How to increase sales
Increasing sales is a great way to help grow your business. But how do you sell more to your current customers, and how do you win over new ones? Here are some tips and tricks to help boost your sales.
Nine ways to increase your sales
1. Look after and learn from your existing customers
Your current customer base is a good place to start when you want to increase sales, so check in regularly to see how your customers are getting on. Do they have new problems that your product can solve for them? What do they love about your product or service and how can you build on that? Do they have suggestions for improvements that may attract new customers?
Happy customers are those who are listened to and looked after. And happy customers are likely to recommend you to their peers, which is the best form of advertising.
2. Do your research
Market research can help you get to know your current and potential customers better and understand where your product or service sits in the market. It can also give you a clearer idea of how your product or service compares to others like it, what customers will pay for it, and how to determine the right price.
You can do market research yourself by conducting surveys among your current and potential customers, or you can get an external provider to do the research for you and report back on their results. Check out our guide on how to do market research to learn more.
3. Clearly identify your ideal customer
To do this, you’ll need to create buyer personas. A buyer persona gives you a clear picture of your ideal customer – their age, job title, what problems they have, what would make their life easier, and more. When you know who your ideal customer is, you know how your product or service can help them.
Here’s a sample buyer persona for the Usual Suspects Clothing Company’s new kids and baby line:
4. Hone your competitive advantage
You’ve made it this far by championing the features of your product or service. Now that you’re growing, it’s time to focus on the benefits you offer. What makes your product or service different? What makes you stand out? What value do you deliver above and beyond your competitors? How can your product specifically help solve customers’ problems?
Here’s an example that translates Asha’s personal training business features into benefits:
5. Bundle your products or services
If you have several products or services, you can bundle them together to raise sales. Bundles allow you to increase the overall transaction price, but your customers still feel like they’re getting a good deal because you’re offering a discount for multiple products or services.
For instance, the Usual Suspects Clothing Company offers one t-shirt for $20, or two for $30. So customers get a discount for buying two t-shirts – an attractive offer. Just make sure you’re still making a profit!
6. Introduce a loyalty or rewards program
When you reward your customers for being loyal to your business, they’re more likely to return and spread the word about your products or services. It takes extra admin effort, so be prepared for the time and costs involved.
Here’s an example of a loyalty program and a rewards program for the Usual Suspects Clothing Company:
7. Add giveaways and special offers
Use giveaways and special offers to attract new customers and retain loyal ones. For instance, Asha gives new clients two training sessions for free, and a gelato business uses stamp cards to offer repeat customers a free gelato of their choice on their tenth visit.
8. Make the most of social media
Just about everyone is on social media, which makes it an excellent avenue for increasing sales. Market research will give you insight into what social platforms your current and potential customers use the most. From there, you can choose a social network to target the right audience.
For example, market research shows that the Usual Suspects Clothing Company’s customers mostly use Facebook and Instagram. So the company could add a ‘Shop’ tab on their Facebook page where customers can see their new and best-selling items. They could also run a promo on Instagram where customers get 5% off their next purchase when they post a photo of themselves wearing their clothes.
9. Increase your prices
Raising your prices can be pretty daunting. What if you lose customers because they don’t want to pay higher prices? But if you do it right, increasing your prices won’t be a problem.
Provide enough notice before a price hike, and give your customers a chance to buy your products or renew their contracts before the price increase. Be honest and upfront about your reasons, and inform your customers of any additional value you’ll be offering, such as extra services or support, more availability, or a shorter turnaround time. Demonstrating improved value will help your customers accept a price increase and understand that raising your prices will allow your business to grow while still providing high-quality products or services.