Double Your Sales in Four Weeks – Week 2

Four Week Program to Double Your Sales

Double Your Sales. Image courtesy of FreeDigitalPhotos.net

You can double your sales without knowing you’ve done it and it will feel great.  However, so much better to know that you’ve achieved the result you set out to achieve.  That’s why the first part of this four part series was dedicated to putting in place some simple measures of your sales success and getting a baseline measurement started.

As mentioned already, just doing this alone can improve your sales.  It’s remarkable, but true.  But now we’ll look at some specific strategies to grow your sales.

We’re not going to start with marketing for lead generation though.  It’s relatively costly – on average it costs 4 to 8 times more to get new customers than it does to get an old customer to buy from you again.  So this is where we’re going to start.

Week 2: Improve Your Current Customer Base

Weed Out Bad Clients

Contrary to popular belief, it is sometimes advantageous to lose customers if the business owner deliberately orchestrates the loss. Prioritizing the kinds of customers a business prefers to have makes it possible to eliminate those who create unnecessary headaches and detract from better serving other, more valuable customers. And it also allows a company to focus on attracting those desirable customers who represent the bulk of the business and contribute most to the profits.  Losing those who are a liability – for example, the five or ten percent who are the worst customers – is actually an asset that can help increase the number of customers in the profitable database.

Cater to the Best Clients

Identify who the best customers are by applying the “80-20” rule which states that 80 percent of a company’s business comes from 20 percent of its customers. Treat those customers particularly well and invest extra energy in satisfying their needs while extending service above and beyond the call of duty. They form the core of the customer base, and by cultivating them it is possible to create more customers who are similarly extraordinary, loyal, and lucrative. Birds of a feather flock together and the needs of the best customers will always be the same as the needs of the best potential customers the organization is trying to attract. Learn to cater to those needs and those kinds of clients. Then the customer base and net profits will grow automatically in a healthy and more rewarding direction.

Understand your Customers Needs and Educate Them

One of the easiest ways to increase your business is to concentrate on the customers already in the database. This kind of conversion is often just as lucrative – but far less expensive – than trying to drum up business from cold-calling those who have never stepped foot in the store. By up-selling or cross-selling, for example –profits can multiply in a variety of ways and across a number of different directions or product lines. Sell a customer a premium version of the standard item they are already buying and it turns a mediocre customer into a top-tier one. Introduce them to other products in the lineup or convince them to purchase other services and it is just as good as landing a new customer.

For those customers who are on a limited budget or have other considerations that may be keeping them away, try a down-selling approach. If they can buy a less expensive item instead of leaving to go buy it from a competitor, it has the same bottom line effect as recruiting a brand new customer. Eventually – thanks to the savings they make by doing business at a price point that is within their means – they may upgrade or expand their purchases to become a more valuable and lucrative customer over time.

Preview of Week 3

Having weeded out your worst customers and identified your best, it’s time to reward them and focus on giving your customers the best experience possible.  Now that you’re spending less time dealing with problem customers that create the most hassles for you and your staff, you’ll have more time and resources to spend on your best customers.  It’s time to up the ante on your customer service levels.  Even if you’re doing great, week 3 will help you identify ways to do even better.

About The Author

Gareth Shackleton

Fewer than 4% of businesses in the UK break through to achieve turnover in excess of £1 million and the majority of SMEs around today won't be in 5 years time. That's not the future most business owners and entrepreneurs expect. There are many reasons, but one of them is that few entrepreneurs train to run a business. With over 20 years experience in business, Gareth is a certified business coach with ActionCOACH, the world’s number 1 business coaching organisation. We guarantee a business re-education to help you achieve your dreams.