There are many ways to increase your sales revenue but in this blog I thought we’d look at just 10.5 of them, some of which I’m sure you’ve thought about but not implemented yet.
No.1 Increase the number of transactions with each customer.
Gaining a customer can be a difficult task, it’s often easier to sell more to existing customers than go out and find new ones. There are at least 20 ways to increase the number of transactions with your customers but here are a few for you to think about.
- Introduce a loyalty scheme to encourage them to come back more often.
- Upselling and Cross-selling at the point of purchase. Offering extra value or a better deal right at the point of sale, when your customers are at their most receptive, is one of the easiest and most effective ways of instantly improving the size and profitability of your sales.
- Packaging products or services. Combining a group of individually desirable products or services that naturally compliment each other and offering the complete package for a single fixed price that represents an almost irresistible value to your customers.
No.2 Love the Customer.
Have a passion for excellence and communicate this to your staff. Find ways to do that little bit extra that they’re not expecting for which you’re not going to charge them for. Walt Disney said it best, “Do what you do so well that they will want to see it again and bring their friends.” Creating love between your company and your customers can help scale positive word of mouth that’s absolutely priceless.
No.3 Relationship Selling.
The old model of selling focused on giving presentations and closing the ‘deal’. The new model of selling focuses on building trust with a client, and identifying their needs. When enough people in your marketplace know, like, and trust you, sales are the natural result. Relationship selling is based on authenticity, genuine concern, and honesty. See my blog previously on transaction versus relationship selling.
No.4 A Sustainable competitive advantage.
There must be a reason why a customer buys your product or service from you. Make a positive decision to establish a reason, or discover the reason if you’re not sure what it is. You may even think about asking your customers why they buy from you!
No.5 Unique selling point.
Following on from the previous point. What makes you unique and different from your competitors. Make a decision to try and establish some unique reason why your prospects should buy the product or service from you. Can you establish a brand that is recognised as the leader in terms of quality, price, value for money, quick service, reliability or friendliness?
No.6 Pricing.
Increasing your prices is the easiest way to gain more sales revenue bar none. I’ve come across businesses where they haven’t increased their prices in over a decade. This is pure madness. As consumers we’re almost programmed to automatically accept price increases without exception and especially when there is a valid reason for the increase. If you want to increase your prices with little or no resistance then simply use the word ‘Because’. Because our energy costs have increased, because our labour costs have increased or taxes increased. All of these will enable you to increase your prices with no resistance from your customers.
No. 7 Better, Cheaper, Faster, Friendlier.
Make a decision to make your business better or cheaper or faster than the competition. Sit down and write out 20 ways you could become one of these, I’ll be very surprised if you couldn’t find at least 20 ways. The final one friendlier is a must for any business that wants to be sustainable, when was the last time you ‘mystery shopped’ yourself to check on the customer care your customers receive.
No.8 Market segmentation / Market Niche.
Is there some small sector of the market which you can dominate? Niche players share a common set of traits. These include a deep understanding of their customers and their customers’ needs and the ability to stay engaged with those customers. Ideal niche market companies should consistently produce quality, innovative products and possess a genuine regard for the well-being of their employees. Serving a niche allows companies to focus on meeting the needs of a smaller group of customers without compromising their chance to increase the appeal to a broader market.
No.9 Credibility.
In order to gain credibility you need to have several sources of credibility there are many, here are a few thoughts for you.
a) Honesty.
Without a doubt, one thing that will kill credibility instantly is dishonesty. Lying will certainly crush your efforts, but so will unnecessarily embellishing or providing information or feedback out of context, selectively or in a manipulative way. Customers and clients want transparency most from businesses, so just be straightforward about your business and your goals.
b) Be knowledgeable.
Having the skills necessary to accomplish your goals will instill confidence and put everyone at ease. Understand, however, that knowledge does not necessarily translate to leadership, and in fact some individuals who focus only on specific areas of knowledge fail to see the importance of other disciplines and skills necessary to run a business. Find a balance between the pursuit of knowledge and skills necessary to grow your business. Be proud of your achievements, and allow them to speak to your credibility.
c). Ask for endorsements / Testimonials.
Firstly realise that with testimonials, people believe what others are saying about you not necessarily what you’re saying about yourself. Recognise that everyone you meet in your business, regardless of how small or insignificant a role they might play, is someone who can add value to your credibility. Be unabashed about asking for endorsements and testimonials from these individuals, especially if your role in the relationship added value and had a positive impact on them.
No.10 Make it easy to buy from you.
So you go to all the trouble and expense to find a lead and then try to convert that lead only to fail at the last hurdle because you’re difficult to buy from. You’d be surprised how many times this happens. Start by listing the 20 ways you make it difficult for a prospect to buy from you. Think about how you can remove the difficulties:-
- Don’t ask a prospect to complete an 8 page questionnaire.
- Don’t ask a prospect to come back next week or after lunch (they won’t).
- Answer the phone when it rings, use answering services for the hours you’re closed.
- Don’t expect a prospect to call you back, arrange a time when you can call them.
If your sales process requires a form completing, then ask the customer the questions and compete it on their behalf, then just get them to sign it. Have easy payment terms, take credit and debit cards. All of these are easy to do and don’t require massive organisational changes.
10.5 Ask for referrals.
Asking for referrals is the easiest way to grow your business. If you give great service and are fantastic value why wouldn’t your existing customers refer you to their friends. Build yourself a referral kit that makes it easy for them to do so. If you’re not sure what a referral kit is, drop me an email at info@johnolivant.co.uk and I’ll send you an example of my referral kit.
Twelve intensive half-day meetings.
