Sales Strategies to Boost your Revenue in 2020
The current Coronavirus crisis has created huge uncertainty in the market. This has led to a massive economic crisis for the majority of the business. Small businesses are suffering the worst impact of the crisis. It has become very important for businesses to figure out new strategies to protect and boost their revenue in 2020.
They are continuously looking for the opportunity to come out of the crisis as survivors. However, this would be very difficult with factories and offices shut, delays in deliveries, workforce working from home, and impossible to travel. In this blog, we are going to tell you about the most effective sales strategies to boost your revenue in 2020;
Build Customer Relationships
If you want to retain your customer for a longer period of time and in their loyalty, then it is important to focus on customer relationships. In this way, you might be able to increase your sales between 25 to 95 percent. The more repeating customers you have, the more chances of increasing revenues. Focusing and serving your current customer base is more effective than trying to capture new markets and clients.
Define your Customer Persona
You should know about the characteristics of your customer. This helps you to customize the product and your marketing strategies. In the buyer persona, you should think about categories like buyer’s age, gender, income, cultural interest, educational background, etc. All this information can help you out to develop an effective sales pitch for your potential customers.
Describe your Competitive Advantage
This is one of the most effective approaches which might influence your potential customers. Every customer wants the best value out of their purchases. They need to consider why they should consider your product or service above other alternatives. Thus, try to describe all the benefits that your customers will enjoy from purchasing your product.
When describing your product or service, try to mention the things which they won’t be able to enjoy by purchasing your competitor’s products or services.
Select the Appropriate Price
Okay, we are not suggesting you drop the prices of the product and make them dirt cheap to win the competition. We are suggesting to select the right according to the worth and quality of the product. Thus, if you have a highly-priced product, then be prepared to deliver the best quality to your customers.
You can select the price by considering the “perceived value” of your product. Remember people are willing to lose their pocket even on the most expensive things, they just need to have the best quality possible at the price.
Use Every Distribution Channel Possible
Having a good market presence is an important factor to increase your sales. You need to balance the scale of demand and supply. Every demand for your product should be fulfilled with sufficient supply. This can be achieved by leveraging various distribution channels.
You can depend on online selling, wholesalers, distributors, retailers, and exporters to be your distribution channels. Evaluate how each distribution channel affects your sales and revenue. However, it is important to note the fact that some distribution channels will require your marketing support to operate effectively.
Provide Special Offers and Discounts
If you market this properly, then you can easily create a special buying opportunity among consumers. You can provide a discount for a limited period of time to ignite a sense of urgency and push consumers to take action. You can run discounts on a seasonal basis to attract more customers and increase your sales. These some discounts that you can offer with your products;
- Tie-in-Discount: It is basically bundling one product with another. This discount is given to the customers when two or more different products are bought at the same given time
- Quantity Discount: This is given when two or more units of the same products have been purchased at the same time
- Seasonal Discount: This is discount given in a specific time-frame
- Conditional Discount: When the products bought are utilized or reconditioned
- Stripped Discount: When the product bought are “downgraded” of one or more features
It is no brainer that products which are backed up by strong marketing campaigns have better sales figures. However, you should keep this in mind that quantitative marketing doesn’t mean quality! Thus, it is very important while planning, marketing, and evaluating your results to improve sales.
In-depth market research is needed to discover which message will have effective results on your target audience. When you are spending on ads for the first time, try to run them on limited locations to evaluate their effectiveness. Ensure the effectiveness before running out of budget. You can use marketing communication options like coupons or electronic codes to gain some traction.
Master Negotiation Skills
Having great negotiation skills help you out in winning the hearts of your customers and clients. You will be able to find solutions or agreements that are acceptable to both parties. As a good negotiator you should have these three qualities with you:
- Negotiators are good in asking the right questions to learn what the other party needs
- Negotiators are patient
- Negotiators are well prepared for almost everything
Offer Freebies and Trials
People are likely to buy your product once they have some experience with it. You can provide them with a free trial pack of your product to show the potential benefits in the real-world. This way they get excited about the real product and purchase it sooner or later. You can also provide freebies related to your product. For example; a cardboard crown would be great for promoting your business with a small investment.
Build a Strong Online Presence
Today, almost everyone has gained access to the internet. It could be the most effective channel for marketing at low cost. As compared with traditional marketing, online marketing is more effective and pocket-friendly. GenieoWeb is one of the best web designing services that can help you out to build a strong online presence. You can reach a wider audience and work with various ad formats to promote your business.