It can be challenging to increase sales revenue, but it’s not impossible.
Keeping profits high are the most important task of any organization. Being able to consistent meet sales target and being able to increase sales revenue keep the lights on and hard-working staff employed. Part of that equation though is always how a company can keep customers happy. Despite a tough economy, you can increase sales revenue and keep customers happy with these tips.
Increase Sales Revenue Idea #1: Add Complementary Services to Existing Products
Businesses looking to increase sales revenue, one idea that can help you gain new clients is to offer a product or service that complements something you already offer. For example, if the company you work for manufactures cookware consider adding cooking utensils or silverware. In that scenario, if your customer is looking to buy your cookware, they would likely welcome the chance to possibly add cooking utensils to their online shopping cart. If you need some ideas, look at your competitors’ websites and see what they offer. Then take what they do, but do it better.
Increase Sales Revenue Idea #2: Enter Into Cooperative Sales Agreements
Using the sample from our first idea, if your company sell cookware seek out organization that sells products like yours and request that they have the rights to also sell your products. While it might take a while to find the right partner, it’s worth the effort. At this point, if this is an idea that you proceed with be sure to work closely with your business development manager to ensure that you are contacting the right people and that the legal terms are satisfactory for both sides.
Increase Sales Revenue Idea #3: Raise or Lower Prices
The costs to your business to continue to fulfill your customers’ needs are constantly going up and down. As a result, you might be reluctant to potentially raise or lower your prices. Raising prices could increase sales revenue, but it also might lower prices due to customers being turned off by having to pay more for your products or services. On the other hand, reducing prices might stimulate higher sales numbers and increased market share, but is that price sustainable in the long-term? Do your homework and check out what your competitors are doing as well, to ensure that your price is competitive to their prices.
Increase Sales Revenue Idea #4: Bundle Products
Consider looking at your products and services to see if you can bundle any of them together for your customers, at a cost savings of 10-25%. By putting this method of increase sales revenue into place, you can potentially turn your customers or prospect into another product or service perhaps that they have never tried – and then might want to purchase again the future.
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Increase Sales Revenue Idea #5: Add, Reduce, or Eliminate Shipping and Handling Charges
If your company prefers to not change prices, consider either lowering or offering free shipping on all orders above a certain dollar amount. This approach can increase sales without the possible back lash of increasing prices. Alternatively, could also add a shipping charge if you don’t already offer one to increase sales revenue.
Increase Sales Revenue Idea #6: Offer Special Discounts or Rebates
Who doesn’t like saving money?! Offer a limited time discount of 20% or so on a product or service or possible even a rebate that can be submitted and cashed in after a purchase. This tactic demands high level of marketing and promotion in order to be successful and profitable. But when done right, it can increase sales revenue quite effectively.
Increase Sales Revenue Idea #7: Spruce Your Sales Collateral
Your sales collateral such as brochures, banners, overviews, product sheets, and presentations are often overlooked by business owners. But consider this. If you’re the pieces that you are using to promote your products and services look old and have been used for years with little change, they likely won’t have much impact on being an effective part of the sales process. Update them with the latest product information, bold professional images and colors that attract attention while adhering to your brand guidelines.
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What has your business done to increase sales revenue, boost productivity, and keep your customers (and employees) happy? We want to hear from you! Share your thoughts below!