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Even if you have the best products or services on the planet, you need to sell them, or you won’t make any money. A well-designed sales strategy that centers on increasing trust and transparency for your business could be what sets you apart from competitors.
Thankfully, you don’t need a big budget to market and sell your products effectively.
Here are five ways to create a sustainable and scalable sales strategy for your small business without breaking the bank.
1. Cultivate customer relationships and loyalty
According to HubSpot, increasing your customer retention by five percent “can increase company revenue by 25-95%.”
Retaining customers involves a dedicated focus on relationship-building. When you nurture your customer relationships, they’re more likely to spend at your business, and in many cases, they’ll recommend your products or services to others because of their faith in how you do things.
Cultivating this kind of loyalty requires you to be responsive to your customers’ needs. Take advantage of one-on-one interactions and go above and beyond whenever possible. Read and respond to customer reviews, and if customer disputes arise, always work to find a solution.
Additionally, consider using online survey tools to gather customer feedback or emails to send useful tips, deals, and advice. When you actively work to create a conversation, you’re showing you care about your customers.
2. Leverage the power of the internet
As digital marketing continues to be part of our online activity, BBB has just introduced a suite of digital tools for Accredited Businesses to bolster their online presence. Using these tools to reach more potential customers leverages your time and resources to generate more sales.
Whatever online tool you use, remember to add a personal touch to your interactions whenever possible. Ensure your website is user-friendly, speak to your customers’ needs, and hone your unique voice in messages crafted for your audience.
Allow customers to get in touch in multiple ways (e.g., direct messages (DMs), phone, email, live chat) and provide outstanding pre- and post-sales customer service.
Technologies such as chatbots and messaging apps are making it possible to have one-on-one interactions with customers in an efficient and scalable way so you can leverage the power of conversations to make more sales.
3. Offer a free trial or samples
“Try before you buy” is still a great way to get prospects to experience your products or services before they make a purchasing decision.
Not only will you be able to attract more potential customers, but you can also reduce the number of refund requests or customer complaints.
When you offer a free trial or sample, you can collect prospects’ contact information to build your mailing list and continue communicating with them.
To get the most out of this strategy, design a follow-up email sequence so you can educate potential customers about your products, provide more value, nurture relationships, and eventually close sales.
4. Upselling, cross-selling, and bundling
Since your customers are already buying something on your website or in your store, it doesn’t take much more effort to recommend other products they may like based on the items they’re purchasing.
Upselling, cross-selling, and bundling are powerful ways to increase order values, profit margins, and customer satisfaction. When a customer is in a “buying” state of mind, this is an opportunity to introduce other products that might interest them. The key is to be authentic and relevant when pitching to their needs. Be thoughtful about these strategies as you work to create the best customer experience possible.
These techniques also give you the opportunity to forge trust with your customers. If they like the additional items, they’re more likely to come back and buy more. This can be a great way to increase the average customer lifetime value.
5. Incentivize with loyalty and referral programs
Encourage your customers to buy more or refer their friends to your business with incentives.
A loyalty program can help you strengthen brand affinity, improve customer engagements and increase repeat purchases from existing customers.
If you have a click-and-mortar (e-commerce and brick-and-mortar) business, make sure customers can track their loyalty points seamlessly across all channels to avoid frustration and abandonment.
You should also reward loyal customers for telling their friends about your business with a referral program. To run a successful referral program, make it easy for your customers to spread the word for you. For example, give them ideas on how to share their experience with your business on social media.
Also, be transparent about the terms and details of your referral program so you can deliver a mutually beneficial and satisfying experience to your loyal customers.
6. Invest in employee training
Employees are the backbone of any sales strategy. Regular training programs ensure they are equipped with the latest knowledge about your products, industry trends, and effective communication skills.
This can include workshops, role-playing sales scenarios, and access to online courses. Well-trained employees not only close sales more effectively but also build trust and rapport with customers, increasing the likelihood of repeat business.
7. Establish a clear value proposition
Your value proposition is the unique combination of benefits your product or service offers. It differentiates you from competitors and tells customers why they should choose you.
Ensure your value proposition is clearly communicated across all marketing materials, websites, and sales pitches. Focus on addressing customer pain points and demonstrating how your solution is uniquely positioned to meet their needs.
Find your sweet spot
There’s no one-size-fits-all sales strategy for small businesses. A sustainable and scalable sales strategy depends on many factors, such as your business model, industry, target market and location.
As always, the best sales strategy is to put your customers first so you can provide the products and services that best meet their needs.
For more information
For more information to help your small business, check out the BBB business news feed and the BizHQ.
BBB Great West + Pacific contributed this article.