anyspacedirect news

The art of creating sales for your business

2nd December 2010
Creating sales is an essential business function. Without it you will never achieve significant enough revenue streams to drive profitability and allow you to scale your company. Yet many first-time entrepreneurs approach sales in the wrong way and using the wrong techniques; this can be a costly mistake as without a high ROI the money spent on driving sales can be lost.

Here are some of the key techniques used by successful businesses to generate better sales figures:

Encouraging loyalty

Finding and winning new business is time-consuming and more costly than repeat business from existing customers. But not all existing customers will turn into repeat customers; they have to be loyal. Loyal customers may be loyal for a number of reasons, including satisfaction with your product or past interactions. A caring touch can help loyal customers buy more; take into account their needs and get in contact when you think they may wish to purchase more of your product, or provide them with exclusive offers that will encourage spending.

Upselling

Upselling is the process of selling a customer a more expensive or more profitable product instead of the one they initially requested. It can be quite a fine art as you don’t want to put the customer off but you do want to maximise your ROI from their purchase. Never be pushy but try and help the customer, being mindful of their needs and the way your products can solve an issue they are currently dealing with. If they say no do not push the issue as you may lose loyal customers as a result.

Promotions and special offers

Exclusive promotions and special offers are a great way to encourage people who wouldn’t normally buy from you to start using your products or services. You also gain the chance to turn them into a loyal customer so you get twice as much bang for your buck. Targeted special offers are the best; with the rise of social media it’s easy to deliver the right kinds of offers to the right communities, increasing your chances of making a conversion and improving revenue streams. More traditional routes, such as local newspapers, may also yield results but require careful consideration as they can be costly.

Cross-selling

Cross-selling involves selling additional products to people that are already purchasing your services or goods. Cross-selling often works because the customer is already in a buying mood and just has to tack the additional purchase onto their existing order. Just like upselling, don’t be disrespectful or rude and simply inform the customer how the extra product or service will complement their current order.
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