Ever wonder how other businesses have been able to generate such phenomenal growth?
It’s not because these companies got lucky and their product was popular, it’s because they’ve invested heavily in solid marketing and sales strategies.
So how can you leverage similar strategies to grow your business?
That’s exactly what we’re going to cover in this article. We’ll run down the most effective ways to increase the number of people who see your offers and click the buy buttons to convert sales.
1. Increase the value proposition of your product
Your product is only worth what someone is willing to pay for it. You can’t magically will the right customers to come to your site just by putting up a good product. You need to work at it.
That’s why the first step to increasing your sales is to focus on the value you offer. What makes you special? What makes your product different from the products your competitors sell? What makes it so unique that people will pay more for it?
When you increase the value proposition of your product, you increase the perceived benefit to the customer. In marketing, this is often referred to as “the elevator pitch.” If you can get to the point where you can communicate the value proposition of your product in one concise sentence, that’s a great start.
2. Focus on demand generation
Every product has demand generation strategies to work on. This is the process of finding potential customers and getting them to actually purchase the product. It’s crucial to effective marketing and sales, and can be broken down into these three steps:
- Prospecting (finding potential customers)
- Marketing (creating demand for your product)
- Sales (entering into a relationship that results in a purchase)
If you’ve ever worked in sales, you’ll know that a big chunk of time is spent in the discovery phase. You’re finding out who the customer is and what they want. That’s a lot of unearthing that has to happen before you can start providing value and making sales. Once you’ve got that information, you can craft a marketing strategy that will generate demand for your product.
To make sales online, you’re going to want to focus on direct marketing (mailing lists and email campaigns), social media (particularly Twitter and LinkedIn), and content (especially video content) marketing.
Incoming search engine traffic is critical to get right. Make sure that your landing page has all the right keywords in the right areas. Think about the words that people are using to find your product. In our example, we’re marketing an affiliate product for a clothing brand called “Mad Hippie.”
Based on what I’ve listed above, you can see that we’ve got plenty of demand generation activities that we can get started with.
3. Define your target audience
Once you’ve got a clear idea of what your product is and what it does, you can start to define your target audience. This is going to be the group of people you decide to pitch your product to. Once you’ve got your target audience, you can craft marketing content (like our example above) that is specifically for them. This will help you find the right people and give you the best chance of making a sale.
Your target audience needs to be able to benefit from what you offer. If there are no signs that they can, then there’s little motivation for you to waste your time and effort promoting the product.
In our example, let’s say that we’re trying to sell Mad Hippie hats to people in Canada. The product benefits are pretty clear: you’re helping people to be more fashionable, and perhaps even earn a little bit of money from something you know is quality merchandise.
Based on that, we can create a target audience of people who live in Canada and are interested in fashion. Or if we want to go the extra mile, we can also create target audiences for females, males, teens, millennials, and so on.
4. Craft a pricing strategy
Last but not least, we’ve got the most important step: pricing. Once you’ve got a clear idea of your target audience, you can start to work on your pricing strategy. Just like above, you’re going to want to take into consideration all the benefits you’ve listed and how much each item costs. Remember: people buy products that they think are worth what they pay for them.
In our example above, the Mad Hippie hats are $25 a piece. That’s pretty high considering the product. But since we’ve got a clear idea of our target audience (most of whom live in Canada), we know that these people are probably already familiar with quite a bit of competition. So we can set a price that’s higher than the competition, but not so high that it’s unattractive to our target audience. This strategy is also known as “value-based pricing.”
When it comes to choosing your price point, always put yourself in the shoes of a typical buyer. What would your ideal buyer’s experience be like? Would you describe yourself as a person who spends a lot of money on clothes and accessories? If so, then perhaps the $25 a piece for a Mad Hippie scarf is not such a great deal. We’re offering them exclusive discounts (coupons and so on) that will make it more appealing. Perhaps we can even get them to try out a few of our products before they decide to buy.
As a business owner, entrepreneur, or affiliate marketer, you’re always going to be challenged with how much to charge for your product. But as long as you’ve got a clear idea of how to approach pricing and what your ideal buyer’s experience is like, you’ll be able to choose a price that’s both profitable and appealing.