The objective of marketing is to increase awareness and sales for your product. To effectively market your product or service, you need to clearly define a strategy. However, it can be challenging to devote as much time to do marketing as you need to and to market more efficiently. So, here is the 6 marketing strategies that help to boost your sales.
1. Expand Your Distribution Channels
Changing where you sell your product can significantly boost your sales and revenues. Selling on different marketplaces such as Amazon, eBay, or Lazada can give you different profit margins even though you are selling with the same price, it is because they apply different fees and commission scheme Therefore, by doing a careful study of different marketplaces can affect your sales volumes, profit margins and total profits.
2.Review Your Pricing Strategies
If your product or service is price sensitive, pay special attention to your pricing strategies. Find out what your competitor’s price. A little price difference can make a BIG impact because the market is very competitive.
Do you follow up with your customers after they have made purchases? Getting reviews from customer is very important especially when you are new in the market. Besides that, by rewarding customers for their loyalty is a great way to build relationships and earn more sales. Send new customers a special gift, such as a 5% off voucher, to encourage them to purchase from you again.
4.Confirm your Competitors
Make sure you’re clear on what makes you different from your competitors. Talk to some of your customers and find out why they chose to buy from you and what could make them switch teams and buy from your competitors instead.
5.Diversify Your Offerings
You might need to replace old products with new ones or repackaging your products. For example, Christmas or Valentine’s Gift Package.