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The process that you use to attract interested prospects to your business. If five out of ten prospects who come into your place of business end up buying from you and you can increase the number of people coming in from ten to15, you can make more money and increase profits by50 percent.
2) Lead conversionThe process by which you convert leads into paying customers. This is the measure of the effectiveness of your sales efforts. If you can increase your conversion rate from one out of ten to two out of ten, you can double your sales and increase profits.
Improving your ability to sell and convert interested prospects into paying customers is one of the most important things you can do. And there is no replacement for ongoing sales training, both for you and for every single person who speaks to customers, either live or on the phone.
Look at every key result area in your sales process and seek ways to improve a little bit in each area. A small improvement in each key area can lead to an enormous improvement in overall sales results.
Learn more about lead conversion and how to make more money in your business from my FREE e-book.
3) Number of transactionsThe number of individual sales that you make to each customer that you acquire. By increasing the frequency of purchase by ten percent, you increase your sales and increase profits by the same percentage. What are some things that you could do to get your customers to buy more from you and to buy more frequently?
4) Size of transactionThe size of the sale and the profit that you earn from each. You should be continually looking for ways to up-sell each customer so that he or she buys more each time.
5) Profit margin per saleProfit margin is the gross profit that you make from the sale of each product or service. By continually seeking ways to raise the price or to lower the cost of the product or service without decreasing the quality, you can increase profits per sale.
Every dollar you raise a price, if you hold costs constant, flows straight to the bottom line as profit. Every dollar you reduce expenses, if you hold sales and revenues constant, also goes straight to the bottom line as net profit.
6) Cost of customer acquisitionThe amount that you have to pay to acquire each paying customer. You should be continually seeking creative ways to improve your advertising and promotion so that it costs you less to buy each customer. This can impact and increase profits of your business dramatically.
7) Increasing customer referralsThe customers who come to you as the result of referrals from your satisfied customers. Developing one or more proven referral systems for your business can have an inordinate impact on your sales and your business will make more money.
8) Eliminate costly services and activitiesMany companies get into a routine or rhythm of offering expensive services to their customers that they could easily discontinue with no loss of customer satisfaction.
Look at the little services that you offer to your customers. Is there anything that you could reduce or discontinue altogether?
9) Reduce your break-even pointThis is the number of items that you must sell each month to break-even or start making a profit.
You use this break-even point to evaluate the potential effectiveness of any advertising or any other expense that you incur to increase sales. Every expense to increase profits must be seen as an investment with an expected rate of return that is greater than the cost.
10) Raise your prices
In many situations, you can raise your prices by5 or10 percent without experiencing any market resistance. If your products and services are of good quality and your people are friendly and helpful, a small increase in your overall prices will not drive your customers away.
I think quality of a product will speak for it self, which means quality is essential to start with, and with some ( smart )advertisement, sales promotions and aftermarket honest services, we definitely will increase profit
Its vary person to person with different backgrounds and resources available, one might think critically and make SWOT analysis to find techniques. there are various approaches such as brain storming, group discussions, literature review, comparisiom of same industries etc.
Here are some of creative techniques you can increase sales revenue or profits:
- Service availability; through working more than business hours your rivals do.
- Increasing number of sales agents; through offering extra benefits excluding the sales discounts you offer.
- Announcing limited percentage of sales discounts in special occasions such as; the national day, festival days and so on.
- Psychological pricing; for example, to price $19.70 for one service and another for $33.89 and like so.
by decreasing product costs you can produce more profit
Process optimisation, efficiency tracking,feasibility study for each project
The words “sales,” “revenue” and “income” have different meanings, and become confusing if used as synonyms. “Sales” refers to the number of units of your product you sell, “revenues” refers to the total amount money your sales generates, and “income” refers to your profit from those sales. Keep these in mind as you plan sales strategies to strike the right balance for your business’s needs. Don’t be surprised to hear “sales” and “revenues” used as synonyms, which is a common occurrence in business.
Increase Your MarketingAn obvious way to increase sales is to boost your marketing. Quantity doesn’t necessarily mean quality, so careful planning, test-marketing and monitoring your results maximizes your sales. Conduct marketplace research to learn which messages speak to your target audience. Run ads and promotions in limited locations and check the results before spending your entire budget. Incorporate some way to monitor marketing communications, such as using coupons, electronic codes or website traffic statistics.
Review Your Pricing StrategiesIf your product or service is price sensitive, pay special attention to your pricing strategies. Find out what your competition is charging and raise or lower your prices based on your goals. Lowering your prices can increase revenues to make up for lower margins. Raising your prices can create a higher perceived value in the minds of consumers and increase your margins. Raising your prices can also increase your revenues without increasing sales.
Expand Your Distribution ChannelsChanging where you sell your product can significantly boost your sales and revenues without requiring any changes to your marketing or pricing. Perform a careful study of the effects of using online selling, direct mail, wholesalers, retailers, distributors and outside sales reps to project how each method can affect your sales volumes, profit margins and total profits. In some cases, new distribution channels require marketing support.
Diversify Your OfferingsIf you’re a mature company, it might be time to add new products and services to create exponential growth. If you feel you’ve saturated the marketplace, determine the products your target customers buy that you’re not selling and that you think you can make and market profitably. You might need to replace old products with new ones. This might result in a decrease in sales, but higher revenues if the replacement product has a higher price.
Develop RelationshipsThe more people you can get to promote your product or service, the more sales and revenues you’ll have. Look for businesses that don't compete with you but which have the same target customer and develop cross promotions. For example, if you sell sports apparels, sponsor golf and tennis instructors and youth league coaches to wear and promote your line. Partner with charities to get them to promote you to their supporters. Use social media programs to build a following generated by satisfied customers.
With the help of Advertising and social networking like facebook we can improve our sales and also attract the customers towards our product by providing information and offering what the want at a reasonable price