How to Improve Sales and Increase Business Profits

How to Improve Sales and Increase Business Profits

If you want your business to succeed, you need to have high sales numbers. This article will break down how to improve sales and increase profits for your business

Increasing profits is the never-ending goal of every business in every industry. And, why wouldn’t it be? Profits are the key to surviving in this dog-eat-dog world.

If you lack sales, you will lack profits, which will ultimately lead to your company’s demise. It’s the same no matter what industry you’re in. This is why it’s so important to go over the variables that can boost your profits.

Once you know how to improve sales, you can focus on doing bigger and better things for your business, like coming up with new products and services to attract new and existing customers.

So, let’s look a little closer at the variables you should consider.

Add Content Marketing to Your Strategy ASAP

The variables that dictate how profitable your business will become are typical and are almost the same for every industry. For example, having an online presence is necessary to reach just about every group of people.

Today, even the elderly are using social media and reading blog posts on a daily basis. This brings us to the beauty of content marketing. However, the key isn’t pushing out piece after piece of content – it’s about connecting emotionally with users.

The way to do this is to write content that really matters to your audience. For example, writing a piece on how to improve sales would be a good idea if your audience is made up of business owners looking for solutions to this issue.

Now, there are different ways you can learn the pain points of your target customer. If you can, talk with them in person, let them know you care about them and explain how you can help them better. You can do a survey, follow them on social media, and engage in conversations with them in forums.

Do whatever it takes to get into the minds of your readers, so you can produce content that benefits them.If you play your cards well, the content will help to:

• Pre-qualify leads
• Lower marketing expenses
• Boost conversion rates
• Reduce customer acquisition costs
• Increase customer satisfaction

Just keep in mind that content marketing takes time, so don’t rush the outcome. Do it for the benefit of your customers versus the benefit of your business.

Don’t Overlook the Power of Upselling

Sure, customers are always right. And in some cases, they know exactly what they want. But other times, buyers don’t know about a superior product or service you offer that would suit them better. Or, you may suggest a related item that they had not considered.

If you’re not upselling to your customers and prospects, then you’re leaving money on the table. You’ve seen this done countless times – “Do you want a coke with that?” or “Would you like to upgrade to our Gold package for $19.99 more?” Extended warranties and bundled prepaid services at a discount when you buy a car or when you have your heating and air conditioning system are prime examples.

Upselling is also beneficial when you use it for intelligence gathering and not just as a sales activity. Upselling helps you see which products or services are more appealing than others. With that knowledge, you can continue upselling the better performing offerings and improving the others to be more attractive. Have a silver package? Maybe you sell that almost every time so you could add a gold package or even make the standard product include the silver package and offer a platinum package.

Look at it like this:

Customers who are making a purchase are already in a buying mood, so they’re more likely to spend a little more if it’ll make their lives better or more convenient.

You need to train your sales team and bring aboard affiliates to help introduce high-end products or services as an upsell.

Ensure Your Products and Services Are in Demand

It doesn’t really make sense to produce a product or provide a service that simply isn’t desirable or needed. You have to understand what your customers want, even if they don’t already know.

Great sales professionals can find the stresses of their audience and provide solutions that will ease them. One way to achieve this is to create and use customer personas. This brings us to our next tip on how to improve sales.

Create Detailed Customer Profiles

Sometimes, it’s easy to forget who it is you’re talking to in your marketing. To keep your eyes on the prize, it’s a good idea to develop customer profiles or personas.

These are detailed “bios” of each group of customers. For example, you would have one persona of a middle-aged housewife, who is tech-savvy and shops online using mobile devices. You want to create as many personas as necessary – but mainly of your most consistent customers or target audience.

There is no point in making personas for small groups, unless they make up a big portion of your business’ profits.

However, there’s only but so much you can learn about your audience using data collected from surveys and analytical tools. This is where social media comes in; it has proven time and time again that it’s an answer to how to improve sales for businesses of all types.

Get Social on Social Media

Now, it’s time to engage with your audience. This is the prime way to learn about your customers. What problems do they have that your product or service can resolve?

Don’t just be a peeping Tom, get in on the action by engaging in conversations in real time. If your brand is in the mix, then it will be easier to get fans and loyal customers.

Use your presence as a means to help people rather than advertising your products and services. As a rule of thumb, only 10 percent of the content you post should be promotional. Next, only 30 percent should be owned by your brand. The remaining 60 percent should be curated content (content that comes from your customers or other sources).

To jump start your fan base on social media, you can always turn to influencers. These are individuals who have spent years building a solid audience on social media. These individuals can influence their audience to try and buy things.

This is a major plus, but make sure the influencers you use are giving you good “bang for your buck.” How do you learn how to improve sales if you’re spending money on influencers without getting anything out of it? Keep a close watch on influencer ROI.

Social media is intimidating. Fortunately, there are people all over the web and nearby who can help you with a strategy and manage the work required. Not all are equally skilled so ask others who they use and check references.

How to Improve Sales? Set Your Prices Cleverly

The pricing you set for your products and services is key to making them sell.

Today, people are very savvy shoppers, which means they comparison shop.

While your product may be excellent for your audience, they won’t purchase it unless it’s also a great deal. So obviously, you don’t want to set the prices that are well-above of your competitors’.

Here are a few tips to help you determine the best prices for your products:

Conduct Market Research

The first thing you should do is find the rates of your competition. This will give you insights into how to competitively price your products. If you want to sell at a higher price, then you need a product with more features. You can find people who’ll pose as customers and bring back their experience and prices. Search for “mystery or silent shoppers.”

Otherwise, you’ll need to price it lower than your competitors. That said, as business coaches, we’ll tell you that unless you are selling salt, you never want to compete on price.

There is always someone willing to sell it cheaper. It’s smarter to make your company and products unique and avoid a death-spiral price game.

Sometimes Setting a High Price Shows Quality

You don’t always want to be the cheapest on the market – especially when you’re trying to establish your product or service as the best quality in the industry. With that strategy, you need to show you’re a higher quality by increasing your price.

Consumers tend to believe that a product or service that is higher priced has better quality.

Just make sure you deliver on the quality or your strategy will crash and burn and with social media and online rating sites, you’ll become the last – not first – choice for buyers.

It’s also a good idea to look for ways to add value for your customer to justify your higher price range. You want to make it clear to your prospects that your product or service is superior to your competitors. The perceived value of your product can be enough to nudge customers to pay more for your brand.

Set Up a Customer Reward Program

Customer rewards programs are excellent for getting customers to return. Once you’ve mastered turning prospects into customers, it’s time to turn buyers into repeat buyers.

Creating a loyal customer base is your bread and butter. Any business owner wanting to know how to improve sales for their business should definitely understand and appreciate this.

Make sure the program is simple for people to start and use. Offer discounts to those who sign up and give special deals to those who meet certain criteria, such as being a customer for a year, collecting a number of points, or making a purchase of $100 or more.

In a way, it’s like a game or app that keeps people coming back to reach various achievements.

Today’s consumers love being rewarded, so they are more willing to complete tasks to get that 50 percent off discount you’re offering.

Any business leaders looking to learn how to improve their sales and their branding, then let's start a conversation about your vision for your business. There is never any obligation. email Jeff Nelson: [email protected]