Last week I attended an event with Shark Tank's very own Daymond John. He shared how he built his business(es) and most importantly -- how to increase sales?!
[Sidenote: If you are in/around the DC area, the US Chamber of Commerce hosts an annual Small Business Summit and it is everything!]
This year was my favorite thus far. Not only did we hear from Daymond, but also Morgan DeBaun of Blavity. She shared lessons from her entrepreneurial journey, which like many of us, began with a side hustle. #winning.
They dropped gem after gem, and over the next few months, I will share them with you :) However, since we are 75 days away from not just the end of the year, but the decade — I'm sure we all have sales targets in mind. The first gem I’ll share covers how to increase revenue and sales.
Before discussing sales, first, let's cover why people buy. Daymond broke this into 4 segments:
For ease (aka laziness)
If you are selling services and/or products but aren't sure which category you fall into -- then Houston you have a problem. To sell to a customer, you must know what motivates them to buy from you. Buyer psychology is a beast of its own, but these tips will get you started.
When you're clear why your customer buys from you, then you can focus on revenue. Daymond shared the only two ways to generate more revenue:
Now, you know why your customers are buying from you, and how to generate more revenue. The last piece of this puzzle is how you sell to your customer base. Daymond kept it simple with these three factors:
Acquire and sell to new customers
Increase the frequency of sales to current customers
Upsell your current customers
See why I can only cover one gem per email? Sales alone was a lot to unpack.
Now for the last gem, my summary: Attempting to increase revenue without a clear strategy is a waste of time. You need a concise plan covering each element for success. Whether it’s who you are selling to, how you are selling to them, or how to increase revenue -- you need a detailed plan. If you'd like help creating a specific strategy for your business, let me know! With a Clarity Call or Strategic Planning session, we can get you prepared for more than just the next 75 days.
#NewDecadeWhoDis!? Let’s get it :)
Ashley Sharie, Founder & CEO
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