1. Build Retention
An existing customer is worth as much as 5 prospects or more. You can grow sales by keeping more of your existing clients around longer. Remember to reach out to existing clients with additional services to support their growth and always provide excellent service.
2. Give quantity discounts
Offering discounts based on quantity can spur sales (i.e. but 10 lessons get 20% off). Developing a package deal to lure more business is one way to grow revenue. However, you need to know your breakeven point. Take note that offering package deals and discounts won’t be helpful if you lose money. Once you determine your breakeven point, you can easily tell how much discount you can give to customers without compromising cash flow and profit.
3. Keep up your sales effort
Make sure that your sales effort is highly productive. Take note that the more productive the sales effort, the higher the profit. You can use your sales force to market your business to your existing clients or new prospects. You can make phone calls, emails, or write your customers about the new products and service.
4. Keep your prices steady
You may think that the fastest way to increase revenue is to sell your product or services at a higher price. Think again. Pricing is part of a long term strategy, not a short term fix. If your product is priced properly, you shouldn’t have to worry about this issue now. Instead, keep prices steady, while finding ways to slash expenses.
5. Promote your product online
One of the most effective ways of selling your product or service is marketing your business online. Setup a website and list yourself in online directories to help your prospective clients find you when they are looking for you.
6. Accept credit cards
It’s about time that you accept credit cards online as a mode of payment of your customers. There are some people who buy products or services using their debit or credit card instead of paying through cash. You will need a merchant account to accept credit cards. There are several credit card processing companies with whom you can open a merchant account starting with your local bank. They will check your credit history and other factors about your business and determine the terms for your merchant account.
7. Build Word of Mouth
Word of Mouth is still a leading method for marketing. In simple terms, people trust their friends’ recommendations and endorsements more than a sales pitch. Keep your customer service on point, and your social media marketing up to help ensure people are speaking positively on your behalf. As you pursue social media, avoid these mistakes. Otherwise, full speed ahead, following these seven tips to increase sales.