After this difficult time, I thought I will use my experience and share with you 3 areas where you can increase your sales. In some cases even double it while you are not generating more marketing expenses.
1. Get your pricing right
This is the kind of biggest mistake that I see in my clients’ businesses. They spent the time and effort to calculate their costs once at the very beginning of their business journey. And never again. Years pass by but they never update or play around with their prices.
Yes, you hear me well, I said playing around. When you know your break-even point (the point from your business is generating profit as it covers all the expenses) then you can play around with your pricing. See how your customers react and how your market reacts.
If you have a winning product that is already selling hard. Then use it as a lead product or service and bundle it together. Some other product that is selling less but has a better profit margin. Use different pricing strategies at different times. So you can make sure that you keep your previous customers active at all times.
2. Create new joint ventures
Joint ventures are a great way to increase your sales, and your business visibility while you can offer something new to your old customer as well.
I love when different businesses get together and create something magical. You can find someone else in a different field. Or someone in the same field but offers a different type of product or service.
For example, if you have a business that produces soaps, you can get together with another business owner who produces candles.
You can create a new package for a seasonal gift pack such as Christmas, or Valentine's day or you can create bundles constantly. So both of your customers can stay excited all the time.
And what about if you partnered up with your competition? Yes someone in your field can also benefit from you and vice versa.
For example, if you are running that particular soap business. Can you find a product that your competitor is lacking while you have it?
Let's see you make gift soaps for weddings and events. But your competition does not, they have a shampoo soap that you don’t have. Then you can still reach out and offer a bundle option or collaboration.
You just need to make sure that both of you can grow and play a fair game with each other. Collaborating with competition can be awesome as we all have different views and experiences.
I collaborated with many tax accountants. They offered bookkeeping and management accounting services to their clients while I was working on those projects. And I offer their tax help to my clients. We always had a contract in place and know that it benefits both of us if we stay in our lines. It was great to have one more head-on board so if I wasn’t sure about something I could ask. You can collaborate by showing the others' names or without the branding part and create neutral packaging for that product bundle.
3. Motivate your team
I cannot tell you how many clients I have that didn’t leverage their staff members. This can be the easiest way to increase your sales. Because your employees already know your product upside down and I am sure they will be open to earning some extra cash, so then….
By creating a bonus system you will be amazed at how much sales your employees can bring to you. They can find or create new sales channels that you never thought possible.
And if you worry about the extra cost of giving out bonuses to your employees. Then maybe you need to re-read point no.1.and get your pricing right.
You need to set achievable target numbers. So your employees actually can be rewarded. Therefore they can push it even further.
You can also use some sort of bonus system with your family members and friends. Why not? They can help you and spread the word for you while they get a few extra bucks.
But if you already use all these then you are still able to register for an affiliate program. Where other people can advertise and sell your products. You need to pay them a percentage when the sale is already made.
Therefore use what you have and be creative with your income generation. You will be surprised how effective it can be to find a great partnership or to be dedicated and motivated in your business.
If you need help finding new sales channels in your business. If you feel you cannot see the forest from the tree, do not hesitate to contact me. I have a personalised program where I can help business owners 1on 1 to improve their profitability and elevate their business.
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