will provide value to your customers.
Remember, people naturally have a “what’s in it for me?” attitude.
Find a problem and use the 4 strategies outlined above to show how you – and nobody else – can solve it.
Before long, you’ll see a jump in sales!
Would you like some help with your sales skills and strategy?
Business coaching is the fastest way to get results.
To explore if business coaching is a good fit for you - book a complimentary 15-minute consultation call today: Book 15 minutes with John.
Interested in more practical business coaching tips?
Sign up for my weekly newsletter and get a free e-book: The well-managed business. (See what I did there? ;-))