Most business owners aim to increase sales, but maybe your goal is to do that without offering your products or services for less. These business owners have some ideas for how you might do that.
1. Announce a Price Increase
Michael Nemeroff, the CEO and co-founder of Rush Order Tees, based in Philadelphia, says a future price increase announcement can allure customers to buy sooner rather than waiting.
“Instead of announcing a discount, consider giving notice of an upcoming price increase," Nemeroff says. "Customers will develop a sense of urgency to make that purchase they’d been hesitating to complete. Others will rush to make orders before the prices go up."
2. Bundle Prices
Bundling generally involves selling two or more products for a cheaper price than if you bought them individually. It's not exactly a sale – and if it’s a monthly or regular service people are paying for, like an insurance policy, you can help generate consistent income.
Garrett Yamasaki, founder of WeLoveDoodles, suggests bundles. Yamasaki’s website sells everything to do with doodles, which are a mix of a poodle and another dog breed.
“Instead of discounting individual items, we introduced product bundles, [like] a grooming kit for doodles that includes a brush, shampoo, and other essentials,” Yamasaki says. “Customers perceive this as getting more value for their money, increasing our average order value.”
You could think of the way fast food restaurants offer a combo meal as bundling. Buy everything a la carte, and you’ll often pay a little more. Buy a combo meal, and it’s usually a little less expensive. At the same time, those combo meals train the customer to get, say, three items (burger, fries, and drink) rather than just a burger.
"Successful businesses understand their product or service is about more than the transaction; they are in the relationship business. People buy brands they know, like and trust.” - Paige Arnof-Fenn, founder and CEO of Mavens & Moguls
3. Improve Your Website
A cleaner, more renovated business website could help people buy more products or services from your company. Yamasaki says his company invested into the business by redesigning their website to make it more user-friendly.
“A seamless browsing and checkout experience can significantly reduce cart abandonment rates. We also introduced features like product reviews, detailed product descriptions, and high-quality images to give customers a clear idea of what they're purchasing,” Yamasaki says.
4. Create Community
Creating community around your brand can help build trust and increase sales.
“WeLoveDoodles isn't just an online store; it's a community," Yamasaki says. "We actively engage with our audience through social media, webinars, and even offline events. We've built brand loyalty by fostering a sense of community, which translates to repeat purchases and word-of-mouth referrals."
If your customers linger and gather at your place, whether in-person or online, they’re more likely to buy what you’re selling.
5. Present an Experience Offline
Similarly, Connor McNelis, a sales and marketing associate for Abracadabra NYC, a costume, magic and makeup store, says events can help drive sales.
“We [recently] held a meet-and-greet signing event for a feature film which had a massively successful worldwide release,” McNelis says. “This resulted in not only a huge amount of traffic to our store, but we saw profits throughout: customers who came to visit primarily for the signing would stay, browse, and end up leaving with purchases.”
6. Offer a Free Trial Period
A free trial period can help engage a new customer, eliminating the fear of buying something and hating it. Brian Hardesty, the owner of On Display Signs, a sign and graphics company headquartered in Louisville, Kentucky, says it can help fuel continued purchases.
“This strategy establishes the credibility of a brand,” he says.
Free trial periods may not increase sales like an actual discount might but can at least help earn sales from customers who are curious but hesitating to buy.
7. Fuel Word of Mouth
It can be hard to start a word-of-mouth campaign that truly takes off, but having a place on your website where people can review your business can be helpful, says Rand.
"This builds confidence and trust for customers trying a new product for the first time," Rand says. "This serves as social proof your product is authentic and reliable."
Some reviews can fulfil the role of a salesperson, like if a consumer can read a review to help determine what size of clothing to buy. Still, some people tend to leave reviews when they’re unsatisfied. But it may be something to consider, especially if you tend to get a lot of rave reviews from consumers.
8. Pay for Advertising
Paid advertising can be a worthy investment for your business. Linda Murray Bullard, the chief business strategist at LSMB Business Solutions in Chattanooga, Tennessee, says you can consider increasing your brand’s visibility in the places your target customers absorb information.
“There is a principle called the law of probability, which says the more people to see you, the more customers you will have,” says Bullard. "That [can] look like paid ads versus tagging 98 friends [on social media] – or fine tuning ads to target specific groups of people versus marketing to everyone,” Bullard says.
9. Sell More to Existing Customers
If you already have loyal customers, you can market your services and products to them to encourage them to buy more. You can start by aiming to improve the percentage of what they buy from you, says Vince Burruano, president of Vince Burruano Consulting Services, LLC., in Summerville, South Carolina.
“It's far easier to sell more to current customers than to find new customers,” Burruano says. “While a healthy business has a good mix of both, don't overlook your ability to increase your share of wallet with customers who are already buying from you.”
10. Think of Customers as People First
According to Paige Arnof-Fenn, founder and CEO of Mavens & Moguls, a global marketing consulting firm based in Cambridge, Massachusetts, it can help to prioritize customers as people and get creative in the ways you show them you care.
“I recommend considering thank you notes, gift certificates, tailored holiday gifts, phone calls, [or] tickets to exclusive events,” Arnof-Fenn says. “People really appreciate being recognized."
Loyalty programs may help to not only keep customers, but also increase their value, she says. Companies can make the customer experience a top priority.
"The goal is to build long-lasting relationships with the right customers,” Arnof-Fenn says. "Successful businesses understand their product or service is about more than the transaction; they are in the relationship business. People buy brands they know, like and trust.”
The Takeaway
New tactics can help you avoid discounting while increasing customer loyalty, brand trust, and ultimately, ongoing sales.
A version of this article was originally published on September 01, 2011.
Photo: Getty Images
