The 5 Fastest Ways to Increase your Sales
Happy Tuesday Founders!
👇Here’s your Startup Tip of the Day:
I speak to a lot of founders who have already launched, and are trying to scale as fast as possible but in a profitable way. One of their main challenges is how to increase their sales without sacrificing profitability. So here’s what I show them:
1) Increase your sell price: this is a very common one to forget. By raising your price by 5-10%, you may lose some marketshare or recurring revenue, but you might make up for that loss with higher revenue.
2) Increase total units sold per order: when people typically buy 2 items, can you get them to buy 3 by offering a 50% off coupon on the 4th? If so, the math can increase your average order value substantially and increase overall sales.
3) Add-on Sales: can you sell something else with each order that has a simple value proposition without much explanation needed that enhances the value of the main item they are buying? Example: Chips or Soft Drink when buying a sandwich. New laces when buying a pair of shoes. Shoe cleaner when buying a new pair of sneakers.
4) Decrease cost of another item in order to sell more of your more profitable item. This is a loss leader scenario that many brands employ like Walmart, Amazon, etc. What can you offer at an unbeatable discount to encourage more conversions of your main item or line?
5) Qualify better leads. If your customers are all paying you $50 per order, how can you push them up to $100 or $200 per order? What does the $100-$200 customer value over the $50 customer? A discount on a certain minimum? Free Shipping? Etc.
These are the 5 key areas to drive revenue for your growing business without having to build or launch a new product, or significantly lower your cost of goods sold.
Like if you agree 👍🏼 Comment below and let me know what has worked for you!
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