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Four Bright Ideas to Increase Your Company’s Sales

  • October 20, 2022
  • Written by Community Futures Meridian

Are you struggling to increase your business revenue? Not sure what’s holding you back from selling more?  Tried so many different marketing ideas but nothing seems to boost sales?  Advertising and promotion can be a big business cost, and many times the pay-off isn’t worth the time, effort and investment.  You need to market so customers are aware of your business, but maybe there’s a better way to reach them.  Try these bright ideas to refresh your marketing mindset and bring in more revenue!

  1. What are your best sellers?  Are they making you money? Knowing the profit margin (how much you’re clearing) on each of your product and service lines is crucial in a small business.  Too many entrepreneurs miss this key metric and the opportunity of focusing on their money-makers!  Here’s a great illustration of how this works:  You sell pies in your bakery.  The apple pie has a profit margin of $3 and the banana cream pie has a profit margin of $7.  If you have the chance to boost promotions and sell more pie, which one will you target?  Yes, you’ll want to sell more banana cream pies to achieve a higher profit. Knowing your profit margin on each of your products and services is the key!
  2. Who are your top customers?  Your best customers know, like and trust your brand.  They would buy more from you, if you ask.  That’s the key . . . you need to keep in contact with them, understand their needs and suggest product or services that will be a great fit! Gather information about your top customer group:  where do they live, their age range, family status and interests.  And of course, collect their contact information.  Then develop a thoughtful, truthful, outreach strategy to encourage these customers to buy more from your business.
  3. Birds of a feather, fly together!  That’s true in life, and in business.  Think about other companies that have similar top customers as your business.  Is there a way to work together to promote your businesses, collectively?  Collaborative marketing can bring in new customers, without a ton of effort.  Working together and marketing cooperatively with other businesses in your community benefits everyone, and can definitely improve sales.
  4. The Power of Testimonials.  Did you know that nine out of 10 people trust what a customer says about a business, more than advertising put out by the company itself?1  It’s true!  Hearing from a customer about their authentic experience wields more influence than paid advertising.  So how do you get that golden review from your customers?  You need to ask!  Start by providing an easy way for your customers to give you this positive feedback:  surveys, point-of-sale testimonial questionnaires/photos, online reviews.  Have a strategy in place for collecting your customers’ important feedback.  Then, the next step is deciding what to do with this marketing gold.  Will you share their remarks on social media, have them voice a radio spot for you or feature them on your website?  You can use testimonials in many ways, and should always be on the lookout for these customer comments.

 

So, there you have it!  These simple ideas should help you breathe new life into your marketing, and boost your sales.  They may take a little effort and planning, but these strategies can help you reach new customers, and also sell more to your existing client base.  

Source:

  1. Grant, Simon, “Why Testimonials Are so Important For Your Brand (+ How to Use Them)”, Wyzowl, January 10, 2022. 

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