Every entrepreneur or manager aims to increase the income of your business.
The objective is clear: increase the number of times the cash register rings. However, the way to do it, or the way forward, is where there are constantly many doubts and questions.
Next, five methods or routes are detailed with which every entrepreneur counts to cause the much desired increase in income.
The first two routes focus on increasing revenues through new customers. Routes three, four and five seek to increase revenues through those who are already customers of the company, called current customers.
Route 1. Increase the number of people who have contact with your
business. Answer the question of how to increase the number of people who arrive at your store, who enter your web page, or simply, who have contact with your business.
For this, we have traditional alternatives, such as television, social networks, or a referral campaign to let us know and cause them to come to know the business.
Increasing the number of people who are aware of the services provided will cause positive results in the medium and long term.
Route 2. Increase the sales closing rate among the people who contact you.
Once you already generate circulation in your business comes the next big question: How to make these people who already contacted the company make the first purchase?
One of the traditional ways is to train the sales force to improve their percentages of sales effectiveness per customer contacted. Here you can also mention how to create some incentive (for example: free samples, reduced price, special benefit) initial to stimulate the first purchase.
A well-trained executive, along with a special offer, is infallible to trigger the first purchase of a client.
Route 3. Increase consumption among your current customers.
Once the customer has already acquired a product, a way must also be considered to provoke the customer to acquire more product, just as the supermarkets do when placing the butcher shop at the end of the aisles and when placing the chocolates where it is expected. pay the cashier; or as in fast foods to offer a ridiculous amount, enlarge your combo.
The secret here is to show the client the option of acquiring something additional that he was not looking for initially, but which is related to his possible interests.
Route 4. Increase transactions among your current customers.
How to do to increase the frequency of purchase of the client? Here apply strategies such as those that have used some brands of light bulbs that reduce their total number of hours of useful life to cause people to buy and re-buy bulbs soon. Or as some brands of automobile tires have done that encourage their customers to vacation frequently, to wear more tires on their vehicles on trips and have to return to buy tires sooner.
Route 5. Increase your profit margin.
This is the most frequent objective in organizations when they want to increase their income: raise the price of the product.
To do this successfully, there is a marketing trick that consists of trying to add to the original product an attribute that has a cost for the company less than the actual value that the client provides. In other words, add an attribute of a few dollars to the original product for which you can charge many dollars and the customer is willing to pay them.
The ideal is to try to use the five routes simultaneously. By developing a series of tactics for each of these routes, you can practically say that you have a small functional marketing plan for any SME that wants to increase their sales. They are applicable for any sector, but they must be adapted according to the case.
Important note: Measure the result of each of the activities you develop. The metrics in marketing are vital to know what adjustments have to be made in the business strategy.