As a business owner, one of the major things you need to keep track of is lost sales. Every lost sale takes you one step further away from what you ultimately want in your business.
In this article, we are going to take a look at a few of the common ways companies lose sales. Staying aware of the common culprits allows you to keep your sales high as you turn things around.
Do you have a phone line that customers can call? If yes, then you need to make sure that your customers are actually able to reach it whenever they like, and that someone is always available to take the call. This will allow you to maximize the potential for converting those calls into sales.
A missed call can translate into a dropped sale. You can prevent this by using a telephone answering service like Ruby Receptionist, which ensures that no phone call goes ignored.
There are instances when customers are all but ready to pay for your product, but realize it is too pricey just before they do so. These often result in a lost sale. In such cases, you are bound to realize that while your product has its merits, it just does not measure up to the hefty price tag.
It is important that you price your products correctly. This will require some kind of pricing analysis, allowing you to discover the price people consider fair. Hitting the sweet spot will do wonders for your overall sales.
Branding impacts lost sales more than you realize. It is something that you need to focus on if you’d like to sell as many products as you possibly can.
For example, you may be using upscale branding images for a product that’s created for the mass market. Your target buyers may get the wrong idea that it’s an expensive high-end product, and end up not considering it at all. You must ensure your branding is not intimidating consumers. On the other hand, if it’s a premium product, make sure the packaging does not put off the discerning Class A market.
It may require some trial and error before you can come up with a system that minimizes lost sales, but staying mindful of the common impediments and taking the effort to address them will get you there.