Positive word of mouth from a happy customer is valuable to your business. DON'T NEGLECT CUSTOMER SERVICEīe aware of the customer's perception of your customer service quality or responsiveness. Activities such as sponsoring community events, speaking at engagements, or supporting a local sports team can raise awareness of your business and stimulate sales. Increase your presence and visibility in your community. If you have this knowledge, you will be better prepared to defend your market position, react to changes, and find new markets. This information helps you understand their behaviours, capabilities and limitations. BE AWARE OF THE COMPETITIONĪlways be aware of what your competitors are doing. If lowering your price isn’t an option, improving a deal with favourable terms can often influence customers. Be aware of what your competitors are offering and what your own profit margins are to determine if you can reduce your cost. CHANGE YOUR PRICEĬhanging your prices, terms, or conditions of billing could stimulate market demand for your products or services. Study your intended clients to know how best to reach them, and plan your marketing strategy accordingly. Track the outcome of your current marketing or advertising and be prepared to change your strategy if you are not seeing your desired results. You may be able to improve the efficiency of your marketing activities. Contract independent sales representatives or hire your own.Provide your sales staff with enhanced training.ENHANCE YOUR SALES CHANNELSĮvaluating and optimizing your sales channels could help you reach more clients, increase your market control, and improve profitability. You'll also need to consider marketing, sales, distribution, and increasing your production to meet the new demand. Market research will help you understand the potential new market and help you devise a strategy. EXPAND TO NEW DOMESTIC MARKETSĮxpanding into new markets can be costly, but it can increase your client base. Pay special attention to marketing and promoting your new products or services so that people know about them. Getting feedback from a test group can help you manage some of the risks and learn how the product or service can be improved. Consider using some of your existing clients as a test group. You'll need to research your market to see if there is a desire for your proposed offering. Provide a broader range of products or services for your clients. If you are a manufacturer, this could mean increasing your productivity to meet demand. To increase sales you may have to introduce new products or services, expand your market, increase your marketing activities or improve customer service. You can grow your business by finding ways to increase sales or by looking for new markets.
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