Over the next decade, the
attention economy will only continue to grow. As a company, even if you have a
stellar product, it can be hard to find new customers. That's because marketing
is continuing to evolve, and consumers expect more and more from the brands
Although your company may
run social marketing and brand awareness campaigns, that doesn't mean that the
leads you get will turn into sales. One reason is that the market is saturated,
with more than seven million advertisers on Facebook in Q3 of 2019.
So, how can you improve
your company's sales? Some methods can help yield better results. Here are five
1. Be the solution
should understand how you solve the problem that they have. There are two ways
in which you can communicate this more clearly. One is to make sure your unique
selling point (USP) is easily identifiable. The other is to, in a succinct and
easily digestible way, define the problem and show how you solve it. Clarity
and simplicity of your brand and how it impacts potential customers’ daily
lives can really affect your sales results.
2. Re-activate existing customers
Often when we think of ways to drive sales, we focus on trying to acquire new customers. But one of the best ways to increase sales is to focus on existing customers. People who have already shown interest in your brand by making a purchase are much more likely to make a repeat purchase or one for a higher amount than a person who has never bought anything from you. It's estimated that 80% of profits come from 20% of current customers.
Even people who have an
affinity for your company will forget about you because of the sheer amount of
information and ads they are served daily. Consider ways to reach them and get
them excited about your company again. Try to offer a discount or other
incentive to return and make a purchase.
3. Run social drip campaigns
Even though social
marketing efforts can feel ineffective, there are real ways to find new
customers online. It can feel overwhelming when you're trying to dial in your
social efforts. But if you focus on creating a timeline for new people touching
your brand you can turn them into customers.
The key is to take advantage of the different types of campaigns that you are able to run. Focus on sharing information with new leads and work to slowly lead them to a conversion. Although an estimated 68% of companies do not focus on lead nurturing, the ones that do see an increase in sales by 15% or more.
You should always start
with a brand awareness campaign. During this time, your focus should be simply
on introducing potential customers to your brand and your company's core
values. During this stage, you can also show ways that your company provides a
solution for problems in potential customers’ everyday lives.
Once you've run this
campaign, you will have a group of people who interacted with your content.
With this audience, you can then go back and re-target them. Again, you
shouldn't try to make a sale. Instead, offer them value: a free gift, a
discount on a purchase, something that will make them feel special. Once this
step is done and you can see who has interacted with your content (or clicked
through to your store), you can then go back and try to sell directly.
Be patient during this phase and, also, note that customer acquisition cost (CAC) varies by industry. Travel has a low CAC of around $7, but in telecommunications, this number is around $315.
4. Re-identify your ideal customer
Maybe your company has
pivoted slightly from your initial purpose, or you are preparing to launch a
new product. The ideal customer might change over time, so you need to make
sure your efforts are aimed at the right person or group of people. Think about
what it is you're trying to sell and who specifically would benefit from your
good or service.
5. Consider pricing
With so many brands in the marketplace, staying on top of competitive pricing can help drive sales. Whatever you're selling, there's a good chance that there is someone else selling a product or service similar to yours. Customers are savvy and 65% of customers look for price comparisons while shopping to find the best deal. Unless your brand has figured out how to stand out as superior to competitors, you'll need to price competitively so that customers choose you when they are making decisions.