Is this even possible? Can you really double your sales in a short amount of time? The answer is ‘Yes’ and we know this based on experience. As long as you take the necessary steps to increase your sales, this seemingly impossible goal is achievable.
Here’s what you must do:
1. Check your pricing. Perhaps it’s time to review your current pricing strategy. Your pricing strategy for your product or service must be aligned to your positioning and brand strategy. Sometimes it’s all about perception, meaning by pricing your product/service too low potential customers associate your product with low quality. Whilst higher priced products/services are automatically perceived to be of higher quality.
Admittedly, determining the optimal price for a product/service is not an easy task. It sometimes takes a few tries before you can get it right. Although this shouldn’t be used as an excuse to not do it right the first time. Research on the tactics employed by others – ideally by those in the same industry as yours, to help you determine the right pricing strategy for your product/service. If you want to test different pricing strategies, try in-store marketing to find out how your products perform at a higher price. If you get positive result, move forward with your pricing adjustment to see an immediate increase in sales.
If you can lower your price(s) and stay competitive, you can try that as well. Test lowering your price to see whether that draws the interest of more customers. This strategy could work especially well to increase revenue for products with smaller margins where quantity sold is key.
Lastly, you can also try and offer pricing discounts (e.g. seasonal discounts, promotional discounts, cash discount, etc.) to entice more people to buy from you.
Read a success story >> Robert Plumb: End of Summer Sale Campaign
2. Consider expanding distribution. It’s not uncommon to find that you’re not reaching your target market with your existing distribution channels. Employing multichannel distribution of your product obviously means reaching more people and increasing awareness for your products/services which could lead to more sales.
However, for this strategy to work, the expansion should be managed by someone experienced with market tests. These distributors will be able to test whether your product is in higher demand within certain areas or through specific retailers. Having this information can help you make smarter decisions on expanding the reach (and the sales) of your products.
Read a success story >> Optimum Life: Starting Up an Online Supplements Business
3. Evaluate your marketing. Marketing, when done properly, will always result to higher sales. So if the growth of your sales has slowed or has began to plateau, chances are your marketing strategies might no longer be working. Try testing different marketing channels, including social media advertising, banner ads, mobile advertising, and so on. Make sure to measure performance before each campaign to see if marketing budget is maximised.
Meanwhilst, retailers can improve their in-store marketing by taking advantage of point-of-sale displays and product location for the best chance of success. A well-designed point-of-sale display can help separate your product from your competitors. Try a variety of colors and ad copy to see what draws in the highest number of customers.
Read a success story >> How an integrated marketing campaign increased lead by 100% and sales by 50%
Doubling sales in a short time is not easy. If you’ve tried the tactics suggested and, you’re still have a tough time ramping up your sales, we urge you to ask the help of a marketing expert to avoid wasting more time and money.
What you need are the right people to execute your strategies. If you can’t find them in-house, seek outsourced marketing support.