How can you increase your sales? Do you see your sales revenue flat or even dropping? Do you need to do something to facilitate a sales increase? If so, follow these tips and you will see an increase in your sales revenue! If you are a small, local business, here are some tips you can follow to increase your reach and your sales revenue. If you are a larger business, these tips will also work for you. Try them!
1. Start Accepting Credit Cards
If you don't accept credit cards, now is the time to start. Some consumers will not even frequent businesses that don't accept credit cards because they use a debit or credit card for all their purchases and don't deal with cash or checks. If you don't accept credit cards, you are missing out on a substantial amount of income.
You will need a merchant account in order to accept credit cards in your business. There are several sources with whom you can open a merchant account starting with your local bank. These sources are called credit card processing companies. They will check your credit history and other factors about your business and determine the terms for your merchant account.
Now is not the time to increase your prices. Pricing your product is a long term strategy and if your product is correctly priced, you shouldn't have to worry about this issue. Keep your prices steady and try to hold down your expenses so your direct and indirect costs don't eat up your profit.
3. Offer Quantity Discounts but be Mindful of your Breakeven Point
When your customers buy more than one of your products, offer them a discount. Offer discounts if your customers buy a certain number of any group of your products. Develop a package deal for groups of your products and advertise it.
In order to do this successfully and not take a loss on your products, you need to know your breakeven point. Discounting and offering package deals is not going to help you if it causes you to take a loss. You won't know this unless your know your breakeven point. Decide where you are comfortable with regard to cash flow and profit and discount down only to that point.
4. Increase Sales Productivity
Your business has a sales force, even if that sales force is just you. The more productive the sales force, the lower the cost of the sales force to you. Make that sales force worth their compensation, even if it is just you!
Have your sales force tap your existing client base. Do you have dormant accounts? Call or write those customers and tell them about any new products or special offers. Existing customers may be your best bet for increasing sales.
How does your sales force spend its day? Where do they find the most sales? Wherever it is, have them work on that particular market even harder. If they aren't finding sales in any market segment, then target a new segment. These strategies will increase sales force productivity.
5. Start Selling Online
If you are a small, local business, you are groaning right now. Don't groan. Everyone is on the Internet and so are you if you are reading this article. You may think it isn't worth your time or money to set up a website, set up a credit card processing center, deal with shipping, and the other things you have to do to sell online.
To that I have on thing to say. You're wrong! You are missing a huge market if you aren't selling your products or services online. Many people actually prefer to shop online so they don't have to deal with traffic and crowded stores. Many find better selections of goods and services online. I've actually been in stores that tell me to check out their online offerings because they don't have what I want.
Setting up to sell online is actually a one-time shot of time and money. There are, of course, continuing costs as you go along but the sales revenue you will make will be worth it.