Building a Profit Machine: 6 Ways to Increase Sales

What is your job title? 

That might be what you write on LinkedIn. But if you are running a business, the most important role is being a salesman or saleswoman.

No matter how clean or organized your office building is, no matter how efficient your system for inventory delivery is, no matter how effectively your seminars boost employee morale — without sales your business does not exist.

So, how much time and energy do you put into your most important job (increasing sales)? I'm not saying that you have to be out making sales calls or on the phone all the time, but if you're running a business, then it's important to make sure that profits are growing.

Here are six strategies that can help you increase sales so your company can grow and do well in the market.

Develop a unique selling proposition

If you want to increase sales, you need to make sure your prospects understand why they should buy from you rather than any of your competitors. A unique selling proposition (USP) is something that sets you apart from the competition and makes you look like the better choice. It can be summarized in one or two phrases.

For many years, Domino's Pizza was successful because their USP was "Fresh, hot pizza delivered in 30 minutes or less, guaranteed." This phrase communicated that their pizza was fresh and would be delivered quickly. If someone wanted hot pizza quickly and didn't care about the quality, then Domino's Pizza would be the best option for them.

One thing that Apple did well was create a unique selling proposition that was very clear to their customers. They offered 1,000 songs in your pocket with the iPod. This was a major selling point for the product and helped it become very successful. It's important to note that they may not have been the only company with this offer, but they explained the benefits better than their competitors did.

Back in 2001, would you have been more likely to buy an iPod if it had 5GB of storage space or 1,000 songs in your pocket? You get the idea.

So what can your unique selling proposition be based on? Some good possibilities are: 

• Superior quality 
• Ease of purchase 
• Better customer service 
• Faster delivery time 
• Best guarantee

The acquisition offer

The internet has changed the way we do business. This is really good news for consumers because they can compare prices and features, research customer feedback, and choose the best offer.

However, if you run a business, the internet can be both a good and bad thing. On the one hand, it allows you to sell to more people. But on the other hand, there is more competition. So in order to stand out, you need a unique selling proposition (USP).

There is one type of USP that can work in almost any business: The Acquisition Offer.

If you want to increase sales, you need to get more customers. An acquisition offer is an offer that a customer wants so much, they can't say no. It's a product or service with a high value that is offered at little cost to you.

The goal isn't to make money from the offer (although if you do, that's great). The goal is to get new customers who you can sell more products and services to in the future.

Today's buyers are more skeptical than ever before. They are very careful about who they trust and how much money they spend. Your acquisition offer is a great opportunity to gain their trust. Since buyers are so skeptical, you will probably be the only one who they trust. This means they will continue buying from you.

Here are a few good examples of acquisition offers:

• A realtor who offers a book/course with tips that can help you sell your home for more money. People who buy the book are likely people who are looking to sell their home and might also want to buy a new one - potential customers who are now also current customers.
• A store that offers a box of ammunition at no profit margin is going to attract customers who want to buy other hunting and camping gear. This gear includes items such as rifles, shotguns, tents, sleeping bags, fire starters, camo outfits, bows, arrows, knives, traps, hatchets, slingshots and more.
• Introductory sessions and multiple-session bundles are a great way to get new customers. When someone signs up for a package of sessions, the therapist can use some of that time to teach the customer about the importance of getting massages regularly.
• The office supply company offers a low price for paper to other businesses. It also sells printers, copier machines, and fax machines to these customers. Chances are the company will be able to sell these products at a profit because it has already established a relationship with the customer.

What can you offer as a low-priced, high-value acquisition in your business?

Would you like fries with that?

McDonald's does not make a lot of money from the sale of burgers. They make more money from the sale of side dishes and drinks. This is why they offer value meals.

The video game industry also relies on up-sells. Sony and Microsoft make more money from the sale of small, cheap DVDs than they do from the sale of consoles.

If you want to increase sales, you can offer your customers more products and services. If they are already buying everything you offer, it might be easier for you to become a wholesaler or affiliate to a company that offers something that your ideal customer would want.

Remember, the best customer is the one who has already bought from you.

Inject scarcity

People don't like to miss out on things. When you make your offer seem scarce, people will be more likely to buy it quickly.

Disney is a company that knows how to use scarcity well. They make their movies available for a short time and then they're unavailable again. This makes people want the movies more and they are more likely to buy them when they are available.

Disney keeps its movies available for a short time so that people feel they need to buy it now. If they wait, they might not be able to get the movie. This makes sure Disney doesn't lose any sales from people who are interested in buying but don't follow through.

There is a saying that I once heard from internet marketing expert Ryan Deiss, "Later means never." In essence, "I'll buy it later" means "I'll never buy it." Obviously that's a generalization, but one that is often true. Injecting scarcity helps you to not miss out on sales from customers who are going to buy "later."

The other advantage Disney gains by creating a "movie vault" is that it can market old movies as new products over and over and over again.

If you want to increase sales quickly, convince your customers that they need to buy now. Turn old products into fresh offers again and again. You can do this by injecting scarcity into your sales and business. 

There are a few ways to do this:

• Offer limited-time discounts.
• Offer an extra bonus with each purchase for a limited time.
• Offer a bonus or group of bonuses to one or more randomly selected customers who buy within a certain amount of time.
• Preorder inventory that is slightly less than enough to satisfy the demand that you are expecting. (This can allow you to charge a higher price.)
• Offer certain products/services seasonally only.

Ask for referrals

One of the best ways to increase sales is to ask your current customers/clients/patients for referrals. If they are happy with the products and services you offer, they might be willing to refer their friends, family members, or colleagues to you.

However, just because someone is willing to do something doesn't mean they will actually do it. It's possible that they would be happy to help support your business by referring people, but that doesn't mean it has occurred to them yet.

Some people will help you if they are asked or reminded. Other people might want to refer you to other people, but they might be too shy. You don't need to be pushy, but don't be scared either. Just asking a few questions might help increase sales. "Do you know anyone else who might need [Your Product or Service]? Would it be okay if I contacted him and told him that you thought we should talk?"

You can also increase referrals by offering an incentive to your customers/clients for referring other people.

Make them come to you

People generally do not like cold calling. However, this is often the primary method of customer acquisition for many companies.

Do you want a strategy that will increase sales, allow you to focus on those most likely to buy, keep your sales team happier, and make your prospects like you more?

If you want to be successful, then you need to find a way to stop relying on cold calling. You should find a system that brings your ideal customers to you. One of the best ways to do this is by becoming a networking expert. 

The bad news is that you have probably been networking in the wrong way; the good news is that almost everyone else is also networking in the wrong way. As a result, you have a chance to be successful where others are failing. 

There are entire books about how to be an effective networker; in fact, there are books entirely devoted to it.

There are three things you can do to be effective when networking: 

• Get out and build sincere relationships with lots of people. 
• Be unfailingly generous and constantly try to add value to the lives of others. 
• Do your best to become a celebrity in your industry.

The first two sentences are straight forward. Get to know people well, especially people who could be good customers or clients. As you help them, always be yourself and be a good friend. This will help you create goodwill and be seen as an authority in your field.

Becoming a celebrity is possible, but it's not easy. You don't need to be as famous as LeBron James or Tom Cruise to achieve this goal, though. All you need to do is become known as the expert in your field.

There are three great ways to do this:

• You can promote your business by starting a blog, writing articles for magazines and newspapers, or writing a book. You should provide useful information whether people buy from you or not.
• There are many ways to give speeches to people. You can do it at your public library or local community college. You can also do it by volunteering to speak at industry conferences or civic events. You might also be able to speak in front of your local Chamber of Commerce.
• Become involved in leadership positions in different organizations: industry organizations, trade associations, charity organizations, etc. Meet people and build relationships through these groups. Try to become a leader in one or more of these groups.

If you want to see an increase in sales, you need to develop meaningful relationships with your ideal prospects and build celebrity authority. New customers will be drawn to you because of this, and your team will be able to spend more time following up with calls instead of making cold calls.

You can make this strategy even more effective by having part or all of your sales team do the same networking.

Conclusion

Sales are important for any company. Ready to help your company do better? You can make your company better by using these six strategies. These strategies will help your company go from good to great, and from great to amazing. Which of these strategies are you going to try first?

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