Digital Growth - Feb. 2021
Upselling and Cross-Selling Retailers will be familiar with these terms. They’re essential to keeping in mind when trying to boost your sales. While many customers are strapped for cash, the perception and affinity for value have increased among consumers. Therefore, look for ways in which you can add value for your customers, whether it’s offering additional helpful products or services. This is a traditional way to improve your sales strategy, particularly popular among new eCommerce retailers. It can encourage more online sales, where you can offer complementary products as a package deal along with free delivery, for example. Alternatively, you can down sell by offering a special discount to encourage a potential sale, which is especially useful for abandoned carts.
Strategy Shift During a pandemic, sales strategies may change at a moment›s notice, depending on the situation faced by your country. It is earmarked as a time of uncertainty, and businesses are required to make short-term plans and adjustments at a moment›s notice. That being said, an effective strategy will also include medium to long-term goals for your business. By looking to the future, you can ensure your sales strategies for the moment to serve your business in a post-pandemic world. For instance, if society changes to such a degree that there is a new way of life, then your business will need to consider whether it remains relevant and how it can improve its position in the market. This kind of strategy shift will be dependent on your business and the industry you›re in. The critical takeaway is to be effective by looking ahead and planning accordingly.
Leads One of the most effective sales strategies is to focus on leads. This is especially true in an online context. Work on increasing the number of contacts in your database through various channels using valuable lead magnets. Your business should have lead forms on your website that are easily accessible and inviting. Subscribers can also be generated using social media platforms and direct messaging. By generating and cultivating leads, you can develop effective sales strategies targeted at your growing audience. Once you have more contacts, you must continue interacting with them in the process of lead nurturing. This is one of the best pools to draw more sales from; hence it is an opportunity not to be missed.
Account-Based Marketing During times of a pandemic, your business may be unable to focus on lead generation given a reduced team or budget. If that is the case or a well-established brand with enough leads, then having an account-based marketing strategy can lead to a highly effective sales strategy. To do this, you›ll need to work with the existing database of potential customers you have and devise a highly targeted plan for them. By focusing on these segments of existing potential customers, you can make direct sales. This requires a substantial amount of in-depth research on your customer base.
Digital Marketing One of the best ways to improve your sales strategy is to focus on digital marketing. Develop specific campaigns and be active with your database to remain relevant and present. Solidifying your content strategy with the likes of videos and high-value content magnets will attract and engage audiences. This all boils down to communicating with your audience effectively. During a pandemic, this will likely require you to change your marketing messages. Advertising through online channels 26
can also be an effective way to increase your presence and encourage more sales in a highly targeted yet cost-effective manner. Ensure your digital marketing is comprehensive and well-rounded so that you do not neglect any channels. A primary example of this is email marketing, which continues to be a highly effective way to draw traffic to your website.
How to Increase Sales Re-evaluate Your Offering To increase your sales, you need to audit your current product and/or service offering. Consider whether it is still relevant to your audience or adjustments that need to be made and introduced. Ask yourself how your business can offer the audience a solution, both for the time being and in the future. Beyond the products and services you offer, you need to consider how you provide value. This does not have to be tangible; in fact, one of the best ways to do this is through the content you create and share. By being helpful, you are giving your online community something extra. This is also important because it is an extension of your brand communication. During a pandemic, your business needs to be transparent with its audience. People want to know how you›re affected and what you›re doing about it. If your business is supporting your employees further within the wider community or than is required, be sure to share it. They also want reassurance on a personal level that you›re taking all of the necessary precautions so that they remain safe. In summary, by offering relevant products, providing value, and being transparent, you can increase your sales and customer loyalty.
More Sales Channels A simple way to increase your sales is to be present and available across all channels. In the world of online, this means e-commerce, marketplaces, and social media platforms. It works because you are opening up more ways for your audience to reach you and make direct purchases, though this needs to be managed well to be effective. With the aim of increasing sales, you need to ensure that the sales experience online is as good as it can be for your customers. It is ideal for those moving or integrating to online channels to invest in technology to automate these processes. Depending on your business and industry, this may support or replace the brick and mortar model for the pandemic’s duration and the period that follows. In addition to this, retailers need to consider how they can prepare for demands from their customers. Inventory management and planning are imperative, as in many cases, pent-up demand for certain products is to be expected as the pandemic waves are felt. When looking at increasing sales, the focus is to have what your customers want, when they wish, and, importantly, where and how they want it.
Communicate with Customers Communication is one of the most important things for a business operating during a pandemic. People need to be informed and reassured through the messaging that you share with them. There are many ways in which your business needs to communicate with its audience. They want to know what›s going on behind the scenes and have easy access for purposes of reaching out to you if necessary. If you offer services, ensure that it is possible to set up virtual appointments, and if you have new online channels, you need to publicize that. Communication goes hand in hand with customer service. Offering after-hours services will demonstrate your commitment, care, and efforts to make customers happy. This is a great time to rely on
