When it comes to generating more sales for your business, there’s no shortage of strategies and tactics to try. However, be wise when choosing, as some have the power to not only waste your valuable resources, but damage your business in the process. So, how do you choose the best option, especially if cold calling or slashing prices aren’t your thing?
In this episode, Adam shares three tips to increase sales without discounting or damaging your brand, business or reputation in the industry, while keeping long-term revenue in mind.
- Adam’s objections with cold calling and slashing prices
- Countdown timers on your website: good or bad strategy?
- How frequent sales can damage your long-term sales
- Ways to get creative when planning promotional events
- How to get the most out of using scarcity and exclusivity
- What to do when your competitors are running discounts
- The psychology behind reciprocity and why it works to increase sales
- A must-have powerful tool to keep in your marketing toolbox
- How and when to implement a rewards campaign into your strategy
- Why you should track, measure, and monitor your rewards campaign and what to look for
- Cold calling: loss of power balance, gives off a “needy” impression, interrupts someone’s day.
- Slashing prices/frequent sales: devalues your offer, destroys profit margins, trains your customers to wait for the next sale rather than purchase immediately.
- Takes advantage of the psychological principle of scarcity
- Create an event around your product, service or business
- Allows you to ethically and honestly put a real deadline on your promotion.
- If using a countdown timer on your website, use a real timer like Deadline Funnel.
- Gives you creative liberty to promote, advertise, and spread the word.
- Pair event with something relevant and meaningful to your business or industry.
- Takes advantage of the psychological principle of exclusivity.
- Provide an additional product, service or benefit worth 20% more rather than offering a 20% discount.
- Can be tied in with an event to help include the scarcity factor.
- Gives feeling of exclusivity if upgrade is limited to a select few, those who purchase a select product or at a select time.
- Consider upgrading if competitors are running discounts.
- Takes advantage of the psychological principle of reciprocity.
- Says “thank you” and promotes new sales
- Can be offered with no requirement or stated expectation of purchase
- Instills an element of reciprocity in the receiver to feel out of balance until favor is returned.
- Use with frequent or loyal customers
- Or test strategy on new cold traffic
- Track, measure, monitor – Ensure campaign is ROI positive over 30, 60, 90 days
“Long-term brand value shouldn’t be jeopardized just to make a few short-term sales. Especially when you have so many better options available.”