As creative product business owners - growing sales will be on your mind constantly and it's easy to get caught up devising various tactics on how to do it. In my opinion there are 4 clear ways to grow your sales. Execute these well and you will get results.
1 Customers you've yet to meet
To increase sales, you need to attract more potential customers to come to you. More traffic to your website, more followers on your social media platforms, more email sign ups and ultimately more visits to your shop - on or offline.
You need a flow of fresh customers coming into a business at all times. Getting more people to come is not easy and can often be expensive.
However - there are lots of ways you can drive more people to your business! Get your name out there - whether that's through PR, making sure your SEO is up to date and working effectively, or organising a collaboration with another business to get in front of their audience too.
If you want to drive more sales you need more customers.
2 Convert, convert, convert
The second way to grow your sales is to get more of the people who are coming to actually buy, or in other words, increase your conversion rate.
What's your conversion rate now? How many people on average connect with your business and then make a purchase? If you had 100 people visit your website and two of them made a purchase, that's a conversion rate of 2% which is the average for online shops.
For context - with a physical retail space - between 30% to 50% is typical. So if you have 100 people come into your shop, you would expect that between 30-50 of them would buy.
So you need to aim for the average and if you're already there then you can improve! There are lots of ways to improve conversation rates but I think it falls into two main categories.
Number one - Is there enough information for the customer to easily see in order to make their purchase? It's always a good idea to review your online shop user journey and/or your customer experience in your shop.
Secondly - people won't convert to customers if you're not selling what they want or your stock is not 'fresh'.
Reflect on who your customer is. Trail new products. Review your offering to ensure it meets the needs and wants of your customer - especially your loyal tribe.
3 Big spenders
The holy grail is to increase your transaction averages. Get people to spend more each time that they connect with your business. Take a look at your average transaction value or your units per transaction, or the average selling price of the product that you're selling.
If you can increase those you will grow your sales - if you have the same number of people coming to your shop, converting to purchasers at the same rate but spending 10% more - that is a low cost way for you to grow your sales.
As always there are lots of tactics to do this. You can bundle products together, or come up with other ways to encourage multiple purchases .
However, my top suggestion is this - offer great customer service. The personal touch that independent businesses can offer will set you apart and by making sure you are meeting their needs and offering up other products that they will love, you can help grow your sales.
4 Loyal tribe
The final way to grow your sales is to get people to come back and shop with you more often. Make your business the go-to gift buying option for your customers.
Creating a loyal tribe will grow your sales and also create a lot of quality marketing for you through customer recommendations.
It's important because returning customers on average spend around 67% more than people who were shopping with you for the first time.
Loyalty and encouraging loyalty is a really crucial way for you to grow your sales and again, it doesn't cost you any money to acquire these people. They're already in your universe.
It costs seven times as much money to acquire a new customer as it does to keep an existing one. So are you looking after your existing customers? Are you reaching back out and engaging them? Are you coming up with some way of building loyalty into your business?
That's my brief overview of my top 4 ways to grow your sales - are you giving time to all 4?
If you are interested in finding out what you could improve in your business, get in touch to find out more about my business audit - email firstname.lastname@example.org for more details.
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