Three Sales Strategies for Business Growth

August 31, 2018

 Source: pixabay.com on Pexels

 

When it comes to business growth, sales is most often the driving factor that comes to mind. While it is true that sales is ultimately the way to grow a business, there are many different lenses to view sales through as you lead and grow your firm. It is essential to ensure that you
are not overlooking a sales strategy that could potentially benefit your firm’s profitability.

The first sales strategy that you can implement in order to increase revenue is selling to more. In other words, consider how you can use advertising, word-­of­-mouth recommendations, and other promotional methods to increase your client base. Capitalize on your existing customers’
happiness with your products and services, and encourage them to outwardly advocate for your
brand. If increasing your market share is your primary objective, this may a major strategic focus
for your company.

However, while selling to more may be an effective strategy, it can also be a costly one. In fact,
it can cost up to seven times more to sell to new customers than it does to capitalize on your
existing clientele. If this is the route you choose, it is crucial to ensure that you have an effective
game plan to keep customer acquisition costs low in order for your business to truly grow as a
result.

Because selling to more can be costly, an alternative is simply to sell more. Rather than attempting to add new customers to your roster, selling more products or services to your
existing clients may be a more cost-­effective route, as well as help with retention and maintaining/building relationships with a loyal customer-­base. Consider what new products
and/or services you could potentially offer to your current customers. Is there something
additional you could offer internally? Externally, could you develop partnerships that could also
add value for your customers?

The third sales strategy to consider in order to grow your business and increase revenue is to
simply increase the price of your products/services. In other words, sell for more.


It is important to note that this strategy could go either way. While increasing purchase price
may bring in more revenue if you already have a very loyal consumer­base, an upward shift in
product/service price could also put you at risk of losing business. It is essential to be strategic
as you consider what price point makes sense for how you are positioned in the market. One
potential benefit of sticking to a higher price point is brand perception; your brand may be seen
as luxury or premium with a higher price point, which could work to your advantage. But take the time to understand the perception of your brand in the market before executing this strategy.


Just because you think you are a more premium brand, potential customers may not. Justifying
price increases requires a more strategic approach than just raising them.

 

When it comes to sales, it is important to start with strategy. From there, consider all angles as
you approach sales, in order to ensure that you are effectively positioning your brand in the
market to acquire the most revenue possible.

___


Angelo Ponzi is a Fractional Chief Marketing Officer and Brand Strategist. He has over 25+ years of business experience in sales, marketing, branding, strategic planning and market research. His senior level expertise includes developing and directing comprehensive market/product plans, branding and communications plans and strategic business planning for a variety of business­-to­-business, financial, consumer, medical, package goods, general retail, restaurants and high-­tech clients. He has led both small and large teams at global, national, regional and start­up companies, as well as worked with products in all stages of their lifecycle, from inception to implementation. Previous positions have been on both the client and advertising agency sides of the business giving him a unique understanding of his client’s business operations, sales, marketing and communications needs. Learn more at theponzigroup.com.

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