While having the best product or products in the game sure helps, it is not the only way to improve your sales. In a lot of situations, prices are what they are and discounts only go as far, but some businesses still have better sales than others. How? Well, there are a lot of tricks to improve your sales and here are 10 of the most efficient ones.
1. Customer Loyalty Program
The best thing about this is that it creates a return business. By handing out future-use coupons or reward points for every purchase made in your store, you are giving your customers a reason to come back. The way this works is quite simple, but you need to make sure you are not giving out too much. After all, all of this is about making a profit.
2. Bulk Orders
One of the greatest problems for most retailers (both in-store and online) is that every now and then, you will encounter a product you won’t be able to sell. Sure, you can try and offer it for next to nothing, but this has two problems. First, chances are no one will still want to buy it and second, if you bought it high and sold low, you are seriously undermining your profits. The best course of action is to offer it in a bulk with the stuff people are actually interested in buying.
3. Great Product Positioning
Every product promises to be better than the next one and those who actually read the label, might get to see what these differences are actually about. However, most of the time people won’t be bothered with this and they will choose which product to buy according to what they encountered first. This is where great product positioning plays a key role.
4. Comparative Prices
The next placement-related strategy is the use of comparative prices in your sales. For example, if an item won’t sell because it is too expensive, what you should do is place it next to a disproportionally more expensive item. In this way, to your customers, it will seem more affordable.
5. Promotional Material
What good is even the greatest price offer if no one knows you have it? This is why you should try to promote any discounts and limited-time offers via social networks, but also with printed promotional material. In order to make this move as frugal as possible, you need to consider what your options are. Commercial printing is more affordable, especially if you need a lot of leaflets and brochures to begin with.
6. 1 Cent Discount
Another trick that is as old as the retail itself is offering 1 cent discount on all your products. Even though there is no real financial difference, in the eyes of your customers, $7.99 will always be more compelling than $8.00. Even though it may look too simple to work, it has remained one of the most efficient sales boost techniques for centuries.
7. Charity Donations
If all else fails, you can always connect the purchase of your product with a charity donation. For example, for every dollar spent in your store, you can vouch to donate a cent towards a certain charity. This usually starts as a limited time action, but some retails keep it permanently because of its effectiveness. Some businesses go even further and set up a charity at checkout, which can also be good for your brand image.
8. Club Membership
Like with loyalty programs, offering club membership to your most frequent buyers might make them stick around. This will include them being eligible for various privileges, like receiving your newsletter and being formally invited to some special events. This poses as an excellent ego bait, since no one is immune to special treatment.
9. Giving Guarantee
The customer is always right and, if they want to refund a product, it is in your best interest to make it so. Sure, this isn’t great for you financially, but refusing to refund a defective product will make you lose a lifetime customer.
10. Utilize Season Specials
Finally, there is nothing easier than looking at the calendar, spotting the nearest next holiday and using this to your advantage. You can redecorate your store (or even redesign your e-store) to fit this theme and offer products people are most interested in during this season.
Those looking to improve their sales have a lot of options to choose from. However, not every one of these methods is equally as efficient for every business. For example, going with season specials is more efficient in a restaurant while comparative prices are perfect for a store layout. All you need to do is choose what suits you and your product best.
About the Author
My name is Alex Williams, born and raised in beautiful Sydney. I am a journalism graduate, and a rookie blogger trying to find my luck. Blogs are the perfect opportunity for presenting yourself to wider audience, getting the chance to showcase my expertise and receiving recognition. I am a regular contributor at BizzMark Blog.