Simple Ways to Boost Sales

May 13, 20190 Comments

I hear it almost every day, “Sherese, can you help me come up with some great ideas to make more money?”  It’s time to change your mindset from making money to generating cash flow, profits, revenue, and wealth!

Listed below are some quick ways to boost your sales:

Boost Business Sales by Efficio1. Set the Right Price
I know a lot of entrepreneurs out there who are undercutting their prices significantly in order to close deals or get clients. This is a mistake if you’re not selling at the right price. Let me give you an example of a basic calculation: Company A sells Service B at a retail cost of $130 per hour. The cost of services performed (the raw cost) is $60 per hour.

Company A adds 30% on top of that cost which gives them raw cost + 30% cushion profit at $78 per hour (they round this number to $80).
The company decides they will sell at a 50% profit margin for this service through the end of the year to achieve their revenue goals.

Now, in order to maintain their profit margin of 50% based on selling at least 10 of these services a year, they mark their raw cost + cushion up by 50%. This gives them a retail cost (client cost) of $120 per hour.

So what does this mean? In a negotiation situation, the company has about $40 wiggle room. Meaning, their raw + cushion cost is $80/hr and their retail cost is $120 per hour; therefore if they need to offer a deal to get the contract they will never fall below $80/hr. This will ensure they will maintain some profitability.

This may be overwhelming for some, but it’s important for you to understand it now before you lose money by not setting the right price. If your not sure what to do send us your questions.

2. Upgrade and/or Revamp Your Target Market
I say this all the time, your target market is the CORE of your business, and without them, you have no business. I’ve had to upgrade my target market at least twice over the last five years. Not necessarily because I had the wrong target market but mostly because of the market mindset and availability of resources changed. All of a sudden there were 10-15 new competitors in the marketplace! This suddenly changed the marketing landscape and it also changed my target market’s access to good resources.

I’m not saying you need to change who you target but maybe you do. Sometimes you can sell a great product but to the wrong target market. To begin the process, start with a simple survey to your current client and prospect database. It may reveal more than you bargained for.

3. Streamline and Focus Your Efforts
I suffered from work overload during my first few years in business. I’m sure you can relate. As entrepreneurs, we get engrossed in the day to day tasks of running the business. Not only that, but we also have to secure clients so we can keep our doors open. Sometimes you’re running in circles and not sure where you will land. In my fourth year of business, I think I created at least five new services and four new products. Guess what? Not one of them made me any profit. I made enough money to sustain the business but I was pulling my hair out in the process. Sometimes taking the time to focus only on one or two items and making it the best it can be can increase profits instantly. I suggest taking some time to think about one or two services or products that you offer that bring in the most revenue. Take those and make them even better, after they’ve been updated you can raise the price!

4. Update Your Prospect List
When’s the last time you purged your prospect database? I do this every year and it results in new customers every time! The size of your database will determine how long this will take. Start by cleaning up only: go through your list and update contact information. The quickest way to do this is by sending out a nice group message asking for updated information; make sure to include a question about staying on your distribution list. It will look something like this:

Hi (prospect/client name),
I have your company information on my VIP contact list. I wanted to send a quick note to make sure our products and services are of interest to your company. Please take a few moments to answer the following two questions:

1. Would you like to remain on our list? If not, please let us know why.
2. Do you currently have a resource for (your solution here)?

Thanks for your continued support,
Regards,

Name Here

This is just a rough version but you get the point. You can add more if you want; I personally like to get to the point. As you add new prospects to your database make sure to schedule them for your yearly clean-up notice.

5. Use Your Intellectual Capital and Offer a Free Telecourse
Telecourses are a great way to promote your business and increase your newsletter subscribers as well. Not sure what a Telecourse is, try one of our telecourses or sign up for our ICON Programming.  Or you can google the word telecourses to get several resources.

So how do you create a telecourse program?  Let’s say you sell widgets and your client base loves using the widget. You can offer a free Telecourse on how to get the most out of your widget. It sounds too simple, but it is. It’s inexpensive and it can bring your target market to your doorstep.

**If you do this make sure to promote your course to your updated prospect list and post on your homepage.

These are just a few ways you can boost sales. Try and think of others based on your industry and target market.

Change your words from make more money to make more profits, cash, income, and wealth!

Sherese Duncan

© Effició, Inc.

p.s. What has helped you boost sales? Share in the comments below…

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