On Jan. 29, the U.S. Dept. of Commerce reported the Gross Domestic Product (GDP) for the fourth quarter of 2015. It plummeted to an abysmal 0.7 percent—down from 2.0 percent for the third quarter.
It’s the dead of winter, folks, and times are tough. The weather’s bitter cold and consumers aren’t spending any of that money saved from lower gasoline prices.
How will your business survive?
Following are 10 tips to kick start sales:
1. Remember the 80/20 rule. Eighty percent of your sales come from 20 percent of your customers. Concentrate on pleasing them; i.e., cross sell and upsell to customers who already know and trust your brand. By catering to your best customers, you will convert them into “brand ambassadors” who love your products and services so much they will tell everyone about you. That should enhance your exclusivity as a preferred provider and creates a positive vibe about you.
2. Raise your prices. The easiest way to increase revenue is to raise your prices. Your best customers won’t care. Your worst customers will disappear—which might actually help you concentrate on who you really want to sell to.
3. Target your niche markets. Analyze who they are, how they think, and what you need to do to please them. Ask yourself: What resonates most strongly with your target markets?
- Customer service
- Exclusivity
- Guarantee
- Quality
- Unique feature
- Price
4. Include an offer every time you connect with target markets. They need to feel special and must be convinced that you understand their needs and are eager to take care of them.
5. Update your customer mailing list and use it to follow up. Consider how they prefer to keep in touch. Are they comfortable receiving an email newsletter? Are they heavy social media users? Discover where your customers are and then create a plan for keeping your brand visible on a regular basis.
6. Make special, limited-time offers and create a sense of urgency. If buyers resist purchasing, then make them an offer they can’t refuse. Be sure to track increased sales volume. What products generate the best results? The worst? Keep testing and adjusting. And don’t forget to set deadlines.
7. Minimize risk. Many prospects get as far as the shopping cart, but back out because they have a question. Make it easy to communicate and accommodate any hesitation. Doing something simple like including your email address or phone number on your shopping cart page will help close sales.
8. Use testimonials. One of the most powerful marketing strategies is including testimonials from satisfied customers. Use them often; use them everywhere (websites, ads, brochures, business cards—you name it!).
9. Network with local business “butterflies.” It never hurts to attend professional events sponsored by the local chamber of commerce, Better Business Bureau, or other business associations. Find out about upcoming business trade shows and their schedules of events. Attending shows, conferences, and seminars provides a chance to mingle and network. Important people like to deal with other important people. Act professional and don’t be overtly aggressive in trying to sell them.
10. Listen—don’t talk. You won’t learn much by talking. You need to understand what customers and prospects are thinking—their motivations, concerns, and even emotions—to satisfy their needs.
Do you have any tactics to generate revenue? I’d love to hear from you and share them with other business owners.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter Drucker
