The 5 Fastest Ways to Increase your Sales

How to increase your company's revenue or sales - Reagan Pollack

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!

#entrepreneur #startups #founder #businesstips #businessstrategy #revenue #growthhacking #growthhacks #ceo #leadership #designthinking

 

Reagan Pollack

3 days ago

Reagan Pollack
In 2005 while attending Babson College business school, I set out to launch my first internet startup. The vision was to build a platform (back then it was called a web portal) that would connect the music industry and expedite artist discovery (A&R), facilitate new business deals, and bridge the fragmented music business ecosystem. The goal was large, but in order to accomplish it, without prior experience nor significant connections, I broke the mission down into manageable tasks and chunks. This not only helped lay the foundation but also helped me to prioritize which elements would be needed first and subsequently.At graduation, I headed back to Silicon Valley and began my adventure full steam by opening an office, raising capital, and hiring my first ten team members. With a business plan in hand, I had a clear roadmap from an operational and financial perspective, and by spending significant time constructing the website wire-frames, it helped me to better stress test my assumptions with real-world pre-customer feedback. While most of the business plan didn’t materialize the way I had envisioned, it did help me greatly to strengthen my resolve for the vision and gain confidence that the end goal was material. I implore founders today to spend a few weeks writing down their vision and breaking into daily tasks, and the rank them in order of importance - ask yourself “if this comes first, does this unlock value next?” “If this comes next, does this expedite the next phase on my list?” The best (fastest to get to market and grow) entrepreneurs think in phases and are incredible at prioritizing tasks to reach the next tranche of milestones. Being in a startup can be dizzying - there a dozens of potential features to build, hundreds of people to pitch, and time is your enemy. Practicing prioritization - the ability to truly rank each activity by its weight (value) to drive actual traction - will ultimately position your business to win cost efficiently and market effectively. #nostartupleftbehind #entrepreneur #startups #entrepreneurship #founderstory ... See MoreSee Less
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