The 7 Best Ways to Increase Profits Through Sales and Marketing
Sales and marketing are the primary means by which your company does business. Here are some tips to help you get the most out of these activities.
1. Network with one goal.
Too many people spend hours on the web without really understanding what their message is or what they want to achieve with the web. Personally, I’m wary of online forums that promise lots of contacts and often deliver little. And if it’s an event with a lot of competitors, it’s probably the wrong event. Better focus on where your customers spend their time and make yourself known in your space.
2. Rate your ad.
Too many companies spend money on advertising because they think they should. If you run campaigns, how do you know they’re effective? Listen to what you’re doing and think about how to measure the impact on sales. Think of ROI as lifetime value for everyone your ad attracts, not just an instant sale. However, if you’re not seeing results, don’t do it just because of that.
3. Understand your niche.
Too many companies try to offer everything to everyone. Take a step back and find out who you really want your customers to be. That doesn’t mean you can’t get more customers, but your profit growth will come from knowing who you’re targeting and what motivates them. Get a mental picture of your ideal niche and everything related to that niche. Trying to capture everything is no longer enough.
4. To be perceived as an expert.
Whatever you sell, your sales will increase dramatically if you are perceived as an expert in what you do. Find easy ways to position yourself as an expert: web content, articles, presentations or answers to questions on forums. Do what is best for you, but be known as an expert in your field.
5. Concentrate your entire sales on high-margin products.
What makes you the most money (and if you don’t know, you should know)? Focus all your sales efforts on that and not on lower margin things, even if they sell better.
6. Offer a guarantee.
Most people are persuaded to buy when they feel they have nothing to lose. Stand up for yourself and your services and let people know you offer a guarantee. Retailers always do this by letting people import the wrong things. Many companies do not do this because they fear customers will abuse the offer. However, research shows that the increase in sales more than makes up for the small number of people attempting to abuse the guarantee.
7. Be different.
Stop trying to blend in with every other business in your area – find what makes you stand out from the crowd. Most companies have heard of USPs (the selling of unique features), but in my experience very few companies can explain what it is. If you can’t do that, you’re in a weak position. The competition is fierce – get ready to stand out from the crowd.
Need help increasing your profits? FREE reports designed to help small business owners break the myths and understand the true principles of profit. Download now for fast winning results! Kate Marsden is The Profit Mechanic, providing small business owners with the resources, tools and support they need to grow their profits. Learn more about the mechanics of winning here.
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