Save Your Business in 60 Days: Increasing Sales — Part 2

1. Focus on Winning Areas

  • Increase prices — Raise prices between 2x-4x to amplify premium existing customers. Inevitably, low-value customers will fall away allowing you to optimize your short-term sales efforts.
  • Cross-sell — Encourage your customers to make purchases that complement your primary offering, increasing their total bill (e.g., A jeans company encouraging customers to purchase a belt at check-out).
  • Upsell — Provide upgrades to your primary offering — this can simply be more of your primary offering or an integration that improves the customer’s experience (e.g., Dropbox allows upgrades to more cloud storage for a higher price).
  • Adjust your pricing model — Provide a pricing model that creates a low barrier to entry, and a higher-valued engagement (e.g. Stitch Fix uses a monthly clothing subscription to lock in recurring sales. Note that this does not necessarily mean “low prices”, as this is often hard to sustain).
  • Provide rewards — Acknowledge customer loyalty to create a vital link between your offering and your customers, which increases customer satisfaction and sales (e.g., Airline “frequent-flyer” status grants the customer early boarding).
  • Request payments upfront — Ask customers to pay you upfront for services (e.g., A SaaS company asking for annual payments in advance. Note that this may only improve short-term cash flow and not necessarily overall revenue).

2. Sell via New Distribution Channels

  • Sell differently — Deliver your offering through another method digitally or in-person, while keeping the offering’s foundation the same to reduce operational friction (e.g., A brick-and-mortar restaurant could begin selling through delivery apps).
  • Establish partnerships — Collaborate with related companies to sell your offering to primary customers during their ordinary course of business — which works best when mutually beneficial (e.g., A brownie company partnering with a coffee shop to sell their desserts at check-out. Note that in times of financial hardship, do not chase partnerships with longer than 2 weeks lead time).

3. Sell to New Customers

  • Ask for referrals — Ask your strongest existing customers for introductions to new customers. Your existing customers bring warm leads, and often close sales faster than many sales teams (e.g., A yoga instructor asking their best customers to bring a friend to class).
  • Reach a new market — Find new customers with attributes closely affiliated with your primary customers (e.g., A neck brace company targeting physical therapy centers, if their primary customers were previously hospitals).
  • Alternative revenue — If you own or lease your physical space, rent out the unused space for meetings and events to generate additional income (e.g., A law firm using Breather or EVENTup to rent out its conference rooms on the weekends).

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Kaego Ogbechie Rust

Kaego Ogbechie Rust

CEO at KHOR Consulting, helping companies build business plans, pitch decks, and streamline their operations. Email: kaego@khorconsulting.com