- Is discount killing your business?
- Do you want to know the most important factor in increasing your sales?
- Do you want to multiply your business without giving discount?
Traditional shopkeepers, traders, and small merchants often adopt conventional strategies such as discounting, overdraft, extended credit period and freebies to increase sales.
Vendors and shopkeepers complain that to compete with the low-priced products imported from China, they end up giving discounts and freebies to attract customers and multiply your business.
Although such strategies may work for small businesses for a short period of time, they can’t retain the market for a longer period for big corporates.
To help the Indian business community increase sales and revenue and attract customers by understanding their nerve, we have compiled the following 5 powerful techniques that will help you to multiply your business without giving discounts.
Tip #1: Identify the Critical Success Factor of Your Customer
It is one of the methods to multiply your business without giving discounts
Just selling your product using any sales and marketing strategy is not your job, instead of understanding your customer’s money-making model and making your customer’s business successful is your job.
- You have to enter your customer’s life to understand his/her business by becoming a trusted partner.
- Try to enter your customer’s business and identify how you can help him to increase his earnings. Once you start helping your customer in running his business, he will become your loyal customer. This will help you to multiply your business.
Tip #2: Identify the Critical Success Factor of Your Customer’s Customer
- Even after understanding your customer’s business, it is imperative for you to understand the business of your customer’s customer.
- This is a very unconventional way to make a loyal customer by contributing to the critical success of his customer. It will help you to multiply your business.
- Try to understand how your customer’s customer is generating income which is called success consulting practice.
- If you contribute to the success of the customer’s customer by matching their needs, then your direct customer will become your loyal customer.
Tip #3: Identify the Critical Success Factor of Your Customer’s Competitor
- Since you understood the critical success factor of your customer and your customer’s customer, it’s time to understand the critical success factor of your customer’s competitor.
- Try to enter the business of your customers’ competitor and find out what policies and techniques they are using to run their business successfully.
- After understanding your customer’s competitor’s business model, integrate the required changes in your product, which can help your customer to compete with his competitor and increase his business.
- After the success of your customer’s business, he/she will become your loyal customer. This will help you to multiply your business.
Tip #4: Determine Where you should Focus
Don’t focus on conventional techniques of business to allure your customers like pricing, discounting, promotional schemes and over drafting, as these techniques don’t retain your business for a long duration.
- You have to “focus on churning your innovative strategies to increase sales, gross margin, revenue, inventory turnover, cash flow, brand equity, customer acquisition, customer retention, profitability, liquidity, growth, productivity, and velocity.”
- Small merchants and salesmen often focus on discount, overdraft, credit period and low-cost techniques, which after a certain period of time start hurting their profitability. On the other hand, big corporates focus on this innovative tool to influence their customer’s buying behavior to get an upper hand over their competitors.
Tip #5: Customer-Centric Organization
“Customer’s critical success factor should be the foundation of your corporate strategy.”
- Restructure your organization in a way that it’s each and every department works towards contributing to the need of focused customers. Organization’s every department should direct their efforts to add value to the biggest customer’s critical success factor.
- Engage all departments in brainstorming game-changing ideas to build customer-centric strategies to increase the sale of your product. This will help you to multiply your business.
All the abovementioned tips will help you to multiply your business without giving discounts.