Three ways to increase your sales by just 10%
How would you like to increase your bottom line by just 10%?
The prospect of trying to increase your sales can sometimes seem quite daunting, but it might be easier than you think. Here are three ways you could increase your turnover by 10%, why not try all three!
Get 10% more customers
How many customers do you normally serve per month? Lets say it’s 50, could you find just 5 more customers?
If you could, how might you do it? Could you run an ad or increase your ad spend slightly? Maybe you could convert some existing followers that haven’t bought from you yet?
What types of marketing don’t you do? Newsletters, competitions, value added offers (see below)? What about asking for referral or reaching out to potential prospects? When did you last go to a networking event or share you business in a local group on Facebook?
If you are already doing that stuff, what about picking the one that works the best for you and doing 10% more of it? Could you afford to increase your ad spend by 10%. When was the last time you did a conversion post on your Facebook? Or sent out an added value offer to your newsletter subscribers?
Save 10% of lost sales
In 2019, 87% of online sales were abandoned at the checkout due to frustration. What if you could save some of these sales?
Unexpected costs at the checkout, such as delivery costs and additional fees, is the biggest contributor to abandoned checkouts. Could this be costing you sales? If it is, the answer is to make costs and fees much more obvious to your customer, so they are fully aware of them long before they get to the checkout.
The second biggest cause of abandoned checkouts is the requirement to create an account. Could you solve this problem by including a guest checkout option?
Other reasons for checkout abandonment include slow delivery, too many clicks to get to the checkout, and slow websites.
If you don’t have a website, maybe it’s worth considering whether your business would benefit from one. People are spontaneous and often have very short attention spans. A website can eliminate delays in obtaining information and completing a sale, the longer it takes to confirm a sale the more customers that
Other suggestions that could save sales include chasing up recent sales enquiries, creating an “abandoned checkout reminder” email and running an ad campaign to retarget people that have recently interacted with your business.
Increase average spend by 10%
How about a simple pay rise? When was the last time you increased your prices? Webers law tells us that our customers will not notice an increase in price of around 10%, likewise they won’t notice a 10% reduction either. This means that if we want to change our customers behaviour using price we’ll have to adjust prices by more than 10%. Worth noting if you are planning on offering a discount at any time to improve sales, go to 15% or above!
Could you increase your customer spend by 10%? If your average customer spend is £30, could you create a desirable bundle that took the average spend to £33? What kinds of things do people often buy together from you, what could you add to that to create the ultimate bundle?
What about upsells, what kind of products might add value to what you already sell? If you sell make up, could you sell removal wipes too? If you sell dog training services, could you sell dog treats? Could hair dressers sell maintenance kits for treated hair?
Could you add customisation or gift options to an existing product for an additional fee?
How about creating bundles or sets? What about a Gold, Silver or Bronze bundle set? The expensive package makes the middle package look like a good deal, and most people avoid the cheapest offer. Use this strategy to make a bundle of your best selling products or services, and market it as your silver package.
Round up to 9! Known as charm pricing, people perceive prices that end in 9’s as being the best value So, instead of charging £36 for an item, charge £39. In pricing tests run by the University of Chicago and MIT, the exact same clothing items were sold at $34, $39, and $44, and in each test the item priced at $39 outsold the other two pricing options.
Or, if you are selling premium items or services, do the opposite and round up! Prestige pricing adds value to an item. Customers are more likely to buy expensive items if they are priced with rounded numbers as they feel more expensive and luxurious. For example, champagne sales increased when the same bottle was priced at $40.00, rather than $39.72 or $40.28
What if you did all three?
Could you try a combination of all three ideas and increase your bottom line by 30%? If you did, could you sustain that increase every month? Maybe not right now, but what if you could, how would you do it?
If you are not sure how to make any of these ideas work for you, don’t worry, just make a note of it and we’ll chat about it in your next 1-1!