Every business owner aims at making profits from what they do. We all want to get the best from the money, energy, and other resources we invest in our businesses. However, despite all the effort at pitching their products and marketing, some businesses never seem to take off from the ground, in terms of sales. Well, there is good news for you, you can increase your sales with the right market tool and approach. Here are three simple ways to do so.
1. Use a Market Research Platform to Make Informed Decisions
Market research platforms encourage business owners to connect with consumers globally, to get their ideas, opinions, and understand the market dynamics of their product, even before it hits the market. By hearing conversing with consumers and potential consumers with the right research platform, you get to know what principles to put in place to drive more sales traffic to your product. In the days of internet media, it is fortunate that we now have data at our fingertips. Accessing such important data is what market research platforms bring to you. You are provided with real-time insights, you understand consumer behavior, and that will help you to make the right decisions. This will help you to maximize your sales and your business potential.
2. Use a Loss Leader
Have you ever encountered ads that read “Buy one, get one free”? That is a perfect example of a loss leader approach. Market research platforms and business owners use a loss leader approach to stimulate other sales of more profitable services or products.
However, in practicing this technique, it is essential to know just when to draw the line to avoid falling into a loss margin. Also, if you know you do not have the resources or inventory to deliver to your customers, you shouldn’t offer that product or service.
Note, however, that your loss leader item ultimately depends on the industry you are in —no one-size-fits-all. For instance, if in a grocery store, you could be looking at offering 50% off past season items, or for a service offering such as a fitness center or a yoga class, your business could provide the first class free.
3. Think About Your Product as a Verb
Suppose your company produces cosmetics. The moment you tell a person you sell cosmetics (a noun), you will find yourself only talking about its features and functions. However, if you think you sell beautifying (verb) products, you will find yourself talking about the role your products play in your customers’ lifestyle and confidence-boosting mechanism. You will find yourself selling value, not just a product, and everyone wants to be confident they are getting value for their bucks! It is all about a change in perspective. If you are selling skincare products, for example, you do not tell people you sell skincare products. You tell people the value they get and the amazing results they will achieve if they choose to adopt a new skincare routine by inculcating your product into their daily lifestyle. You will sell more.