Innovative Ways to Increase Business Sales
When it comes to doing business, sales are the most important activity that a company can engage in. Sales provide the backbone of a company, and are the main source of any revenue and profits that are earned. For the vast majority of businesses, making sales is crucial to survival, and without them there is no future for a business. Sales are the means by which revenue is provided in order to pay employees, buy equipment and stock, and make changes in order to grow and develop the business. However, the economy has been poor in recent times, and many small businesses have been hit hard. This has left a number of companies trying to come up with new, innovative ideas to increase their business sales. If you’re one of these companies, or are just looking for different ways to make more revenue, read on to find out more.
Add Complementary Services
Adding extra or complementary services or products to your existing ones is a strategy that may help you to gain more clients. For example, a hairdressing salon may offer a free manicure with any hair treatment. Reviewing your competitors for ideas is also a good way in which you can achieve this. If anybody – even a competitor – is offering an ‘extra’ that is appealing to customers, you should do the same thing.
Involve Your Customers
Retail businesses that get their customers involved usually tend to be more successful at making sales than those which do not. Customers are the source of your sales, so involving them is a great way of finding out exactly what their needs are in order for you to better meet them. Businesses can guess at how well their store may fit a customer’s needs or which products customers are hoping to be able to buy, but you can never be sure on these things unless you have got the information from the customers themselves. Questionnaires, surveys, and suggestion boxes are all excellent ways of gathering feedback from your customers to find out what it is they’re expecting from you.
Customers in today’s day and age are looking for the most convenient sale, so aiming to always be one step ahead of the rest when it comes to convenience is important in order to keep your customer base and increase the amount of sales that your business makes. If a customer knows that a sale is efficient and easy, they are more likely to return to purchase again. Simple changes such as making sure that all tills are manned in order to reduce queues, offering various forms of payment options or even allowing customers the option of using mobile credit card readers are all viable ways in which you can make the shopping experience more convenient for your customers.
Although implementing a reduction in prices can often seem counteractive to increasing revenue, limited-time offers are a strategy that is able to increase traffic and attract more customers to your store. Many long-term, loyal customers are gained through limited time offers, and what may seem like a loss currently could turn into a long term profit gain. Whether it’s online daily deals or seasonal sales, limited-time offers give customers the opportunity to purchase products that they may not normally be inclined to buy as well as giving them the satisfaction of getting a good price. Not only that, but the majority of customers love to get a bargain – limited-time offers mean that they will be able to spread the word about your sale to their family, colleagues and friends.
If you haven’t already, getting your business online is an extremely effective way of increasing your sales and revenue. Setting up an online store will expose your company to millions of potential customers globally, and you will no longer be limited to selling to customers simply within your local area. Having an online store also means that both your old and new customers will be able to buy your products and services from the comfort of their own home, a shopping strategy that is becoming more and more popular with customers worldwide today. Having an online presence also allows you to increase awareness of your business through the use of social media, online marketing, email marketing, blogging and a number of other channels.
Can you think of any more innovative ways in which businesses can increase their sales and revenue? We’d love to hear all about your ideas in the comments below.