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For example, linking customer records to your accounting system makes it easier to see how profitable different customers are. Analysing your customers allows you to identify those who best fit your business priorities. These will depend on your strategy - for example, if you are launching a new product your aim might be to build sales as quickly as possible, whereas if you have cash flow problems you might value customers who pay quickly.

However, most businesses want customers who are as profitable as possible. Customers tend to be more profitable if they:. By analysing your records you can assess how profitable each customer is. In some businesses, just a few customers are responsible for almost all the profits. Some of your largest customers might be among your least profitable. You may even find that there are some customers you would be better off without. You should also try to look ahead.

For example, a business customer that is expanding might become more profitable for you in the future. It's important to anticipate changes and how they might affect different customers.

Looking after your customers helps build customer loyalty. Selling more to existing customers can be far more cost-effective and profitable than finding new ones. However, you will still need to divide your time up between finding new customers and selling more to existing ones depending on your business. Technology can help you improve the service you offer. For example, you might be able to let customers track deliveries through your delivery company's website.

You can use your website to provide useful information, such as product details or instruction manuals. Also, ensure that staff are given adequate customer service training - they can make or break your reputation with customers. For more information, see our guide on how to manage your customer care. Understanding your customers lets you tailor your marketing to different segments. You can ensure that each customer gets the right marketing messages, at the right time.

Advertising and other promotions can be more effective if they are targeted. This also affects the type of media you use. For example, if you market to year olds, you might consider marketing via text messaging, using "viral" emails or by sponsoring music events. Viral marketing or "refer-a-friend" email campaigns allow people to forward on promotional emails to friends, thereby increasing market reach for your business.

But remember you must comply with privacy and e-commerce rules for emails and texting. You can also sell more effectively. Understanding your customers helps you see which of their needs your product can satisfy. You may, for example, be able to up-sell, explaining why a higher priced product would suit them better.

You may also find opportunities to cross-sell other products that fit their profile. For example, if you know why they are buying a particular product, you can tell which other products they may also need. Technology can help automate some of these processes. For example, you can set up different mailshots or emails to go to different customer segments. E-commerce software can allow you to offer discounts to particular customer groups, or send selected customers "e-coupons" to use in your online store. An important part of effective marketing is customer service.

See the page in this guide on how to enhance the customer experience. Understanding who your most valuable customers are helps focus your efforts to find new customers. Often, the most effective approach is to look for similar prospects. At the same time, diversification is important. It's risky relying too heavily on just a few key customers. Even if you have many customers, it's risky if they are too similar.

A change in circumstances could mean that all of them reduce their purchases at the same time — e. Make sure that you are able to connect emotionally with customers by addressing those needs. What needs do they have? Do they have families? Once you have an idea of your customers in mind, think about how your product can help them meet their needs or reach their desires. Practice breaking the ice with customers.

If you are working in direct sales, the way you connect with people is critical. Instead of asking the close-ended question "May I help you? Or a gift for someone special? For instance, if you are in clothing retail, you might say: Have you ever been to one? Convert the customer's motivations into the product's characteristics. In marketing, this is known as "positioning," and it consists of equating the product with the customer's hopes and desires. A number of factors are important when positioning a product [11]: Position the product in the best spectrum of the market possible.

Position the facts about the product according to the person you're selling it to. You may have a handful of different facts, but it's up to your skill to know which of those facts best serve each individual sale.

Don't fudge facts or lie outright. Product positioning is about perception, not deception. Position the facts so that they transcend the product itself. This means that the desirable, positive values associated with the product are what sell it. Companies that excel at this include Coca-Cola, Apple, and many designer goods or labels. For instance, if you are trying to sell a relatively high-end minivan to a wealthy older person, you might mention its luxurious features.

Do this by saying things like: For example, you could say things like: It also folds down when you need room for hauling groceries, sporting gear, and things like that. And did I mention that side air bags and anti-lock brakes come standard? Be honest about your product. Long-term lovers of your product will only come about if you've been honest with them. This means being transparent in your delivery of product information and also admitting your own lack of knowledge or mistakes you've made.

Don't be afraid of honesty; it builds trust. Make sure customers know they can come back to you later if they have questions or concerns. For instance, if you are trying to sell a sports car to customer who eventually tells you that he has five young children who he drives to school everyday, you could say something like: There are many styles and methods of closing a sale, but one of the most effective has the mnemonic, ABC: Will this meet your needs? Give customers time to consider.

Appearing overly pushy is a turn-off for many buyers. Let them do so with your enthusiastic and supportive pitch in mind. If you've been truthful, helpful, considerate, and enthusiastic, and the information you've given them matches with what they read online, they are likely to come back to your product. Sometimes, it pays to let your customers take the lead.

Give them time to consider, and keep quiet while they do. Only offer more information when they request it. If you are working in a store or on site, make sure customers will know how to find you again especially if you will be moving around. Make sure to tell customers something like "I'll be right here at the counter if you need me," or "Just ask any sales associate to page me if you have any questions. Slip the customer your business card or other contact information and say something: If you think a customer is close to buying, stay nearby without being intrusive.

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The last thing you want is for a potential buyer to decide to purchase and then be unable to find you. Method 2 Quiz True or False: Familiarize yourself with all aspects that feed into the end sale of a product. As an owner salesperson, that is, one who owns the business that is selling the product, you have the ability to affect more than just the interaction with buyers.

In addition to the strategies mentioned in the rest of this article, you can also use other functions to improve your sales. Advertising, merchandising, and marketing are support functions for sales. Read basic texts on marketing. These will inform you about many of the tactics and techniques underlying advertising, merchandising, and marketing.

It is important to make your product information available through as many channels as possible. Today, the range of potential placements has increased a great deal thanks to the advances in communications. Give your potential buyers many possible places to find out more about your product in numerous ways, such as: Word-of-mouth Advertising radio, TV, print, email, social media, online ads, etc. Sales representatives Trade shows Conferences Cold call sales Product placement in movies, sports, etc.

Local community events for instance, donating a product to a local benefit auction will draw attention to your product and serve a good cause [17] [18]. Review your sales performance. Is the product selling well? Is stock low or high? How are your competitors performing? Being able to answer these questions will help you maximize your sales, and keep growth steady. Troubleshoot sales, if necessary. If you are not selling well, you will need to enter problem-solving mode.

1. Increasing penetration

Improving your sales will involve reassessing your product, customer base, and marketing. If customers hear the same sales routine over and over again, or see the same display month in and month out, your product might start to seem irrelevant. Consider deleting a product from your line if it is not selling well. Stock can be sold at discounted prices to liquidate it. Review your target market and sharpen your sales focus. Your buyers might be changing, and you will want to keep up with them, or else find a new market.

Re-evaluate the product design, distribution, packaging, etc. Keep an eye on key trends in your market, such as changes in buying patterns and the activities of competitors. Decide which customers in particular you want to target Be clear how much each potential customer is worth to you. This allows you to determine the time and effort you should put into selling to each one. Aim to focus most of your efforts on customers who will provide the most profitable business. Only sell at a loss when the deal will bring in more and profitable business from that customer in the long term or could attract new business from others.

Ensure you are clear about your unique selling proposition USP Your USP is the unique customer value that your offering can bring and is why customers buy from you rather than your competitors. Offering the lowest price for your product or service can be a USP, but it is dangerous to compete on price alone.

Decide which sales methods to use A mixture of methods might well be appropriate. Direct sales methods include face-to-face, direct mail, telesales and ecommerce. Selling face-to-face is best for high-value sales and for complex products or services that require demonstration or explanation. Direct mail, telesales and ecommerce are more cost-effective options, especially for lower-value products.

You might use an intermediary, such as a retailer or wholesaler, to enable you to sell goods to individual consumers. In this case, you will need to focus your sales efforts on selling to the intermediary. If you want to sell your product or service overseas, you might wish to consider using a sales agent. Establish your sales forecasts Map out monthly sales targets for the year ahead. Try not to be over-optimistic. Initial sales of a new or untested product or service may take longer than expected.

Monitoring actual performance against your forecasts can help you identify potential problems and areas for improvement. Remember the importance of generating repeat business It is far cheaper to sell to existing customers than to generate new business.