By: Christina Nguyen
You’ve probably heard the saying, “it takes spending money to make money.” This is undoubtedly applicable to business, especially sales. However, many of us business owners are sailing in unstable waters, so it’s understandable if you’d prefer to play your spending on the safer side.
However, being fiscally responsible doesn’t mean you can’t improve your sales strategies at all. Sometimes, generating a higher return on investment doesn’t necessarily mean investing significantly more. It can just mean tweaking what you’re currently investing in. Here are some ways you can modify your sales strategies to drive revenue without having to hire a new team, seek new customers or break the bank:
Identify your highest-performing accounts
Instead of primarily focusing on getting more deals at the beginning of your pipeline, you can focus on nourishing your existing potential clients. This can include identifying the accounts with the highest potential to close along with which of these promising accounts will make the most impact on your finances. Outline an action plan and the resources needed to properly secure these deals.
If your budget allows for it, consider investing in quality data visualization tools to help you predict sales outcomes. A few easy-to-use data visualization tools popular with small businesses include Zoho Analytics, SAS Visual Analytics, and Klipfolio.
Re-evaluate your tools
Although a quality data visualization tool will always be handy in sales, many tools you’re using might not be. Take a hard look at the tools your sales team is using and identify any overlaps in functionality. First, identify what tools you’re better off not paying for, such as tools that lack unique functions, tools that are hard to use or tools that just aren’t worth the price you’re paying. Cutting down on applications can reduce the time your reps switch between programs, which will improve overall efficiency.
Make sure your digital presence is solid
No matter how unstable the economy is, your customer satisfaction can always stay stable. One profound way to keep your customers happy is by ensuring your digital presence is polished and updated. Be sure to look at your website (including the mobile version!), social media presence and reviews. You don’t have to break the bank by redesigning your entire website or mobile app — at least have it reviewed for bugs and potential unsatisfactory user experience issues. Statistics say that customers often actually abandon digital products that are too difficult to use so by improving your digital user experience, it can improve your profits.
Don’t forget your user-generated digital presence — your reviews! While you can’t control who posts a review, you can control how you respond. Responding graciously to even the most scathing of dissatisfied reviews can show many customers your wholesome values.
Find opportunities for cross-selling
You might have received offers from your internet provider about purchasing their TV or streaming services. Even if you’ve adamantly turned them down, some of their other customers aren’t, increasing the company’s profits without any further outreach to new customers.
Cross-selling may take some additional time and resources, but can be less financially and emotionally laborious than seeking new customers — or creating new products or services to offer. After all, you’re working with customers you’re already familiar with and who already know and value what you have to offer. The least time-consuming way to cross-sell is to do so while you’re directly in contact with your customers, such as when they walk into your store or when you’re in a virtual meeting to close a software implementation deal.
Of course, effective human-centric cross-selling should be focused on each customer’s unique needs. Take your time to get to know why each client is utilizing what they’re purchasing from you and identify what else from your business can also provide them with additional value.
Follow up on your emails more often
Hiring another salesperson in a store might be a bit of a financial stretch, but emails don’t require as much energy to manage. Be sure you are sending follow-ups to your email marketing. While you may not be able to change everyone’s minds, you can at least remind them of your unique value. Your customers probably hear from competitors every day, so an extra email can further ensure a prospective or current customer sees your message and gives you a chance to reiterate your value.
Improve your social media customer service
If you already have a social media team, see if they have the bandwidth to step up their customer service duties. Social media customer service generally means responding to customer inquiries and concerns that are posted on social media, especially in the comment section of your social media page. This can include complaints about how a certain product doesn’t work or that a salesperson was rude. Addressing such issues directly on social media can both lessen the load on your customer service reps and improve customer spending.
What tips do you have for improving sales by leveraging your existing resources? Feel free to let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan, and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help businesses grow. By creating customized solutions, we empower businesses and entrepreneurs with the tools to further their development.
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