Whether you are in the retail market or sell business to business, the bottom line is that you need to move your product. Luckily, below you will find some easy to do, but hard hitting marketing hacks below that can help you increase your sales.
Cut pricing
Everyone, including your customers, like to think that they are getting a bargain; don’t they? It’s so satisfying, so why not help to convince them to buy by making them an offer they can’t refuse? That’s right if you reduce the price of your product, even for just a short time it can drive sales up.
Of course, you have to do the math for this and check that you will still make a profit from these reduced prices sales. This entails predicting how many units you can move at that price and whether that will bring in enough revenue, compared to selling less at the full price. You can find some help with working this out at http://smallbusiness.chron.com.
Raise prices
Conversely, you can also raise the price to boost sales believe it or not. Although this has to be done more carefully that if you were cutting them. In fact, it needs to be factored into the product launch from the beginning. As no one will want to pay more money for a product that they could less for less a short time ago.
Having a high price will give your product a sense of exclusivity, making it perfect for the aspirational market. Something that means you can increase sales as well as make more profit on each item that you do sell.
Referral marketing
Another way to increase that sale is to utilize the kudos that you already have from your customers. This where referral marking comes in, as it’s the perfect way to encourage purchases as it comes from an objective source, that is your customer, rather than you.
Of course, there are many different ways of using this to your advantage, including VIP schemes and referral bonuses. Something you can read more about in articles like 6 referral marketing strategies you don’t want to miss. So don’t underestimate the power of that customers you have previously pleased in getting you your next sale.
Special offers
Special offers can also work very well in increasing your product sales. We have covered cutting the price above, but there are, of course, others special offers that you can use to tempt you customers in.
Why not run a buy one get one free, or BOGOF offer? Then there is the money back guarantee, a great way to convince shoppers of your confidence in your product, and for the most part, you will find that folks don’t return things for a refund either!
There is also the free gift, which has worked super well for companies like Comparethemarket.com, with their meerkat soft toys. Something that not only convinces customers to purchase with them rather than other companies but also works as a fantastic marketing tool too.
Scarcity
Lastly, to sell more, you can limit the number of products available at any one time. Yes, I know its sounds counter intuitive but actually what it does it create a demand around your product encouraging people to buy it when they can. As they don’t want to miss out when it does become available.
