Sales is the key piece of the puzzle when it comes to increasing cash flow, revenue and profit in your business. You can have brilliant marketing and wonderful staff, but if you can’t increase sales, you can’t re-invest into your business and grow.
If you knew how you could increase sales and increase cash flow, how would that help your business' growth? If you could learn some sales strategy techniques, how would that help increase the business' sales? We can help you with all of this!
7 Ways To Increase Sales In Your Business
For those people in business who are struggling, increasing sales feels like the most important aspect they need to work on. More sales mean more money which allows you to reinvest into your business, and increase your cash floor.
So, let’s have a look at 7 ways you can help increase sales for your business.
1. Define the company’s vision
You need to realign yourself with your WHY, why you started in business. Understanding your WHY can help clear the mind, get you back on track to find your sales mission.
If you can define the company’s vision, mission, and values, and make it a part of your process, sales will become easier and more genuine. You will believe what you’re selling, so will your team, and so will your potential customers.
2. Identify who is your ideal customer
While technically you can sell to everyone, it is far easier and more effective to sell to your ideal customer. Create an Avatar of this customer and speak to them, talk to them in their language. Understand their mindset.
You love these people and that will show in your sales language. Often these people like what it is you’re selling so they are already warmed up to buy.
3. Develop a sales mindset
You need to get in the mood to sell. It can seem like such a Herculean task to talk to people, to talk sales, so psyche yourself up for conversations, for conversions, to lift you and your company up a notch.
You need to BELIEVE that what you’re selling is worth it.
You need to believe you're an AUTHORITY on what you’re selling.
Be positive and uplifting when you’re having a sales conversation.
4. Building strategic partnerships
Utilise your networks for referral sales. Find people with whom you could work with, understanding that it’s the people BEHIND these partnerships who can be potential new clients for you.
Ask yourself - is what I’m selling beneficial to other businesses? Can you work with these businesses to find similar clients? Can you make a win-win situation where your strategic partners, and your customers, get great value from you?
5. Setting sales targets
Targets help you aim. If you don’t know what you’re striving for, how do you know when you’ve achieved it? Having a GOAL in mind can help you complete it, and when you complete things it helps you mentally.
If the goal you set is too small, reset for the next time and stretch yourself. On the flip side, if it is too difficult to reach, bring it back down so you can achieve it.
And don't forget to reward yourself when you reach your goals.
6. Social proofing
If you can show your potential clients how awesome you are, selling becomes easier.
Be truthful about your social proof. Lies can be found out easily and the damage can be very difficult to repair.
Social proof can come in the form of testimonials, social media likes and shares, good news stories in media, and much more.
Make sure your social proof is relevant to your customer base. Small-time businesses won’t be as inspired by results for billion-dollar industries as they may struggle to envision themselves in a billionaire’s shoes.
7. Selling more to your existing customers
It can cost up to five times as much to get a new customer as it is to retain a current customer. It is so much easier to sell to an existing customer who knows you and likes you and trusts you than it is to someone who has only just heard of you.
You have built a relationship with your current customers, so you can much more easily introduce new products or services to them, offer loyalty discounts, and continue to build a relationship based off trust and loyalty.
As our Head of Entrepreneurial Development at The Entourage, Stev Lackovic, says - “Obsess about your customer and know everything about them so you can lead them and guide them to sales success."
Benefits Of Increasing Company Sales
The benefits of increasing sales are more than just having more money in the purse. Increasing sales gives you more confidence as a business owner. It can reassure you that you’re doing the right thing and heading in the right direction, that what you have to sell helps people and is in demand.
More money back into the business
Reinvesting back into your company helps you to grow, to realise your dreams of being in business. If you can slowly increase your marketing budget, to increase sales, then the snowball effect will soon have you being successful.
You can reinvest by rewarding staff and have them incentivised to achieve even more for you and your business.
If you get the sales process working, and you’re reinvesting into your company, the momentum you build will have you barrelling forward. Potentially you can increase the number of staff, the size of your office and make your bottom line bigger.
You can invest in digital assets, better online presence, more diverse marketing channels. Who knows? The sky is absolutely not the limit.
Have a 3-month cash buffer
A great benefit of increased sales is having a buffer when things go quiet. A 3-month cash buffer is recommended for when a rainy day comes.
When COVID-19 struck, for so many businesses, it was a very rainy day. Luckily a lot of businesses managed to pivot into online sales or provide essential goods and services so they could remain open.
We’re better now, in Australia, with lower cases, but as we’ve seen, things can shut down with the snap of a finger. So a cash buffer as a result of increased sales is vital.
To recap the above and to give you points to take away from us:
Define who you are and what your company’s vision is.
Define your ideal customer is and speak to them.
Define your sales mindset and how to put yourself there.
Build strategic partnerships.
Define sales goals and reward yourself when you hit them.
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