Sales volume may not sound like the most riveting subject, but it is.
Allowing you to shift inventory, help identify low-performing products, increase sales, and, subsequently increase profits, it pays to get savvy on sales volume.
If you aren’t exactly sure what sales volume is all about, this article is here to help. After defining sales volume, we will highlight some basic sales volume techniques that can make a big difference to your business.
What Is Sales Volume?
Sales volume can be defined as the number of units that a company sells over a certain period.
While sales revenue will tell you how much money your business is turning over, sales volume will tell you which products are selling well and which ones are not.
High sales volume numbers equate to high sales revenue so the two are still very much linked. Growing sales volume is a key strategy that many sales and marketing teams make a top priority when growing a business.
Why Is Sales Volume Important?
Sales volume is important because solely focusing on sales revenue doesn’t necessarily tell you how well your business is doing as a whole.
Sales volume allows you to break down your revenue streams and learn which products, services, or teams are money-makers and which, sadly, are not.
Once you start to figure out and track your company’s sales volume metrics, you will be able to implement the necessary changes that are required to grow your sales volume.
This, in turn, will grow your revenue stream and make your business a more successful one.
How To Increase Sales Volume?
Now that you know what sales volume is and why it is important, it’s finally time you learn how to increase it.
These business-savvy tips, tricks, and techniques are proven means of increasing a company’s sales volume – let’s hope yours is next!
Learn the Key Qualities Of Your Product
Increasing sales volume, at its bare bones, is all about shifting more of the products that you sell.
To sell said products, you will need to be clued on to your product’s important features and what sets it apart from the competition.
You must know exactly why a potential customer is going to select your product on the shelf and leave the competitor’s products collecting dust.
A good way to figure this out is to pretend that you have 60 seconds to convince a potential customer why your product is the best.
The points that you think up need to be impressive and unique enough that they leave little doubt as to which product the prospective customer will select (yours).
Keep Customer Benefits A Top Priority
Customers like to know that what they are about to purchase is going to benefit their lives in a clearly defined way. Parting ways with our hard-earned dollars isn’t something that most of us do on a whim.
Put yourself in the shoes of a potential customer of yours. It is only natural that you will want your purchase to improve your life in some way or another.
If there is no clear vision from you and your product, there is no clear vision for your customers. This will hinder your chance of increasing your company’s sales volume.
Know Your Competitors
If you don’t know who your competitors are and what products they sell, it will be a hard task to figure out how to beat them.
Doing market research on your competitors and their products will be a tremendous help in realizing how to make your products better.
It is safe to say that most customers are going to consider the price of a product first and foremost.
If your product looks and acts the same as competitors but it is double the price, your sales volume will suffer as a result. Keeping your prices competitive is essential in increasing sales volume and turning a profit.
The value that a customer gets from a product is not measured in terms of monetary value. The value describes the features and benefits of a product.
Investigate what makes competitor products worth buying and make sure your product has these features and more.
Last but certainly not least, have a look into how your competitors are promoting their products.
In business, quite often, companies will poach promotional ideas or at the very least be influenced by the promotional ideas of their competitors.
If you don’t do this, you are missing a trick that may just affect your chances of increasing your sales volume.
Reward New Customers
A promotion that is going to entice new customers in is a very clever way of increasing sales volume.
Of course, you want to keep your loyal customer base happy as well, but new customers will mean an immediate increase in sales volume that no company owner can scoff at.
A tried, tested and tried again marketing strategy for rewarding new customers is to offer them a discount.
You can obviously offer them any kind of discount that you like but the most popular one is a discount when they buy more than one product or sign up for an extended period.
If you are savvy enough to limit the amount of time that the promotion is going to run for, then even better.
Creating urgency around the promotion will get potential customers whipped up into a frenzy and your sales volume will increase as a result.
So there you have it – four proven methods for increasing your company’s sales volume. Increasing the sales volume of your business is a surefire way of increasing its revenue.
So, whether you are just starting out on your business’s journey to growth or you’ve already set up a reputable business and are eager to grow it, we hope this article was a useful stepping stone to growth.