How do you make sales in business?
Often, it’s this question that motivates businesses to rebrand their products, forces entrepreneurs to reinvent their ventures, and causes many businesses to change their strategies. Whether your business is in need of a change or not, and what adjustments need to be made, depends on the peculiar factors at play in the specific environment in which it operates.
But there are things that are universal about growing sales and scaling up- things that you should keep an eye on and do your best to manage to your advantage. They are the basics, the points you’ll have to check with to be sure that you stand a good chance of hitting the sales mark you’ve set for your business. Here, we’ll take a look at the basic factors that determine sales, and what your business can do to exploit them.
Product Quality and Visibility
If you’re offering a great product, you stand a chance of making good sales- no brainer. The question really is whether your product, great as it is, gets the attention of the people you want to buy it. Think about the package it comes in: does it lure the potential buyer? And are you doing enough, given the resources you have, to get the public know about the product?
Depending on what your product or service is (and of course, your budget) you might want to run ad-campaigns to get more publicity for your products. Social media has opened up an avenue for advertising that even the smallest businesses can use. You can use it to create hype around your product, and get the attention you want for it.
Product Pricing
Customers want to get the best at the lowest price possible. They’ll naturally gravitate towards vendors that give them what they consider to be great bargains. If you want to make sales, be sure that your prices are competitive and attractive.
Find out how to set the price for your product by reading ‘
How to Set the Right Price for Your Product’.
Average (Disposable) Income Levels
Are you trying to sell a yacht to people in the ₦50,000 to ₦100,000 per month income bracket?
While not many people would be foolhardy enough to try such a thing, many businesses do target the wrong markets with their products. If you’re selling high-end stuff, you should be marketing them to people who can afford to buy (the same rule should apply for the less well off). Identify the segment(s) of the market for which your products are suited, and target them accordingly.
Market Tastes and Trends
What’s trending?
A proven way of getting greater demand for your offering is to go with the flow of the market. Whether it’s fashion or music, vehicles or gadgets, you can make potentially bigger sales by tapping into the stream of current general tastes and sentiments. To do so, you’ll have to watch the market and know which way the wind is blowing with regards to consumer wants, and find ways to satisfy their need to keep in step with the times.
By having these covered, you will be giving your business more than a fair shot at succeeding with sales- and thriving as an entity.
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This article was first published on 8th February 2017
ikenna-nwachukwu
Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.
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