Friends most of the salespeople and the business owners these days are struggling to increase their sales.
Most of my clients these days are asking this question- how to increase the sales? Here I would like to emphasize that most of my clients are small and medium enterprises and their market share is ridiculously small.
If you are also looking for some solutions to increase your sales, stay with me till the end of this article. I am going to give you share with you very effective but simple strategies to increase your sales.
These days increasing the sales has really become a difficult challenge. During the coronavirus the market hasn’t fully opened yet, may markets are still under lockdown, the demand is low, and the customer thinks ten times for spending his money.
I am going to discuss the very simple solutions for all these challenges.
Friends my name is Rakesh Sharma and I support the business owners and salespeople to grow their business and maximize their profits.
So let us get going and discuss what these simple strategies are for small and medium enterprises to increase their sales immediately.
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As I told you about there are two simple strategies to increase your sales. These two strategies are
- Going deeper
- Going wider
So, let me explain you one by one what these strategies are and how can you increase your sales by applying these strategies.
- Going Deeper: Friends if you are already doing the business in a particular market territory, you need to ask some questions to yourself. Whether you have covered this territory fully. Is your reach within the territory deep enough, and have you already reached to maximum potential customers? My experience while dealing with the various clients has been that the small business owners are present in a territory, but their reach is very shallow. Most of the time they are having very few customers in that geographical territory and they think that they have covered the entire market. But the potential of the territory is very huge and there are many more prospects who can become your customers if you plan to cover and reach them.
Going deeper has its own advantages. Going deeper into a territory where you are already present is very cost effective. Your brand is already known in the current territory. Your existing customers can help you in reaching to the new customers. You can take advantage of seeking referrals. You can also use the testimonials of the existing customers to build your credibility and selling in the existing territory will definitely be far easier in comparison to going to a new territory. You can add some more resources and can increase your sales by going deeper in the same territory.
Since your market share is very low, you can easily increase your sales by increasing the sales activity in the existing territory through some additional resources. In the existing territory your branding and promotional activities will also give you much more benefits.
- The second strategy is going wider: going wider means exploring the new territories, new markets in which you are currently not present. For this you need to identify some important territories with high potential where your product may sell very well.
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Going wider will be having certain risks associated with it. So you need to be carefully before deciding to go wider. Going wider is expensive strategy. This strategy must be adopted only if you have tried your all options of going deeper.
However, if you are new into the business then you will have to explore the new areas, and this is strategy will work very well. Before going wider you must study the new territory for its business potential, market challenges, competitions position, price positioning, customers psychographics and demographics. Accordingly, you need to plan your marketing and selling strategy.
So friends you can use either of the strategies or both of them the way it suits you. Both the strategies have their pros and cons. But after a good due diligence if you apply going wider strategy, you will definitely be able to increase your sales volumes.
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