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Tips to add more Dollars to your Company Balance Sheets

Date of Posting : June 28, 2020

Running a business is all about ensuring your profits grow along with the sales chart, validating the success of your business. But to ensure that your sales chart go up constantly is certainly not an easy task. With competing brands offering similar products at about the same prices, you need to implement better sales techniques to keep on adding more dollars to your company balance sheets. Explained below are some of the ways that you can implement to attain better sales and increase your business profit.

Offer Discounts One of the most important aspects of a product, according to customers, is its price. If a new customer has to choose between two similar products, they always pick the one which costs less.
Here are some discounts you can offer to attract new customers and to retain the existing ones:

Seasonal Discounts Consider decreasing the prices of certain products as seasonal discounts. Just like clothing brands clear their summer collections with high discounts before the winter stocks arrive, or when electronics and home furnishing stores offer great deals and discounts during the holiday season.

Combo Discounts Bundle up products that are used together and sell them at prices lower than what their combined separate prices would be. A good example here would be “value packs”, usually offered by FMCG brands.

New Launch Discounts When launching a new product, a business can sell it for a lower price than similar products from competing brands. This attracts people and when they become loyal customers you can sell the product for the same price as the other brands without having a severely bad effect on your company’s sales.

Add Extra Services and Products Nothing attracts a customer like the word: “Free”. You can offer any additional service or product with your existing products to get more attention from the customers than your competition.

Free Products In a deal where you offer a free product with your existing product, ensure that the profit of the combined deal covers the free product’s price to add more dollars to your business accounts.

Free Service and Repairs Another interesting way to attract more customers is to offer free repair and service on your products. When you increase the customers’ trust in your products, they choose you for their next requirements as well. This also makes sure that your old buyers feel included and refer you to their friends and family.

Take Risks To make sure that your business keeps moving forward, you have to keep moving forward too. Come out of your comfort zone and take risks. You must experiment and take new steps that make you more apparent in the crowd of sellers. Some of the ways you can try this include:

  • Cross-company Collaboration You can collaborate with other companies and brands to sell products that will yield a mutual profit.

  • Keep Regulating Prices Increasing and decreasing your prices at regular times may up your profits significantly. While decreased prices attract more customers, a small increase in price, if done right, yields more profits without compromising on the sales.

  • Increase Market Area Increasing your sales area, especially to places untouched by your competitors, is a great risk. But if you are able to capture the blue ocean markets, you can enjoy uninterrupted leadership in that market for a long time.

These are just some of the ways through which you can add more dollars to your balance sheets. Find a strategy that suits your line of business the best and beat competition like a pro in this ever-changing and fiercely competitive market.

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