Updated: May 7
Dear Entrepreneurs,
Are you struggling with sales or just getting started? Either way, you may find these tips helpful! There are also tips for keeping a great attitude while doing so!
"Imagine you're operating a restaurant, and you want to increase the amount of revenue that that restaurant brings in. Here's how to apply these strategies:
Increasing the number of customers means you're trying to bring more people in the door. This strategy is relatively straightforward: more visitors to your restaurant will equal more tabs, which (assuming the average transaction size stays the same) will bring in more money.
Increasing average transaction size means you're trying to get each customer in to purchase more. This is typically done through a process called upselling. When customers buy an entrée, you offer them appetizers, drinks, and desserts. The more of these items the customer purchases, the more they spend, and the more revenue you collect.
Increasing the frequency of transactions per customer means encouraging people to purchase from you more often. If your average customer comes in once a month, convincing them to patronize your business once a week increases your revenue. The more frequently they visit your establishment, the more income your restaurant will bring in, assuming the average transaction size stays the same.
Raising your prices means you'll collect more revenue from every purchase a customer makes. Assuming your volume, average transaction size, and frequency stays the same, raising your prices will bring in more payment for the same amount of effort."
"View Sales As A Chance To Create A Long-Term Relationship
The best tip is to not look at sales as the culmination of a business relationship but instead as a chance to create a long-term business relationship. Sales are made up of so much more than just when you sign the contract. There is a lot of preparation, product development, client management, and relationship building that goes into making a successful sale, but it doesn't stop there. Once you have succeeded in selling a product or service, you have to consider the "aftercare" and client follow-ups. Looking at sales as part of a holistic client relationship is far more beneficial than looking at them as the finish line to a sprint. - Maria Thimothy, OneIMS"
"Consider The Value Of Generosity
Consider generosity as an ally in the sales process (especially if you are starting your company). One of my first mistakes was the self-interest approach that I put into my sales. In the beginning, I was only concerned about the economic gains generated by sales. I did not consider that building a community that truly believes in your company is indispensable for any successful business. The sales approach should be thought of as building a long-term relationship. Through the generosity that you can offer to your customers, you earn good references and credibility for your new company, so you will easily attract more potential customers. I am not saying that you should give away everything and not make any profit, but you should factor the value of generosity into the equation. - Kevin Ryan Tao, NeuEve”
"Try Not To Get Caught Up In Comparison
When I first started my company, I thought gaining customers was about comparing my products and services to competitors, but this is only one small strategy to boost sales. If you want to increase sales for your startup, it's more effective to express the benefits of your products and services. Showing potential customers why they need your products and how they'll solve a pain point is usually enough to grab their attention and keep them interested. You don't always need to bring your competitors into the mix to make a sale or prove that your business is worth it. - Stephanie Wells, Formidable Forms"
Also, keep in mind that sometimes bringing competitors into your advertising may make you look bad. You have to be careful with this because even though you want to be in the lead as a business owner, you have to be careful with your word choices when talking about your competitors. You want to avoid coming across as rude, cocky, or arrogant.
"When it comes to driving sales, prioritization is everything. Please look at how you and your reps are spending their time. Are the top accounts — those that are likely to buy in more significant amounts or on a repeated basis — being made a priority?
Identify those who are more likely to make larger or repeat purchases, and keep efforts to convert and retain them a priority for your team."
https://blog.hubspot.com/sales/how-to-increase-sales-volume
https://sites.fuqua.duke.edu/dukeven/selected-topics/the-entrepreneurial-process/
"Tell your story visually.
Visuals can help your message become actionable. Things like video, whiteboards, images, posters, or other pictures will show how your prospect's problem will be solved with what you're selling. Using images creates contrast, which can create a feeling of urgency, which will help you close the sale.
Check out Keap's Lifecycle Marketing Assessment to determine where your business stands among the industry's top performers."
https://keap.com/business-success-blog/sales/sales-process/how-to-increase-sales
Out of all the tips included in this article, I am telling your story "visually"- including pictures and videos in your advertising is my personal favorite. The reason is simply that this would convince me, personally, to want to buy something from a small business. If I can see videos and pictures, that is the most appealing to me. Another reason I like this is that some people can't read or see very well. Pictures and videos are a great way to advertise to a larger audience!
Think of older adults, kids, visually impaired people. They could all benefit from pictures or videos. Maybe they can't read, but they can hear. Those are just a few things to keep in mind while advertising. Depending on your sales, who your audience is, you never know who may not be able to read! It may surprise you how many people would benefit from picture advertisements. Not only that, but pictures catch people's attention a lot quicker than words. Some people consider images and videos as "proof" of a product being something they should buy!