4 Tips to Increase Your Sales in the New Economy

Posted in Business Coaching, Marketing, Revenue & Profits | 14 comments

Small and mid-size businesses continue to face an uncertain economic environment. It seems that you continue to struggle, while other companies around you experience continued sales growth. There’s no denying:

• Selling today is more difficult than it was. It’s even more difficult to increase sales;
• Competition is increasing;
• The decision makers are higher up the corporate ladder; and
• Buying decisions take longer.

Leading entrepreneurs get new customers no matter what the economic environment. Take a leaf from the successful companies’ playbook and increase your sales.

Tip # 1:Know Your Products or Services

Knowing the product or service you’re selling may seem obvious; in an information-rich environment there is no excuse for lacking information.Recently, we resided our home. We were impressed by one out of three vendors. He was able to discuss the differences among the various options clearly and intelligently. In other words, he knew his products. Product life cycles are often embarrassingly short, and it may seem almost impossible to keep up with the rate at which new products appear. There is a cost to this lack of knowledge; you are likely to lose both the respect of the customer and the sale. Invest the time necessary to know your products and services, and you’ll enjoy the increase in sales.

Tip #2:Define, Understand, and Focus on Your Target Market

Knowing your products and services is important; it’s just as essential to know your target market. Define your target market. The first step is to ask who meets your definition of a great customer. Develop a profile of that customer; what makes them a match for your product or service. Then look at your current customers. How many of them meet that profile?What do they have in common? Are they about the same size? Are they similar in type of business? The common thread will help you target new customers. You can then define the need and focus your product or service on that need.

Tip #3:Sell the Value Your Customer Wants

Buyers, not sellers, determine the value of a product or service. Most sales discussions focus on features and benefits that mean little or nothing to the customer. Does your customer really care that:

• Your employees are knowledgeable?
• You won’t be undersold?
• They won’t pay if you don’t fix the problem?
• You’ve been in business for X number of years?
• You offer a money back guarantee? and
• You provide customer support 24/7?

These values are fairly standard, and your customers don’t care about most of these claims. Your buyers want to know how you are going to solve a particular problem they have. In order to do that, you have to know what the problem is. Probing questions like, “What are the most important objectives for you in this buying decision?” will help you and your customer start to define the customer’s value. Price will always be in the value equation; more often than not, price is not your customer’s overriding concern.

Tip # 4: Be Proactive, Current Customers May be a Source for New Business.

New entrepreneurs often make the mistake of waiting for customers to come to them. Most likely, you are not the sole source of your product or service;how are you going to compete effectively? Your current customers may be a valuable source for new business.

Ask customers why they chose your product or service. Use the information to tailor presentations for new clients. Combine this with determining value for an added punch.

Offer special giveaways or promotions. Low cost freebies may be marketed by email, during a meeting, or at a networking event.

Current customers may be willing to refer you to potential buyers. It never hurts to ask. Referrals change a potential new customer from a cold call by an unknown quantity to one that enjoys some measure of trust. Buyers, especially in today’s business climate, prefer to avoid risk. We’re all more comfortable dealing with known quantities. A referral minimizes the risk, and makes you a known quantity.

Maintaining and increasing sales spells the difference between success and failure for any organization. Pamela Finnesand, The Business Maximizer can assist you! click here to schedule your complimentary Business Breakthrough Strategy Session today.