Thursday, June 19, 2014

The Most Cost-Efficient Way To Boost Sales

Guest post by Robbi Hess

As a business owner, whether in #manufacturing or dog grooming or accounting, you need to spend a portion of your time on your marketing aka sales efforts. 

There is an 80/20 rule that states you should spend 80% of your time on meeting
existing client needs and 20% of your time marketing and pursuing new opportunities. Are you doing that?

Here is a three step break down on the easiest and most cost-efficient – and frankly, most productive way to boost your sales:

  1. Upsell to current clients. If you have a client who already works with you, chances are they like what you’re doing, right? If so, and if you have other products or services available, make an offer. If you don’t ask, you will never know the answer.
  2. Sell an add on product to a current client. If you’re launching a new product or service, ask your current clients if they’d be willing to purchase it. Consider the way fast food restaurants ask you, “Do you want fries with that?” If a client is using product A, ask if they’d be interested in adding product B.
  3. There will come a time when you need to make a cold call or you may ask current clients for referrals so you’re making a warm call. When you do this you will be selling your existing goods and/or services to a new client based on your reputation. This method of gaining a new client costs a business owner five to seven times more money and time than it does to sell to an existing client, but if you want to continue to grow it will be a necessity.

What products or services do you currently have that you could upsell to a current client?

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