When your sales results are falling short, your company’s success depends on how effectively you can increase sales.
After all, there’s only so long that you can stay afloat without generating some kind of profit. As such, you should always be on the lookout for ways to increase sales within your business, even if you have enjoyed a relatively strong Q1 & Q2. This is because things can turn around within the blink of an eye.
With that in mind, here are some top tips on how to increase sales within your business.
Figure out what you are doing wrong
When you are not meeting your goals in terms of sales figures, it can be hard to determine exactly why, especially if you have a lot of faith in your products or services. Fortunately, there are many different ways in which you can get to the bottom of this.
For example, it could be that you need to refine your sales pitch. This could be achieved through the use of sales call intelligence software that automatically analyzes all customer calls, meetings, and emails. This way, you can identify the points at which they become disengaged or when their interest is piqued and use this to your advantage moving forward, as it means you can change or tailor your approach accordingly.
Furthermore, customers tend to be pretty forthcoming when it comes to letting you know what you’ve done wrong. Take a closer look at your negative reviews (the kind you usually try to avoid) and look for a common thread. If you’re receiving similar complaints over and over again, this is a clear sign that you have something to work on.
You should also make sure that you respond to these reviews, letting them know what you are doing to make things right again in the future. This means that they are far more likely to give your brand another choice, as opposed to turning to one of your competitors instead.
Run regular promotions
Running regular promotions is another great way to increase sales and improve your bottom line, even if it may not seem that way to begin with. This is because it provides customers with a clear incentive to shop with your brand, especially if they are trying to cut back on their spending. Furthermore, promotions do not need to cost you a lot of money to run or operate!
Reward loyalty
Customer retention is just as important as customer acquisition, especially when it comes to increasing sales figures. As such, you need to work hard to keep customers on your side.
One way in which you can achieve this goal is through rewarding them for their loyalty. For example, you may want to provide them with access to exclusive discount sales or early product releases. While this may take a little time to put together, various studies have proven that doing so is well worth your time and effort.
For example, “loyalty members buy more often and spend more than non-loyalty members, resulting in a 5-10% revenue increase.” If you use a point-based loyalty system, they may also start buying more products in order to rack up the points and score better deals in the future.
Incentivize hard work
There’s no denying that the efforts of everyone from your marketing manager to your sales team can influence increasing sales figures. As such, you need to ensure that everyone is working diligently towards the same goals and targets in order to get the best results.
This likely means that you need to find a way to incentivize hard work. Otherwise, you’re opening the door to poor productivity and efficiency rates.
Fortunately, there are plenty of different ways in which you can achieve this goal, too. For example, you should always make sure that you celebrate with your team whenever they reach a specific target, especially if they have been working toward it for some time. Where possible, give them some kind of reward, too. This means they feel more inclined to push forward with enthusiasm and drive.
You should also make sure that you’re taking good care of your employees more generally. When they feel respected and well-cared for at work, they are far more likely to work productively and reach their goals.
Carry out additional market research
Selling as many products as possible requires you to have a strong understanding of the market you’re operating in and consumer behaviors. As neither of these is set in stone, you need to carry out market research on a regular basis.
Read also: How to research the market and why you should do it
This way, you’re aware of the latest trends and can use them to your advantage, as opposed to watching your competitors storm ahead while you fade into the background.
If you don’t have a lot of time on your hands, consider working with a third-party company that can carry out this market research on your behalf. For example, they could host a series of focus groups with members of your target audience, which will provide you with (sometimes brutally) honest feedback on your products and services and insight into their shopping behaviors and preferences. For obvious reasons, this can be a real game-changer moving forward.
How to increase sales: Final thoughts
Hitting your sales targets is a challenge many business owners face, but it is not impossible to turn things around, especially with six months left in the year. The key is to take a thoughtful, consistent approach.
Remember the steps we covered: identify what is not working so you can fix it, run regular sales and promotions, reward customer loyalty with well-designed programs, motivate your team with the right incentives, and make market research an ongoing habit rather than a one-time task.
By staying committed to these strategies, you will hopefully increase sales and put yourself in a strong position to finish the year on a high note.
