media update’s Nakedi Phala takes you through three tactics that you can add to your sales strategy in order to recover your revenue.
The whole purpose of driving sales is to make money from your products or services in order for your brand to survive. However, when your marketing strategy isn’t bringing in any profits, your business will have to go back to the drawing board.
Sometimes, the result of plummeting sales is not the result of a poor product or service; rather, it’s the way you pitched the sale to a consumer that made them say
“no thank you…”. From there, all you can do is watch them run off to get a product that serves the same purpose from your competitor.
But, fear not, we have three vital tips to share that will make consumers choose your brand time and time again!
Here are three ways to improve your sales strategy:
1. Move with the times and consumer demands
In South Africa, many brands are starting to utilise and promote diversity, inclusivity and tradition within their marketing tactics.
Why? Because they’re adapting and moving with the status quo.
Additionally, it’s important to be inclusive, promote diversity and tradition within your own team as well. Keeping your diverse audience in mind will help your sales team create more compelling and relatable sales pitches.
Brands
need to see things through the lens of the consumer in order to accomplish this. Think about it: What are your consumers’ daily lives
really like? What is affordable to
them? Why are they choosing the other brands over
yours? The answers you get to these types of reflective questions will help you to redefine your brand’s objectives in an effective way.
Here’s another example that will put things into perspective:
KFC is a global brand; however, did you know that the fast-food franchise’s menu in the United States is different from the one in South Africa? The KFC chain in our country had to adjust its menu to fit a local consumer by adjusting meals, such as the Streetwize that includes ‘pap’, a local maize meal dish.
Consumers are sometimes a challenge to segment, but if you listen to them, it might just be the thing you need to grow brand sales. Remember, a solution that works somewhere else might not work here. Find what works with
your prospective audience. Market research is key here, so find out exactly who your audience is before you start selling your brand’s products or services.
2. Sell your consumers a necessity
In order for a product to
sell, your audience has to be in need of it; you want your consumer to think it’s something they
cannot live without.
This can be done by promoting your product in such a way that allows audiences to believe that your offerings are a necessity, as opposed to a mere luxury. Essentially, a consumer is most likely to be attracted to a product that’s said to solve their problem or make their lives easier.
You can, do that, right? Of course, you can! Detail what makes your brand different, and answer the ‘why’ before it’s even asked. How do you do that? Well, let’s suppose you’re running a service that your competitors don’t deliver as fast as you do, without compromising on quality of course, This is something worth mentioning in your mission statement. Who doesn’t like convenience?
Take, for example, KFC’s latest ad showing a family having their meal in the dark. While enjoying their meal, the power comes back on. The ad is selling their product
(in this case, food cooked by a place with electricity) as a need, since South Africa is experiencing so many power outages lately.
Here’s KFC’s smart way of selling their chicken by turning a disaster into opportunity:
3. Price your products or services accordingly
When pricing a product or service, it’s important to consider production costs, VAT and overheads, amongst other things.
Once all those have been considered, you need to make a profit
too, right? But the amount you consider for your return on investment should not be driven by greed or by the urge to ‘make a quick buck’.
If the reason why consumers are no longer buying your product is because the prices are too high, conduct research, compare prices with your direct competitors or run a poll. Ask your loyal consumers what
they would deem to be a reasonable price. It is
vital in our day and age to allow your consumers to have a voice in your brand, no matter how soft or loud that voice is.
Take, for instance, McDonald’s: Around the year 2017, the franchise in South Africa decided to run a campaign that aimed to reduce prices for some of its meals in an attempt to keep the country’s audience in mind. This followed the call-out from its consumers that the popular Big Mac was too expensive.
To make a long story short, the price was successfully cut to a number that suited the brand and audience’s needs, and everyone was happy.
Take a look at the Twitter thread below for more:
It’s clear to see that making sales is about creating a clever strategy, and trying to understand what the consumer needs from your brand versus others.
Now that you’ve gained some insight on how to improve brand sales, what else do you consider to be beneficial to improving sales? Let us know in the comments section below.
As a marketer, you want your audience to be steered in the right direction, come next year, right? Find out Why social marketing is a need in 2021 to learn more.