While you are willing to do anything you can to increase your sales, sometimes it is as simple as taking a step back and reviewing the foundation. Evaluating the very first detail a customer notices about your product-the brand-can increase your sales if you know who is aware of it and how they perceive it. Follow these guidelines to first evaluate your brand and then model it into one that sky-rockets sales.
Think Outside the Box
You want your product or services, as well as your brand, to be unique. Make your products or services superior to those of the competitors, so when customers hear your brand name, they know exactly what it offers. On the other hand, you do not want your brand to become generic. If you are Kleenex, you may cringe whenever someone refers to plain old tissue paper as Kleenex. Sales will increase when customers desire your brand because it is different than the competitors' product.
Evaluate What Your Customers Are Doing
While assessing your brand, it is important to evaluate your customers' decisions and how you can influence them. Knowing customer habits might inspire you to change one detail that could have astounding affects. Also, finding the right incentives to act upon could influence people to spend a little more money.
Find the Right Consumers
Repositioning your brand toward a larger target audience or toward an audience who might be willing to pay more could make or break your sales. Valvoline Oil created an oil that could last 7,000 miles, at a 5% cost increase. Customers who could not change their oil every 3,500 miles were willing to pay twice as much for oil that only cost 5% more to produce.
Utilize Those Strange Human Habits
What if changing one line of fine print could double your sales? A-1 Steak Sauce took advantage of the finding that people open their refrigerator 8 times for every 1 time they open the pantry. By adding the unnecessary instruction of "refrigerate after opening," consumers used and bought the steak sauce 8 times more than before.
Influence the Way Your Product is Sold
Basic economics says consumers respond to incentives. Adding an incentive onto your brand will increase sales. Pepsi convinced one restaurant after another to offer free refills of its product, which provided incentive for thirsty restaurant diners to consume more Pepsi.
Enhance Brand Credibility
When consumers hear your brand and think immediately of your superior products and services and your flawless business integrity, you will see a noticeable increase in sales. Even if you have a small customer base, providing high quality customer service will motivate your customers to suggest your services to friends and family. Suggestions from trusted sources will increase your brand credibility and ultimately your sales. Make the most of word of mouth advertising!
The first step in using your brand to increase sales is to evaluate where and how it is working and where and how it is not. By analyzing how consumers perceive the credibility and quality of your brand, what habits they have, and what incentives they have to use it, you will be able to make simple, cost effective changes that will increase your revenue.
Labels: Business Tips