There is a phenomenon that happens to most businesses. Suddenly one day, sales stagnate, and little by little they begin to decrease. The reasons are diverse, depending on the specific situation of the business, whether a new competitor entered, customer service is alienating its customers instead of retaining them, or simply people do not have money to spend.
Here are 3 expert tips to help you increase your business sales.
Tip 1: Increase sales using more publicity
Advertising and marketing is one of the most important but most neglected activities by many business owners. In the majority of cases where the money that the company requires is not generated, spending on advertising and promotion is reduced, thinking that cutting costs can keep the business afloat. However, this is an error.
When you are not selling what you need or what you planned, there are only two ways to get back on the road: turn to current customers, or look for new customers. By using more advertising such as instore popup stands, you are choosing the second strategy. For example, a very successful way to create new customers is by offering discount coupons for your service or a specific product.
This brings new customers to your store, and with good service and attention, you will be able to generate a new recurring customer that buys at your store.
Tip 2: Sell more through events
Generally, the most important event for an entrepreneur is to start a business. For example, in a restaurant you can promote all your food for the first 2 days at 50% off regular prices. However, this strategy is often neglected when the business becomes more established.
Therefore, it is recommended that from time to time, usually in the month that has less sales according to your history, promote a special event in your store or business, in order to attract new customers or recover those who have not purchased from you in a while.
Some events that you can develop are a general discount on all products, give a free service, and offer samples or free product tests.
Tip 3: Increase sales with new prices
The prices of a business’ products or services are typically based on costs, adding the percentage of profit you want. Therefore, when your costs increase, the prices increase and in the end, you can start losing customers.
A different strategy is to focus first on a target price. This price has to be competitive, attractive to customers and encourage the purchase. Once this price is defined, the real costs are determined and ways to lower them are sought to reach this target price plus a profit. This strategy is used by companies such as McDonalds or Burger King.
For example, the cheapest package might be a hamburger, fries and soda, promoted through the use of large display banner printing to initially attract customers. McDonalds probably does not generate a gigantic profit with this cheap price offering, but if it attracts customers who are going to buy additional products like another hamburger, the happy box and other products, you can see the potential.
What are you waiting for – get creative and watch your sales grow!