Insight

10 ways to increase turnover

Published on July 7, 2015

 

 

Sell more to existing customers

Sounds fatuous, of course. But it’s surprising how often a current customer is not aware of the full range of products and services of a supplier, particularly where product portfolios are evolving.

Retrieve lapsed customers

Find out why they deserted you. Entice them back. Make sure you address any negative feedback though.

Review sales prices

Compare to the competition. Consider when they were last revised. Experiment with some time-limited promotions to see whether discounts will result in additional cash margin.

Review sales discounts

Sales staff are often very cavalier giving discounts away, sometimes unnecessarily. It makes their life easier and the impact on their commission is negligible.

Review sales commission schemes

Apply the adage ‘what gets measured gets done’ and its corollary, ‘what doesn’t get measures doesn’t get done’. Odds-on that some digging will identify sales behaviour other than what was intended, usually to the detriment of the business.

Analyse, analyse

Which products are performing (and which are not)? How has that changed over time and why? Which staff are performance the best and worst?

Increase sales with bundles

A real-life example: the business sold fruit trees. Things were OK but not great. Until the idea of a care-bundle was conceived. To make sure the tree delivers a proper crop, the bundle comprised a root-boosting fertiliser, a stake plus strap and an animal guard. The individual components of the bundle were soon out of stock, having previously sat on the shelves for an age.

Sales lead conversion rates

Do you know what they are? Do you know how they differ across the sales team? Is there capacity in the sales team to process more leads?

Closing the sale

Study ‘close’ rates on sales. Is there a training need? Or do some sales staff need replacing?

Internet

Make the most of the internet.