Selling more stuff is the lifeblood of any business. If you aren’t selling, you’re liquidating! But it’s not always easy to figure out what you need to do to make more sales or to increase lifetime customer value (LCV). Fortunately, some proven strategies have been used by successful businesses for decades, especially in ecommerce. In this post, we’ll discuss five top ways to sell more stuff and how you can use them in your business. Let’s get started!
Scarcity Marketing
Scarcity marketing is a powerful tool that can help you increase sales. The idea behind scarcity marketing is simple; when something appears scarce, people want it more and are willing to act quickly to get it before it runs out. This could take the form of limited-time offers or limited-edition products. If you want people to act quickly, create a sense of urgency by highlighting the limited availability of your product or service.
Price Anchoring
Price anchoring is another effective way to boost sales. One way to price anchor is by setting an artificially high “original” price on a product or service and then offering smaller discounts off that high price point. This technique works because consumers tend to compare prices relative to each other rather than absolute prices.
Another way to price anchor is by positioning your product next to something immensely more expensive. For example, Rolls Royce stopped exhibiting at car shows. Instead, they started exhibiting at aircraft shows. Their reasoning was if you’ve been looking at jets all afternoon, a $400,000 car is simply an impulse buy. Just like candy at the checkout register!
By setting a high anchor price, you can make your discounted prices seem even more attractive in comparison – leading customers to perceive them as incredible deals and increasing your chances of making a sale.
Social Proof
Social proof is a critical tool for boosting sales; it’s evidence that others have already purchased or used your product or service and found value in it. Social proof can come from reviews and testimonials from happy customers, influencer endorsements on social media platforms, or even having many followers on those platforms – anything that shows others have had success with your product or service will encourage potential customers to take action too.
Free Trials/Samples
Giving away free trials or samples is also a great way to increase sales – if potential customers can try out a product before they buy it, they’ll be much more likely to go ahead with the purchase once they’ve seen what it offers first-hand. Even if they don’t buy the product after the trial period has ended, offering free trials still allows you to show off its features and benefits so that potential customers will know precisely what they’re getting if they decide to buy it later down the line. And if you’re doing it properly, you should always be capturing emails for follow-up marketing (this is huge).
Upselling/Cross-selling
Finally, upselling and cross-selling are great ways to boost sales. Just by suggesting additional related products and services based on what someone has already bought (upselling) or adding complementary items that enhance their purchase (cross-selling) can often double your average order value (AOV). For example, suppose someone buys a laptop from your store. In that case, you could suggest an extended warranty package as an upsell item or add accessories like a mouse pad as cross-sell items at checkout time. Both tactics increase average order values without increasing advertising costs. If you’ve been running PPC ads for any amount of time, you know how valuable that last part is!
Bonus Tip
Which one of these do you look for every time before you buy a product? Start implementing that strategy in your business first!
Wrapping Up
There are plenty of proven strategies for boosting sales – these five just scratch the surface! From scarcity marketing and price anchoring through social proof and free trials/samples up through upselling/cross-selling techniques at checkout time, there are opportunities available everywhere for savvy business owners like yourself who want to see their profits soar higher than ever before! All you need is creativity and willingness to try out new things until you find what works best for your particular situation – good luck!
If you could use some help with your online marketing, need a stale website refreshed or just need expert consultation to get your feet under you, don’t hesitate to reach out. We’d love to chat!