5 Ways to Increase Sales in an Economic Downturn
By Chris Ronson
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In the current economic climate, many businesses are experiencing their lowest sales figures ever. Profit margins are dropping due to necessary price reductions and many small businesses are facing the possibility of bankruptcy and closure.
However the majority of people are still spending money, they are just more conscious about what they spend their money on. The question to ask is “How do I get them to purchase from me?” Here are 5 things that you can do to increase your sales even in an economic downturn:
1. Make an Offer
Creating an offer for your clients doesn’t always mean a drop in prices. If you have a high ticket item, why not offer a free gift that may help to increase attention such as a night’s stay in a local hotel/spa? Chances are the cost to your business would be around €100, but what is the value to your potential clients? Maybe this could be the perfect getaway for an evening, or perhaps a bit of much needed stress relief?
2. Build Better Rapport
Building rapport with your clients is essential and all it involves is creating a trust between you. When dealing with clients, find out exactly what they need and make every effort to satisfy their needs with an appropriate product/service. If a client knows that you have done everything to make sure they get exactly what they need, they will trust you and they will buy!
3. Handle Objections
If a customer gives you an objection such as “That’s too expensive”, keep in mind that they are not saying no to buying, they are just looking for more information before they do. Don’t get defensive when faced with objections, but use the situation as a further rapport builder. Use a sentence such as “I understand how you feel, I felt the same way before I chose to purchase this item, but here is what I found….” Go on to list the benefits of the item from here.
4. Give a Guarantee
A guarantee of satisfaction is used to take away fear from a purchase, making it more risk-free for your clients and have a positive affect on their buying decision. When creating a guarantee, keep in mind that it doesn’t have to be on a money-back basis. If you provide a service and have an unsatisfied client, offer them an extended period of service for free in which you will attempt to satisfy their needs and keep them as a positive referral for your business.
5. Close Correctly
Make sure you are speaking to the decision-maker and handle any remaining objections, asking any questions making certain your product/service satisfies the clients’ needs. Take payment immediately or a deposit ensuring they will complete the sale. Be ethical. If they are buying something that will be no benefit to them, tell them, and send them somewhere that may be of better assistance. Being honest will build trust and they will return to you at a later date.
Written By:
Chris Ronson
Training & Mentoring
Chris has produced several articles, eBooks and an e-Course that he offers free of charge as well as giving a complimentary coaching or mentoring session to anyone who is motivated to increase sales in their business so that they can personally experience the positive benefits that this can offer.
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