You have started up, and have already launched your product in the market. Unfortunately, the sales revenue is not as high as you thought it would be. There are many sales leads, yet you are not able to convert most of them. The days of struggling are finally over. Let us give you 4 secrets that would help you boost your sales revenue:
a. Find the right medium of communication: Dollar Shave Club (DSC) was launched through a cheeky video starring its CEO, Mr. Michael Dubin who took audience on a walk through their warehouse while poking fun at annoyances every shaver faces due to the existing razors in the market. The video went viral and helped DSC to grow to over 1.1 million subscribers, and eventually led to a 1 billion USD acquisition by Unilever.
What helped DSC was that they were able to find the issues that their customers were facing, and through an interactive medium were able to show how their product is the cure for all their issues.
In the digital age, it becomes essential to target your customers through the right channel. If your customers are well-educated youth, then it would not help the company much if your preferred mode of communication is television since more and more youth are spending time on digital media.
Also, it helps a brand when it communicates often with its customers, however, frequent posts with bland content would not help. Give your customers something to talk about, something for which they will remember your brand. Remember that word-of-mouth advertising not only increases the sales revenue, but is also a free medium of branding.
b. Find out why customers are not buying: When AirBnB founders saw that the sales is not increasing even though the site had a lot of traffic, they asked their customers what was wrong by doing a proper market research. It helped them to find that people do not trust the listed properties when photo quality of the property is horrible. This led them to hire a professional photographer to click high-resolution photographs of all their listed properties. It not only helped to increase the number of customer conversions, but also helped to build a trust among the customers as they knew that hired photographers have already visited the listed property, and thus it exists.
Thus, it is essential to find out why the sales are low, and how can you solve the problem in an innovative and efficient manner.
c. What is your brand positioning: It is very important to get your brand positioning right. When OnePlus launched OnePlus One, they created a hype in the market through their amazing marketing campaigns, and the slogan “Never Settle”, and thus positioned their phone as the one with amazing specifications and yet cheaper than the high-end phones in the market. Further, with their ‘invite only’ policy and ‘ladies first’ campaign, they were able to create a unique place in the customers’ mind.
On the other hand, we see the failed positioning of Tata Nano which was not able to do well in the market even though the product was good, and was the cheapest car in the market. The downfall of the product was the same tag ‘cheapest car in the market’. For Indian consumers, a car is still an aspirational product, and a car’s utility is often a secondary thing for the first-time car buyers. Thus, the whole positioning of the brand was faulty, leading to Tata Nano’s failure.
Based on the two examples, it becomes necessary to position your product properly. However, positioning would not help if the product does not fulfill the customers’ expectations. After all, OnePlus did amazingly well not only because of their awesome marketing campaigns, but also because of the amazing product that they had created.
d. Want vs need: Let us take an example of Apple iPhone here. Do you think iPhone is a want or a need? I know many of you would find it hard to stay without your iPhone, yet it is not essential for survival, so iPhone is definitely a need. Then, how is Apple able to create such a hype when it launches a new iPhone, or why do people go gaga over the iPhones, and why is it considered a premium product? It is all because of the way Apple created the world’s first smartphone, and were able to target the consumers in a manner that they had to see what the fuss is about. Mr. Steve Jobs had announced about the new phone 2 years before its launch, and there were articles, newspaper advertisements, interviews for the whole 2 years before the launch. Further, the product was kept a secret, and there were very few people who knew what was coming. All this helped Apple to create awareness about the new phone, and eventually helped them to sell over 3 million devices within a few months of the first iPhone’s launch.
Thus, it all comes down to your marketing strategy, the channel you will use, and how will you make the customers feel that using your product is essential for survival.
These are some of our views as to how to increase the sales revenue. For any comments or queries, please mail us at email@example.com
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