4 ways to make your business more profitable in 2023
There’s never been a better time to sharpen your focus on sales. Rising inflation and a shaky sales climate mean that closing as many deals as possible this year is more important than ever before if you want to safeguard your business against whatever comes next.
But doing this doesn’t have to come from a place of panic. In fact, a strong clear sales strategy can help to take a lot of the stress out of a difficult time, and I strongly recommend you consider implementing these four approaches:
1) Be unique: Create a market dominating position
Make your business stand out from the crowd and help your prospects feel it’d be mad to buy from anyone else but you, regardless of price. Surprisingly, many businesses fail to do this and look exactly the same as their competitors. So their prospects are forced to shop price.
But you need to make it about more than just the dollar value. Your business has more to offer and you need your customers to know this. For example, imagine you and your key competitor are both selling a similar candle but yours retails for $50 and the competitor is flogging theirs for $35. Based purely on price, most customers would pick the cheaper option. But what if you made it clear that your candle is a far superior offering to the competitor’s as it’s made from 100% local and sustainable materials, including organic oils, and it’s produced by a small business in a regional area. Suddenly you’re appealing to your customer’s interest in quality and aligning with their values, and you’ll find they’re much more willing to pay a higher price for this.
2) Be irresistible: Present a powerful offer
Make your prospects an offer they simply can’t turn down. Be impossible to refuse, and don’t ever be boring or cliché. Customers are accustomed to constant sales pitches, so when your offer is a pedestrian “call me,” all they hear is “let me sell to you”, and they immediately switch off. Remember most prospects don’t buy until they’ve been exposed to your messaging 5-12 times. If you tell prospects to “call you”, they probably won’t. So how do you keep marketing to them?
The secret to effective marketing is to offer what most prospects truly want: Information.
We all know that content is king, and it’s a great way to build a relationship with your customer and ultimately land a sale. If you want a prospect’s details, ask for it in exchange for something they might find valuable. For example, on the website of your candle business, which attracts people interested in relaxation and wellbeing, you might ask customers to “Enter your first name and email in the box to the right, and I'll send you a 15-minute video with an effective morning meditation.” That offer is ZERO risk to a prospect, and it offers them something they truly want… a solution to their problem, as well as a connection to your business (especially if the video begins with lighting a candle to set the scene).
3) Be bold: Try down-selling
Consider offering an alternative product or service at a lower price. This one might seem a little risky but encouraging customers to start small can pay big dividends in the long run. Depending on the price of your product or service, an initial purchase may be a big decision for a new customer. So down-selling is a smart way to introduce them to your products or services.
For example, if the full-sized candles in your collection feel like a bit of an investment, try offering less expensive mini travel versions of your most popular products. Alternatively, if you sell a service such as coaching, you could offer a short masterclass to allow prospects to ‘test’ your style before committing to a full course.
4) Be collaborative: Form alliances and joint ventures (JVs)
Off the top of your head, how many JV partners could be a fit for what you sell? Would you believe I could identify more than a dozen for you? With this in mind, ask yourself: how many potential sales could you get if a dozen other businesses referred their customers to you?
This is different to word of mouth (another valuable tool). Here I’m talking about proactively seeking out partnerships with businesses or brands with which you align but don’t compete. It may be a paid JV (where you pay each other for leads) or simply mutual promotions.
For example, I love working with book-keepers and accountants as their goal is to ensure their clients finances are in their best state. Similarly, my job is also to help businesses increase their profitability by boosting revenue. There is a natural alignment there – with no direct competition – and they are happy recommending my services to their clients.
CTA: Want more tips like this or help identifying JV partners for your business? Book in with me for a free 30-minute consultation, during which I’ll give you more practical suggestions on ways you can boost your sales this year.