Whether it is due to poor marketing strategies, issues with a product that leads to bad publicity, or the growth of the competition, poor product sales can seriously put a company’s short and long-term future in jeopardy.
While no company wants to make less money, there comes a point where declining sales could result in the company being in a terminal condition.
But the good news is that such a fate can be avoided, as long as certain steps are followed. We can take a look at 20 proven strategies that will increase the sales of your product in the coming weeks and months.
1. Go with the Flow
In business terms, going with the flow means creating products or services that are in demand. Many major companies went out of business because they refused to believe the market trends were shifting and continued to do things in the same way as they had always done. Pay attention to market trends and change your existing products, or offer new ones, to meet the demand these trends are creating.
2. Price Intelligently
Even if you have the best product in the world, consumers are not going to buy it if it is priced too high – especially if a competitor is offering a similar product at a lower price. Either improve the quality of your product or lower its price.
3. Build Loyalty Through Rewards
Many companies are hesitant to start loyalty programs, as they feel it is a waste of money. However, loyalty programs reward customers with free items or discounts if they are loyal to your company. These rewards could keep them loyal to your brand, even if a new competitor has joined the market.
4. Advertise Properly
Whether it is through traditional or online advertisements, ensure your products are being promoted in the right way and to the right markets. It is not enough for companies to coast on their brand name or past performance, even if they are a huge entity. The modern economy demands constant evolution, and companies should never rest on their laurels where advertising is concerned.
5. Free Samples Entice Customers
Free samples are similar to loyalty programs – you may think of them as an unnecessary expense, but they help attract customers. Not only do free samples feel like a discount to a customer, but someone who tries a free sample may like it so much they buy the fully priced product!
6. Check Back with Customers
Whether it is through mailed leaflets and coupons, or social media, it is important for companies to reach out to recent customers to ensure they were satisfied with the product they purchased. Customers in the modern economy want to feel valued before, during and after they make a purchase.
7. Refresh Product and Packaging
Even if you are selling a product that has nothing to do with looks, it does not mean the aesthetics of your product are unimportant. Customers make conscious and subconscious decisions to buy or ignore products, both in the store and online, if the aesthetic of the product and its packaging does not appeal to them.
8. Product Names Matter
If you came up with a fantastic product recently, but you discovered that it is not selling very well, you may want to think about making a name change. Sometimes companies are guilty of creating confusing, excessively lengthy, or difficult-to-remember names for their products. It is better to stick with something simple that your customers can easily remember!
9. Quality Always Matters
There are so many stories of companies who stealthily attempted to lower the quality of their products, assuming customers would continue to pay the same price for a substandard item. But customers are smarter than ever, and the internet allows for the quick transmission of information, which means you cannot get away with lowering quality anymore.
10. Staff Diversification
It may sound unusual, but having a staff with diverse backgrounds and experiences can make a huge difference to a company’s sales. How? Because a diverse staff will bring different ideas and innovative strategies to the table, which can only help a company as they create, produce and market products to their customers.
11. Professional Blog Content
Having a dedicated website for your company, and individualized product pages for your products is very important if you wish to increase the sales of your product. But getting professional blog content out on the internet can help a great deal as well. These blogs can review your products, outline their benefits and encourage customers to purchase them through various retailers.
12. Open Up to New Markets
Even though every company has a specific market or niche they are targeting, it is sometimes a good idea to branch out and diversify the products you are producing. Not only will it let you enter potentially untapped markets, but a diverse range of products can act as a hedge when one or two items do not sell as expected during the financial year.
13. Listen to Your Customers
Far too many companies are dismissive of the concerns or complaints their customers bring forward. It is easy to dismiss complaining customers as “trolls,” but their complaints should be taken seriously. Many customer complaints can result in productive changes to a product or how it is marketed – but this can only happen if the company is listening!
14. Heavily Test New Products
One of the worst mistakes a company can make is to launch a new product without extensive testing. Not only will a failed product launch cost you money on that product, but it can also ruin a company’s reputation with the wider market. Make sure all potential products are heavily tested in multiple local markets before they are rolled out on a nation or worldwide basis.
15. Reinvest Profits
Companies that attempt to push an excessive amount of their profits to their board of directors or shareholders are going to suffer. Giving back to employees and shareholders is a good notion, but companies must find the right balance between giving out their profits and reinvesting them into research and development, new product launches, and marketing.
16. Treat Employees Well
When employees are treated with kindness and respect, and as equals, they will feel as though their employer is part of their family. And these employees will care a lot more about whether a product sells, or how the company is performing in a given quarter. And when employees care more, they do a better job in all departments of a company.
17. Customer Service Improvements
Some companies have very good products that are priced fairly and widely available, but they offer terrible customer service. If a customer buys a product, encounters a problem and has to jump through 20 hoops before they get any help, they will probably not buy a product from your company again. Investing in a proper customer service team will help your company a great deal.
18. Push Your Sales Team
Employees need positive encouragement, and incentives, if they are going to improve their performance. Push your sales team in the right direction through monthly and quarterly incentives if you want them to make a greater effort to increase the sales of your product.
19. Test New Ideas
Whether it is a tweak to your existing product, a new advertising strategy or some other new idea, testing these ideas on a rolling basis is a good way to see if you can improve on how things are being done at the company.
20. Over Deliver
Too many companies over promise with their products. It may give you an initial set of sales, but those customers will not come back if your product fails to deliver. Instead, under promise and over deliver, as it will result in repeat customers who remain loyal to your brand. This will increase the sales of your product in the long-term.