Any organization or company engaged in business needs to survive on the simplest activity called sales. The sales allow the business to hire, buy capital equipment, manufacturer products, creating service platform for the delivery of service. Without sales, there is no revenue eventually any existence for business.
In case you want to increase and boost sales, you can adopt the strategies to raise sales revenue which is found to be effective in most of the circumstances. But you need to be considerate of the fact and check for the compatibility before implementing the strategy as per your business.
- The feasibility and willingness of your company to implement
- Influence of the competitors on your business activities
- Forecasting the future economy and its aftermath on your business.
The above-mentioned strategies can be implemented alone or together as per your choice and decision-making.
Working on the Pricing Strategy
Price remains the crucial and important factor in any decision of purchase. The consumer assumes that a lower price as “good bargain” whereas the Low Price is assumed as “low quality”.
In order to make any pricing strategy and implementing it, you should keep in mind about the perception of a customer and market behavior depicted therefrom You should try to make pricing strategy as temporary or discriminative in nature so that you can adjust with the competitive business environment.
Increasing or lowering the quantum of Price
In case the prices of the products are dynamic then one should not be hesitant to change and adjust the same in order to cope up with the market environment or the competition.
In case the price is increased it brings in more revenues and also increases the quantum of prices unless the same does not affect the sales in a negative way.
The price decrease brings in more sales and ensures your market share also increases but at the same time reduces the profitability.
One should remain flexible with regards to the aftermath of the price change and open to adjusting them further.
Bundling the Bundle of Benefits or the products
Marketers believe that and it is true too that a consumer does not buy a product he or she buys a bundle of benefits. Bundling further the bundle of benefits has proven to be a win-win situation.
Like, bundling the shoes with handbag or hat or the other accessories for a price which is lower than in case they are bought individually.
Adding or Offering the waiver on Handling or the Shipping Charges
You can think of waiving off or adding the Handling or the shipping charges in place of increasing or decreasing the price of the product.
The effect on the revenues remains the same and it ensures that your customers or buyers don’t frown and react on the price change.
Proposing the Special Offers and Discounts
The sales revenue can be splurged with special offers and discounts to create a special opportunity to buy for your consumers. It can be extended to only a few products or all the products.
It can be occasional sales or the opportunity to buy for the consumers. Quantity Discount: When two or more of.
Proposing the Percentage Discounts
A discount can be deferred, like after sale service or the discount in form of percentage in post-sales and services by offering rebates. This also ensures the loyalty of the consumer to the products and services provided by you.
Encourage the Participation through Programs like Coupon Programs
You can distribute the coupons through different channels like newspapers and magazines. With the invent and revolution by the Internet the coupons have been replaced by the electronic coupons and in turn, reduce the cost of disseminating them.
Growing through Expanding your Market
You can increase the customer base either through new product offerings, adding additional geographical markets and more sales resources.
Offering the Complementary or Free of Cost Products or Services to Existing Products
You can offer the complementary of free of cost products or services to existing products. E.g. the lift installing company can offer free of cost maintenance up to few years.
Expanding into the new Geographic Markets
It has been seen that many smaller business units shrink their business size and sales efforts to the nearby territory or area only.
Enter into Cooperative Sales Agreements
The companies that offer which sell the complementary products like a hardware company selling the software, which in turn sell their hardware.
It has been seen that most of the companies look for complementary services and products as it requires very less marketing and sales expenses and efforts.
Boosting and Energizing the Sales Partners and Channel
You have to boost and energize the sales partners and channels in order to have incremental sales and even for the consolidation of the same. You can follow the following tips and hacks to boost and energize the sales partners and channels.
Ensuring the Quality and Effectiveness of Sales Promotional Inputs or Collateral
You need to give proper importance to sales promotional inputs or collateral like the presentation of the brochure, pictures, product data and related sheets and never overlook them.
In case the same is not put and presented in appropriate, accurate form and the information presented to them is not up to date or mislead the potential buyer.
They work as the introduction of the company and also the products and services. You need to review your materials, one by one to check for the message being conveyed by them to your customers.
Providing Incentives to your Partners
You should revise the incentive or the commission structure to keep boosting your sales force and sales partners.
The regular sales incentive to the sales force or sales partners works as sales boosters and they should always be kept in mind.
The sales contests wherein the salespeople are encouraged to compete for the purpose of Cash Prize, Holiday trip or some luxury items if they achieve the level of targeted sales or breaking the new accounts.
En-cashing the Old Relationships
You can sell to the old customers easily rather than knocking the new ones. The old customer goes for re-purchase of the products.
Design a strategy of marketing to inform your old customers and prospects. Old customers provide the referrals and references for sales further.
Digital payment Platforms
You need to start accepting credit cards or the other digital payment mode potential customers in order to increase the sales.
Subscribing the Sales
There are many magazines, Newspapers, and other periodicals which are being offered to be subscribed on up-front payments and offer the deliveries for certain period of time.
The subscription system ensures the future sales for the company and provides with the advantage of accumulated cash surplus in hand before it is due.