How can I improve my business
There is no doubt that increasing sales is one of the most common goals in companies. Understandable, because sales form the basis for economic success. But which strategy can be used to achieve higher sales? And what measures are possible for this? You can find out in this article.
How do you calculate the increase in sales?
The Increase in sales in company analysis it is usually given as a percentage value. The mathematical formulas for this are: Annual increase in sales = Current sales / sales from the previous year or Sales growth in a period (e.g. 5 years) = (current sales / sales at the beginning of the period) 1 / number of years
How to Increase Your Sales: The Three Golden Strategies
In many companies, salespeople see themselves with the Target "increase in sales" faced. A work assignment that often raises the question of "how". Because in order to stimulate business accordingly and to sell more, you need a strategy.
For business coach and entrepreneur Roman Kmenta, there are actually only a few promising options - the three golden strategies:
Strategy 1: Increase in sales through new customers
The most common way to increase sales is via the New customer acquisition struck. True to the motto "More sales through more customers" The aim is to first draw the attention of as many potential interested parties as possible to the offer in order to subsequently achieve more sales overall with a corresponding completion rate with first-time buyers.
Strategy 2: Increase in sales through existing customers
Another Opportunity to increase sales leads through existing customers. Since existing customers can usually be persuaded to buy with less time and money than new customers, this strategy is often the more profitable for sellers. The desired increase in sales should be achieved through repeat purchases on the one hand and additional or cross-sales on the other.
Strategy 3: Increase in sales through higher purchase frequency
The third strategy pursues the goal that Shorten the time intervals between deals and thus to increase the purchase frequency. This can be achieved either by making other products from the company's range attractive to the customer, or by motivating the customer to use a product or service more often.
The basis for measures to increase sales
Before you deal with specific Measures to increase sales employ, you should create a solid foundation for it. Above all, there is a regular analysis of your sales processes.
The evaluation of key figures from your sales and marketing (e.g. sales development, number of contacts with new or existing customers, average values per customer or salesperson, return on investment from marketing activities, etc.) not only gives you information about how your sales are currently being generated, but also shows you potential and identify weak points. For example, you can determine at which point in the sales funnel interested parties are increasingly leaving and where they will lose sales as a result.
Increase sales: 11 ideas for practice
Once you have laid the foundations of analysis and positioning, it's time to get down to business: the specific measures to increase sales. The following eleven suggestions should help you with the Development of sales-increasing measures support in your company.
1. Step on the brakes
Many companies try to increase their sales by expanding their offerings. That may sound logical, but sometimes it is exactly the opposite that leads to success. Because a vendor's tray made up of different products and services can potentially make both sales and marketing difficult for you.
Therefore, you should question whether you are your Maybe you should reduce the range and thus consciously forego certain products and services or even entire business areas. Of course, you run the risk of no longer reaching certain target groups and losing customers. On the other hand, you can also further improve your core competencies, position yourself clearly as a specialist in your area of expertise and align the offer and communication more specifically with the remaining target groups and customers.
2. Go in depth
Even if you reduce your offer, you can still expand it: not in terms of breadth, but in depth. Specifically, this means to create new products or services within your core business. With as complete an all-round package as possible, you can optimally cover the wishes and needs of your target group and make yourself the first address in your business area. And that will almost certainly have a positive impact on your sales.
3. Become "Top-of-Mind"
One of the prerequisites for business success is to be ahead of the competition. Your goal should be to be the first to come to your prospects and customers' minds when they need something from your range of offers. That is why you should do your best to Build awareness, image and trust - through an appearance that is as consistent as possible at every point of contact with your target group.
4. Be one step ahead
The more precisely you offer your customers what they need, the sooner you can increase your sales. Therefore, you should deal intensively with your target group, their questions and concerns, problems and challenges. In this way, you can offer targeted solutions - ideally even before your customers even look for them. Surveys within the target group and among existing customers as well as the creation of buyer personas can be of good service to you at this point.
5. Build relationships
Winning new customers is often a tedious and expensive undertaking that you have already successfully mastered with existing customers. A good relationship with your customers offers optimal conditions to build on this foundation and to generate further sales (e.g. through cross- or up-selling). In order for you to succeed, you should make the best possible effort to serve your customers and with targeted Customer loyalty measures pave the way for further business deals.
6. Set priorities
Your Existing customers are responsible for your previous sales development - some more, some less. In order to identify potential potential for further lucrative business, you should take a closer look at your customer profile and segment customers. So you can check who your top customers are and focus more on those key customers.
7. Check your prices
Rising costs and increasing competitive pressure can have a negative impact on your sales. You should therefore check your calculations regularly and adjust your prices accordingly in order to remain competitive and economical.
As an alternative to price increases or discounts, you can also consider using different price rails and, for example, offering entry-level or premium versions of your products. This not only increases the chance of reaching new customer groups, but also increases the willingness to spend more money than planned.
8. Create synergies
Cooperations can also boost your sales. From working with one suitable partner can not only come up with ideas for new, joint offers (e.g. product with additional service). Also mutual recommendation (e.g. links, key opinion leaders), joint activities (e.g. events) or mutual support (e.g. guest blog posts) can help attract new orders.
9. Open up new sales channels
Thanks to advances in technology, new sales opportunities and channels are constantly emerging. For example, you can consider selling your products via an online shop instead of just in the store as before. Or you are increasingly relying on email marketing and social networks to encourage prospects and customers to buy.
10. Increase your efficiency
For Measures to increase sales do you need time. Time that you can shovel free through greater efficiency. For example, it can help to delegate certain tasks and clearly define the areas of responsibility of the individual employees. You should also check which internal company processes can be standardized (e.g. production processes, handling inquiries, discussion guidelines for acquisition) or automated (e.g. sending newsletters, data backup, etc.).
11. Invest in your salespeople
Last but not least, your salespeople should definitely be of value to you if you want to generate more sales in the long term. This not only means an appropriate remuneration system, but also, in particular, targeted sales training and seminars. Because the better trained your salespeople are and the more confident and motivated they feel, the more likely they are to sell more.
The way to higher sales leads through a few strategic approaches. The specific measures that can be derived from this are far more diverse. Which of these work best for which company cannot be said in general terms. The best thing to do is to just try different approaches and find out what is right for your company.
Cover picture: vladwel / getty images
Originally published May 28, 2020, updated 13 November 2020
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