By: Ana Margarita Olar | Executivechronicles.com
In business, there is a thing called blue waters and red waters. There are companies who can expand into new blue waters. They create new products which had never existed before.
Red waters are business areas which have a lot of competition because the products are all the same. Most of the companies are in red waters. But it doesn’t mean that you will let yourself lose the competitions.
Here are some tips to increase your sales even when you have many competitors.
BE DISTINCTIVE IN YOUR BRANDING
Even if you have the same product with your competitor, you have to keep in mind: no two businesses are exactly alike. There is not a single business that can answer to all the needs of the customers. One way to increase your sales is to communicate your own USP (Unique Selling Proposition). What does your business stand for? What can you offer that others don’t have? What is special about your product?
YOU HAVE TO CREATE AN ADVANTAGE BEFORE YOU CAN COMPETE
Focus on quality, price and service. You can increase your sales and beat the competition by offering products and services with superior quality. You can also do this by offering reasonable prices or by an excellent customer service.
A customer could spend a little more for a superior quality and an excellent service.
BEWARE OF UNDER-PRICING
You may think that offering a lower price can make you increase your sales. But it may not always work. Your competitor can also cut their price until you both lose profit in doing so.
What you can do is make your customer feel that they are having the best when they buy your product. Increase your sales through excellent customer services. Make them feel that they are getting premium items when they choose your products.
CREATE A CUSTOMER DATABASE
It is challenging to earn the customer’s loyalty. But when you do, it is easier to provide services to loyal customers than to get a new customer to buy your product.
To increase your sales, focus your effort on convincing old customers to repurchase. Yes, it is nice to have new customers to sell your product. But it takes the minimum effort and the maximum effect if you have loyal customers.
This is another great idea to increase your sales. Offer something of value to customers when they buy your product. It may be small things such as a free eraser for every set of pencils, or a free pouch for every purchase of feminine hygiene products, etc.
Try these five tips to increase your sales. Remember, competitions are everywhere. It is great to improve your product. But you also need to focus on improving your marketing skills to sell that product.