Updated: May 1
Here are the top 5 strategies to help increase Sales and Profit
1. You Have to Spend Money to Make Money - The reality is that sometimes you have to spend money to make money. But what exactly should you invest in to grow your online business?
Get that corner booth at your next industry show. We attend a lot of fashion industry shows, like Accessories the Show and America's Mart.
Hire a PR firm.
Create a mobile-friendly site.
Create high-quality packaging.
Sell soft shirts.
2. Cross-Sell & Upsell Existing Customers - Get to know your audience. You may already know about buyer personas, but it's important to get to know your audience once they've already bought your product, too.Build out customer journeys.Think about problems and offer solutions that map to products. Practice active listening.
3. Set Gross Margin Percent Goals to Increase Profits - Increasing sales volume can reduce the cost of goods sold since the fixed manufacturing cost per unit becomes smaller as production volume becomes bigger. An increase in sales that is accompanied by a reduction in cost of goods sold per unit results in a higher gross profit margin.
You may be asking yourself, “what is a good profit margin?” A good margin will vary considerably by industry, but as a general rule of thumb, a 10% net profit margin is considered average, a 20% margin is considered high (or “good”), and a 5% margin is low.
4. Improve Your Negotiation Skills - Practice and study to develop negotiating skills. Fully consider the other side's viewpoint and limitation.Evaluate your leverage with that of other side.Build pricing power into your product or service. Determine the "deal points" for both sides. Compare "your leverage" and "their leverage"
5. Focus on Sales Out of the Gate - Focus word really means to concentrate on a particular goal or action or a series of actions for a particular amount of time by eliminating various distractions which come in a way to achieve your goal.
Research your target customers and prospects.
Equipped your sales reps with product and industry knowledge.
Prioritize listening over talking.
Adopt a consultative approach.
Focus on building relationships.
Adopting a Customer-Centric Sales Approach.
AUTHOR: RIZWAN KHAN
Hi, this is Rizwan Khan, Marketing Assistant who supports the entire Marketing department by completing a variety job.I had a spell no more striking than other people in my job description. I did all the things you weren't supposed to do. I had a motto: When in doubt, try it. Take a few minutes and drop me a message. I’d love to chat!
Connect with me on Facebook, LinkedIn, or Twitter
Want to read more? Join me on Facebook, LinkedIn, or Twitter for notifications when I publish my next blog post.