As an ambitious business owner, you know sales are the bread and butter of your company. You’ve always got a keen eye on them and you’ve probably brainstormed a number of ways to grow them…but it can feel daunting. There’s a never-ending number of channels to explore and it’s easy to get swamped thinking about all the possibilities.
It’s very likely there are areas of your business where you can implement small changes to get some easy wins for your sales numbers. We’ve broken down five key ways to increase your sales, so if you’re struggling to grow this figure, focus on how each one applies to your business and the audience you serve.
1. Increase your customer retention rate
Loyal customers are the backbone of your business. Think about your most dependable returning customers – a few probably come to mind. What if every single one of your clients could behave that way? What impact would it have on your revenue?
As you’ve probably experienced, it’s far easier to sell to existing customers. You’ve taken time to develop the relationship and they’re familiar with the product or service you provide. They recognise what they love and what makes them want to return. It’s also far cheaper; you don’t have the cost of capturing a new customer, the onboarding process has already been completed, and you both have an expectation of what the other will provide. In fact, studies have shown it’s six times easier to sell to existing customers.
Ask yourself, “what specific things do I do to make my customers happy that make them want to return?”. Identify a few points – as detailed as possible – about which parts of your service delivery delight your customers and make them come back for more. You can think about this using the FGG Principle: Find out what they want, Go get it, Give it to them!
2. Generate more leads
Trying to capture new leads can feel like embarking on an expedition without a map. There are so many different areas to explore to find potential customers, and it feels overwhelming knowing where to start – but there’s an easy-to-implement solution.
Giving away knowledge showing the value you offer will demonstrate the problems you’ll solve if potential leads become a customer. This may be in the form of a free downloadable PDF guide on your website, or a free trial or consultation. As a bonus, if you make your existing customers happy they’ll want to promote you, bringing you leads by singing your firm’s praises from their first-hand experiences. When these referrals then research your brand, the free resources on your website will let them quickly see your value in action.
3. Increase your conversion rate
Running a business can feel like juggling a million tasks at once. How often do you set aside time to look at your business’s success rate of converting leads, quotes and proposals into sales? Do you regularly explore where the sales process could be improved to boost conversion rates? It sounds obvious but getting more people to say yes is a great way to grow your sales.
Remember to keep an eye on the individual conversion rates of all members of your sales team. Are there aspects that can be taken from some team members and applied as wider learnings? Think about whether you’ve got the right people handling the sales process, or if their strengths are more suited to a different area.
A key factor to boosting conversions is establishing who you’re going to be talking to before going into a sales meeting. Confirming you’re speaking to the decision-maker and not a gate-keeper will make sure conversions happen more quickly, saving you time and money. Offering a range of options, so the buyer asks “which one should I buy?” instead of “should I buy?”, is another easy way to increase conversion rates.
4. Increase transaction frequency
As mentioned earlier, it’s much easier to sell to existing customers than to new ones – so the simplest way to boost your business’s transaction frequency is by encouraging these people to buy from you more often.
As a consumer you’ve probably experienced some of the tactics businesses use to foster loyalty with their existing customers: email reminders, loyalty cards and special deals reserved for frequent return-buyers. So whether it’s a coffee stamp, a VIP card swiped at checkout or free shipping with their next purchase, remember to reward those customers who engage with your brand.
5. Increase transaction value
When we talk about increasing the transaction value, we don’t necessarily mean raising your prices. Instead, think about how you can add more value for your customers. This could be by providing a wider range of options for your customers and upselling these to add more value to the final purchase amount. Think about following the “would you like fries with that?” concept, and try to only offer a discount if the customer has bought an add-on.
Remember your customers might not be aware of everything you offer. If they’re a legacy customer or in the habit of making a specific, recurring purchase, ask yourself if they’re familiar with what else you offer and how it could provide value to them.
Although keeping track of your firm’s sales stats can feel like a constant task, examining your current sales process and making a few simple tweaks could grow your sales while saving you time and money.
At Starfish, sales stats and tracking are kind of our thing. We get a kick out of analysing your sales process and finding where it can be streamlined. If you’d like to find out more about this, get in contact with Starfish Accounting and we’ll work with you to guide you through it.