Every successful business looks upon the strategies to build their ability to earn more money by every single quarter. Since the last few years, sales leaders have examined a 2.3x times expansion in the size of their sales group product portfolio in most of the business. In spite of this increment in portfolio size, account management channels keep on performing lower than the targeted sales goals. According to the survey, only 28% of sales leaders agreed that management targets are achieved annually. The remaining 72% of leaders disagreed or partially agreed for not acquiring sales targets on a regular basis. Skim through this article and quickly learn some pro tips to drive business profits and expand sales from the first quarter of this year.
Invest In Resources For Sales Growth
Make optimal usage of money brought into the business for growing your sales. Plow back the profits into business for seeing exceptional growth in the first quarter itself. For maintaining the sustainable growth rate of sales, businesses must ensure whether their sales cycle is up to date. Resolve all problems hindering sales growth. If required, give training to your sales team.
Make Good Investment In Marketing
Your customers should be aware of every product/service of your brand, and this is possible only through marketing tactics. Often Broken or contradictory information from a brand creates a wrong impression of marketers as well as a brand image among the audience. For making notable profits in Q1, marketing strategies must be designed by studying the data. Follow the trends of the market and shift your marketing medium accordingly. Make optimum use of marketing tools for promotional activities.
Try To Gain Competitive Advantage
Every business has to face cutthroat competition to survive for a long run in the market. For gaining a competitive advantage, you need to analyze the market through Porter’s five forces. Scrutinize your competitors to develop the best strategy for getting potential customers benefits. Hit the market with a low-cost strategy or product differentiation strategy, whichever is best suitable for your business strengths and weaknesses.
Keep Your Employees Motivated
Keep analyzing employees’ performance and set up an organizational culture that appreciates the performance of employees. Announce rewards and prizes for better performance. Motivate employees to serve the organization with their expertise. Provide benefits to your employees in the form of incentives. By such efforts, employees would improve their work quality and subsequently raise the chances of higher turnover.
Make An Effort To Know Your Customer
To create engaging content, knowing your customer is the primary requirement. Study customer insights through tools like google analytics. Never neglect customers before or even after-sales. Take customer feedback for any improvements in the service/product. Build a bond of trust with your customers by providing value-added services.
Provide Special Discounts And Offers
Design attractive offers that draw consumers to repeat your service or product. Special offers and discounts encourage customers to use your brand again and again. Try not to drop your margin line; instead, prefer limited offers. Never provide a discount on the cost price; calculate the discount amount from the purchasing value of the item. Strategies of coupons and flat discounts are used for maintaining the satisfaction of the customer base.
Prioritize Customer Service
The business will not have any pay if customers are neglected from the business structure. So, prioritize your customers with regards to the return they bring into your business. Scan through all customers and focus on the category that brings the highest return and provides the service /product at a convenient rate; after all, they’ll consistently return to your business. Develop a referral framework through your potential customers, as this will spread word of mouth and generate more customers. According to the studies, 64% of marketing experts believe word of mouth is the most effective medium for generating new customers.
Practice Either Factoring Or Invoice Discounting
Both of them are financial services that allow the business to deliver the funds of the invoices that are unpaid. These invoices are recorded as payment receipts, and you don’t really get any money installments against them. So, the practice of factoring or invoice discounting can solve the problem of unpaid invoices and get you 90% of cash value against such invoices. The left amount is paid to you once your client settles their receipt, less any charges.
By following these straightforward tips, you’ll acquire expansion in the quarterly turnover. Hire professional experts for rapid transformation in sales turnover. Keep analyzing the market and change the strategies as per the insights of the market; this will lead you to a top-notch position in the industry.
Riddhi Ganatra is an online marketing consultant and outreach expert at Viss Beauty who loves to write and review fashion and beauty products. She spent more than three years as a content creator covering topics like online marketing, technology, motherhood, lifestyle, beauty, and more.