In this blog, I will discuss the ever-interesting topic of generating more sales using the best techniques.
It shall broaden your horizon and help you think out of the box in bringing more customers and enhancing the profitability of your business.
Listen to the podcast here.
Let me share an inspiring story before I discuss sales techniques so that you can relate to this post.
“People don’t buy product or services, they buy what they can do with those products and services.’’- Unknown Click To Tweet
Price Does Not Matter!
Let’s dive in right here.
According to a survey, 43% of the businesses fail to operate for more than a year; these failures consist of around 350,000 businesses.
It is a staggering number and nothing short of a solid blow to the confidence of young entrepreneurs who look to set out in the market.
But when we look at the optimistic side, 57% of businesses fared well during the period, and their number definitely overpowers the failures.
What determines the success of a business?
Let’s understand, with the help of the story,
Alex And His Garden
Once lived a man named Alex who was fond of planting; his interest in plants persuaded him to begin selling fruits to retailers through his garden.
Alex’s garden had various fruit trees that bore hundreds of ripe fruits; it was the only asset that Alex owned and his primary source of income; he employed all of his resources to improve and scale the garden so that his business could succeed.
Although Alex’s profits were far lesser than his competitors, he wasn’t worried about them because he believed he was giving his best.
Once a friend of Alex visited his garden and was surprised to see lots of fruits sidelined because they were eaten by the bees or had over-ripened, making them unsuitable for sale.
Video Credit –Evan Carmichael
His friend inquired him regarding the massive wastage, but Alex didn’t have an answer.
With the experience of owning an own garden, Alex’s friend decided to help the business reduce this wastage and improve its profitability.
He started analyzing the flaw in the business model, and it didn’t take him too long to find an answer.
The employees working in the garden were asked to pick fruits once they had dropped to the ground. In this way, only ripe fruits with adequate weight were packaged.
Although the idea wasn’t entirely wrong, the execution was far from good.
Alex’s friend explained that the massive wastage was because fruits were left hanging on the branches for a long time, an open invitation for a bee dining; similarly, fruits closer to the trunk don’t always fall out themselves and need to be plucked out manually.
Alex took the advice seriously, and the garden started to bring better results; the wastage declined significantly, and the profits went on par with the competitors.
Alex’s Garden vs. Your Business-
You might find this fictional story irrelevant and far from your business’s subject; its lesson is powerful to turn the fate of your business and raise your sales exponentially.
Think of yourself as Alex and the garden as your business. Most of us employ a healthy share of our wealth to ensure the smooth running of the company, but we often miss out on customers, as Alex missed on the wasted fruits.
Most businesses would usually wait for customers to come to them first, which results in the missing out a fair share to the bees, who are quick enough to spot a customer and make the sale.
Similarly, other fruits (customers) don’t come out by themselves and must be persuaded to add them to your customer list with the correct marketing strategy.
Five Highly Effective Ways To Generate More Sales
Business is more about gathering customers than making a product; if you don’t have customers, all your produced product will go in vain. If you can sell a product, finding a supplier is never difficult.
No business in the world would settle for particular sales numbers; all companies want their sales to rise to increase profitability.
Video Credit- Neil Patel
Here, I have five ways to help you generate more sales.
Increase The Customer Lifetime Value-
Customer lifetime value is the overall profitability associated with a customer during their relationship with the business.
According to studies, it cost 28 times more to bring a new customer than to retain an older one.
Working on your customer lifetime value will help you generate more sales and bring better profitability.
Look out for techniques to keep your old customer engaged in your product; it can be done through providing after-sales service or manual emails.
It is suggested that customers are likely to purchase the same product twice if they are dealt with efficiently after the sale.
Manual adjusted emails would ensure that the customers can avail the product’s best benefits and receive the best value.Click here to tweet this post. Click To Tweet
When customers can enjoy a product to its fullest, they shall work as indirect marketers for you, such as they might recommend the product to their friends or on social groups.
It creates a snowballing effect, bringing more customers and generating more sales.
Find The Best Marketing Methods-
Marketing is the make or break of any business; sales will start coming your way if you get the marketing strategies right.
Have you seen a “Coca Cola” ad that made you thirsty and crave another bottle? Well, then it was an example of effective product marketing that brought good results.
Your marketing methods should be designed to ensure that they are well equipped with ideas, appealing to customers.
For instance, if a brand produces tractors in India, it can be inferred that the ads are directed to the farmers, who most probably would only understand the regional language.
Coming up with an exciting and modern ad with an English medium may not appeal to an ad in a regional language.
Marketing campaigns should be aimed at a particular target audience, which must be filtered and sought before the campaign is designed.
Getting your ads right would help you communicate better with your customers and generate better sales. “Nothing sticks in your head better than a story.
Stories can express the most complicated ideas in the most digestible ways”-Sam Belter. Click To Tweet
Look Out For Innovative Ways–
The best method to make your product stand out is to work on its appearance and usability.
Education is a critical aspect of broadening a person’s horizon and thinking of newer ideas that appeal to the customers and are easy on the pocket.
Attaining knowledge about product development can help you develop unique changes that allow your product to look fantastic from the generic products and generate more sales.
Take an example of a modern LED TV, the first form of these TVs aimed to have a sleeker and thinner version of the device; most companies looked to produce the most delicate version of the LCDs to attract more customers.
Later on, companies innovated to make Android TVs, giving access to a broader range of applications and taking the customer experience to a whole new level.
Innovations like these can help you generate more sales and attract a more significant share of the market.
However, you need to consider that you don’t overspend on the research and development section; doing so would increase your cost, which would require a higher price, negatively impacting the sales.
Internet is a great source to seek knowledge and ideas; you can look around the internet to explore competitors’ products worldwide to improve yours.
Video Credit- Brian Tracy
Do you know that 67% of the businesses shifted their operations online in the last year?
Call it the corona impact or whatever; the internet market is proliferating; many customers are now well aware of the purchasing methods and are willing to purchase from online stores rather than traditional outlets.
Online stores allow flexibility and access to a greater audience, which helps the business generate more sales.
Surprisingly, running an online store could be several times cheaper compared to an on-land store.
However, you need to develop an efficient site that allows better speed and customer friendly interface.
Sign Up For Sponsorships-
In the 2018 super-bowl final, Fiverr (a freelance platform) spent $5.9 million on 8-second advertising before the final began; it was one of the costliest ad campaigns, and you might be wondering whether it was any beneficial.
The answer is “Yes,” the ad acted as a fate-changer for Fiverr; before the ad, it was the third in terms of traffic amongst the freelance platforms; however, as the ad went online, its traffic rose rapidly, and at one stage, the internet traffic on Fiverr alone was twice of the two top freelancing platforms combined.
It is just another example of how vital sponsorships to events could turn out. If your business is looking for newer customers, sponsoring an event could be an effective method.
It would increase your brand awareness and make it more familiar amongst people, helping you generate more sales.
Finally, we have reached the end of the blog; I hope it taught you some valuable methods to generate more sales and improve your business’s profitability.
Till the next blog, it is a goodbye from my side. Every day is an opportunity to become a better person, don’t let it pass without an attempt.
According to a survey, 63% of people requesting information today will not purchase for at least 3 months. 20% will take more than 12 months to buy.
Thank you, everyone, for your comprehensive response to my previous blogs and for staying connected.
I would be exhilarated to hear about your experience. Please send your ideas to email@example.com.
Don’t forget to share this post with others.
Also, please read my previous blogs here.
Are you health conscious? IF yes, here is a fantastic article.
More Blogs From Rajtheblogger.Click here to tweet this post. Click To Tweet