How can I increase 100% sales?
Increase Sales: 5 Ideas To Increase Sales And Double Your Profits by 100%
How do I increase my sales? Increasing sales and obtaining new customers are the concerns of small business owners today and the biggest issues that preoccupy them. They always need marketing ideas to increase sales that ensure them to continue in the market, outperform competitors and expand in the future.
Discount offers are the most popular ways to increase sales that all stores, commercial activities and companies follow and harness in order to promote sales and increase their revenues. However, discount offers and discounts may not be suitable for small merchants and small projects because they reduce the profit margin and may cause losses if misused.
How do I increase my sales?
As a small business owner, you know that closing a sale is critical to your growth and success. In order to increase sales, you will need a solid sales strategy or plan, which highlights the tactics and goals you need to achieve to increase your sales. This strategy is the set of actions that you plan to implement to promote the sale of your product or service. Your plan should be based on the specific needs of your clients.
A plan to increase sales is the cornerstone of every successful business. After you develop your strategy and put it into action, you can look at your sales numbers and adjust your approach if sales are not increasing.
Use the steps below to better gauge what your customers need, how you plan to sell to them, and the ways your competition is succeeding or failing to reach them, too.
Sales Strategy Elements (Marketing Mix 4Ps)
There are four key elements that contribute to your sales strategy and increase your sales:
Product – The product may be tangible, such as: real, tangible goods, or it may be intangible, such as: service, advice, or suggestion. Of course, preparing the product to be a marketing tool in itself is not limited to the efficiency and quality of the product only, but there is a long list of product elements that you must take good care of. The higher the level of your product, the greater your chance to attract customers and market your product.
Price – Evaluate your prices against your competitors and adjust your prices if necessary to stay competitive. Pricing is the most important factor in the promotional mix, as it is the only element that generates profits for your project, while the rest of the elements require costs and effort and do not generate direct profits. Here, by pricing, we mean the value of the product or service that you are about to provide to your customers, which is the material amount that the customer is willing to pay in order to obtain the desired benefit from the product.
The place – the place where the customer will go to order or purchase your service or product, it may be real, such as: a specific chain of stores, or it may be digital, such as: online stores. Whatever type of product niche you choose should be appropriate and reflect a unique style of displaying products and drawing customers’ attention to them. Some designs that reflect your brand or what distinguishes your product will be very useful.
Promotion – While having a great product is important, just as important is how well you attract customers. Here, by promotion, we mean advertising the product by all available means, whether on the Internet or on the ground. The goal of the promotion process is to announce the existence of your product and show its quality in the relevant market. Promotion is an art in itself that requires sufficient effort, time and resources to get a satisfactory result.
5 marketing ideas to increase sales in 2023
Away from the traditional methods, we will discuss in this article five tips to increase sales and double profits:
1. Boost your marketing plans
If marketing is the backbone of sales, the first thing you should do is boost your marketing and make it more effective. Quantity does not always mean quality, so you must re-evaluate your marketing plan, make the necessary changes and improvements, and measure the results each time.. This is the first key to increasing your sales.
Carrying out an extensive marketing study is essential, as it enables you to discover and analyze market trends. You can also take advantage of the advantages of e-marketing, which dominates the scene and outperforms traditional marketing in many aspects.
2. Review your pricing strategies
Pricing has different strategies and methods that are dealt with by research and studies, and no one can assure you of the success of one strategy over another. Each product or service has a nature, market, and target segment of customers who have different natures, moods, and needs. In order to develop your pricing strategy, you need to have complete knowledge about the product, customers, market nature, competitors, and surrounding influences.
Product prices are constantly changing, so you shouldn’t be reluctant to adjust your prices to meet your goals or market situation. Immediate price increases generate additional revenues and profits for the company if this increase does not negatively affect sales. Lowering the price stimulates more sales. Raising prices may “shake things up” so you must be alert and anticipate the reaction of customers before the new prices come into effect. If necessary, you can make further adjustments, including reverting to old prices. Don’t worry, you still have ideas to increase sales other than the pricing strategy.
3. Increase sales by expanding distribution channels
Changing the places to display and sell your products can revive sales volume and revenue without the need to change your marketing plans. Carefully study the distribution options on the ground and online as well, through wholesale and installment sales, distributors and sales representatives. This is to find out how each method can affect your sales volume, profit margin, and overall profits. But sometimes establishing new distribution channels may require prior marketing support.
4. Expand your market
If your project has reached significant growth, then perhaps the time has come for new marketing ideas to increase sales. To achieve this, you may need to add new products and services to create exponential growth. You can seriously consider providing related products or adding complementary services to existing products, as this would help you win new customers. You can also replace old products with new ones, and this may lead to a decrease in sales volume, but it will inevitably increase the percentage of returns if the alternative products have a greater profit margin.
5. Develop your relationships
Collaborative marketing has recently become one of the ways to increase sales and very prominent marketing ideas in marketing, and it is the method in which two companies or business entities exchange marketing channels to achieve mutual benefit. In addition to enhancing participation and networking among them.
For example, if you sell sportswear, sponsor a sports team that will wear and market your brand; Also, invest in charitable events for marketing, which is one of the strategies used by some institutions, by providing support for charitable activities and events, and this will attract the attention of the press and the media and serve as a veiled advertisement and propaganda.
These were five marketing ideas to increase sales and double your profits. You can try out what suits your business and the nature of your market. Changing and enhancing your sales strategy can lead to an increase in sales in a short period of time and on a large scale.