The best reward to an entrepreneur is profit. And how do you get one? By maximizing sales while minimizing overhead costs such as production and marketing costs, with the help of a sales CRM.
Many managers have turned to advertising in order to increase their sales but what they have not realized is that there are ways in which you can increase the sales without spending much on advertising. This post will highlight some of the ways that can be employed to increase the sales without increasing the company’s overheads.
1.Do proper market segmentation
This will help you to identify to most suitable market niche (target market) for your product. Target market comprises of customers who are demand more of your product. This is very important if you want to avoid wasting your resources. Advanced modelers like Trinity Cross Sell modeller, available on CRMNEXT, will help you segment both at macro, micro level with behavioral intelligence.
2.Harness Social Media
People have become social media addicts. Meaning they spend most of their time in Twitter, Facebook, WhatsApp among other social network platforms. Post the adverts of your product for free to these platforms and they will be seen and read by so many prospects all over the world. You will soon get orders from them thus increasing your sales.
You may even opt for automated paid marketing (which costs considerably less with easy payment option). Manage your social presence with the help of social CRM inbuilt with sales tools.
3.Focus on maintaining strong lifetime relationship
Identify valuable customers through interaction logs and transaction alerts in your CRM solutions. By running targeted campaigns, you can greatly increase upsell and cross sell with the help of guided actions. By pairing relevant products with the right customer, you can gain a significant traction in sales conversions. Customers with whom you have successfully nurtured a lifetime relationship will boost your sales volume.
4. Embrace the art of clever pricing
You have control over the price.There are sales tools available that mashup current price trends and gives you the right price to show the customer. You may use the competitors as a benchmark as well. Customers would go for a product that cares about quality more than their wallet.
5. Offer maximum benefit to your customers
Devise a product offering that offers more benefits to the user as compared to other products in the market. This way your product will have a relative advantage to the competitors products and thus sell more easily leading to high sales growth. Check how many VAS (value added services) can you offer compared to your competition at the same price point. The more the merrier.
6. Engage with your prospects
Send short SMS reminders, promo emails to remind the customers of your products, special discounts and loyalty offers. The points if any, should be easy to redeem. Stay away from daily bugging though. The customers should feel a sense of connect and eventually buy more products or services from you.
7. Source your products from cheaper suppliers or buy in bulk
This applies to retail players. Check how you can cut more costs at the source. The savings can then be passed on to the customers at attractive price points, thus increasing demand. CRM for retail has the functionalities needed to build and maintain a robust distributor network.
Use an agile sales CRM that grows your sales along with your business and which does not require any incremental costs. This way you can celebrate high sales growth that sees you galloping ahead of your rivals.