Generate Quick Sales Using These 7 Business Strategies
There are a number of ways small business can make quick sales, and it is important for these businesses to consider the variety of strategies they can follow to get sales.
1. Upselling and cross-selling
One efficient way to generate quick sales is working with existing customers. They are an easy target, as you already have an idea of what they like and would have built a relationship with them. Because of this, up-selling and cross-selling products could be a useful way to generate quick sales.
Up-selling
When upselling, your aim is to get a customer to spend more money by purchasing a more expensive model of the same type of product, or adding, for example, warranties which relate to the product.
Cross-selling
On the other hand, cross-selling aims to get the customer to spend more money by adding more products from other categories than the product being purchased. For example, when buying a laptop, you might suggest the customer to buy a printer. Merchants need to be careful when cross-selling, making sure they offer relevant products to avoid confusing the customer.
Cross-selling and up-selling effectively can result in boosting revenue. This sales strategy is responsible for an estimated 10-30% of increased business profits. Read more about cross-selling.
2. Keeping in touch
In order to maintain contact with customers, a company needs to find ways to keep in touch, without bothering the clients. Businesses should find ways to build the customers’ trust and credibility by having a regular personal communication with them.
Social media is an obvious and direct form of communication with customers. Using social networks (Twitter, Facebook, LinkedIn…) a business can get direct feedback from customers and learn about what they want and expect from their brand. Having conversations with them will add value to their customer experience and increase the chances of repeat business if they are already customers/clients.
Businesses often use direct mail to market their product(s)/service(s) as well as keeping in touch with their clients. Not many businesses do this well, so having a personalised way to build trust with customers gives your business the competitive edge.
Calling customers has to be done correctly so they don’t feel like they are being pressured or pestered. Businesses should use it to simply check on their customers; reminding them of the products they have to offer or even suggesting help with a recent purchase.
Regular, quality communication in response to clients’ needs will deliver real value customer experience and shows your business is being proactive.
Keep in touch with clients regularly to help generate quick sales.
3. Referrals
“People would prefer do business with people they know, or know of, than with strangers.” A personal recommendation is much more valuable than a cold call. A business has to ask for referrals as most people won’t just give it them unless they truly deserve it.
Every business contact has the potential to connect you to many more business leads and it is vital to pursue them. Providing exceptional products and services could lead onto obtaining referrals.
Companies should make it a habit; always thinking about ways to get referrals. For example, when working with a new customer, referrals could be a part of the initial agreement.
A business could benefit from asking associates, acquaintances and prospects, for referrals. You never know where your next customer could come from.
4. Promotions
Offering promotions to customers will make them want to use the product/service. It’s a way to generate awareness for your product/service and may offer a cheaper price (for example). This could instigate the client’s realisation of your product/service. By setting a time frame to these promotions, you can create a sense of urgency and thus increase demand.
5. Networking
Networking with other people and businesses is vital to success. Companies should take any opportunity to educate people about what their company does and its benefits. Building networks will create a lasting impression.
Use your contact database effectively & maximise your potential to generate quick sales!
6. Trade Shows
At trade shows, the main aim is to attract the attendees to your booth. To do this, a company needs ways to interact with the customers as well as attractive banners to stand out. Interactive elements such as surveys, touch screens, product/service demonstration are key ways to get a client’s attention. Prior to a trade show, a business should know the details of the trade show, demographics and number of attendees (among others).
A business can promote their booth at a trade show by using direct mail or social media. Staff at trade shows should have sufficient knowledge about the company’s products and services so that they can have intelligent conversations with the attendees and hopefully, generate quick sales.
7. Partnerships
Businesses can benefit from partnering up, as this can give you a new perspective, which is a powerful catalyst for innovation. New ideas and new ways of work can be an eye opener to businesses struggling to generate quick sales. Partnerships can help both parties in minimising risks, and creating effective protocol to deal with unexpected situations.
Some strategies work better for some companies than for others, but there is no harm in trying out these different approaches to generate quick sales, and it is up to you to experiment and see what works best for your business. Generating quick sales can be difficult for small businesses, hence why they shouldn’t shy themselves from exploring different and innovative ways to do so.
I hope you enjoyed reading this post, and hopefully it has given you an insight on how your business can grow and boost revenues by generating quick sales!
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