How To Create More Demand
You have a winning product and you have a great sales presentation, why are orders only trickling in? It could be many different factors, and you will have to consider each one and possibly experiment a bit before you come up with the right answer:
1. Your expectations are out of whack
Perhaps you have good sales and you are just looking to get rich overnight. Let’s say you spend $100 on advertising and get $20 in orders. That’s not bad. Hopefully the orders you’ve received are from customers who will buy from you again.
2. People like the product but they like another vendor
Maybe your sales presentation needs a little bit more about why people should buy from you. Why should they buy from you and not somebody else? Just because you gave the sales presentation doesn’t mean you’ll get the sale.
3. People don’t understand your product
Perhaps either people don’t understand why they should buy the product or why they should buy this product when other comparable products sell for less. A little salesmanship could overcome this problem by going into more detail about the product’s features and benefits, and why the customer will be happier with this product.
4. The price really is too high
Generally as the price of your product goes down, demand should go up. You should not be selling for a loss but maybe a minor adjustment could change things. A little research is in order to figure out what people are willing to pay.
5. You aren’t selling your services
Many services add much value to a product. For instance, if you offer a long guarantee or you engrave the item. Perhaps you deliver the product to the person’s door the same day ordered. Make sure to offer free services that cost you little, or save you money.
6. You haven’t considered customer retention
Often initial orders are great but follow up orders are poor. How is the customer being treated? Are you meeting their expectations? Is the product falling short? Make sure to follow up with customers who order and ask them if there is anything you could do better.
I mentioned services that save you money. We found that many of our efforts to improve our customers’ experiences were worth spending a little more money for and saved us money compared to other distributors who did not do these things. For instance, we offered a six month money-back guarantee where other distributors offered 30 days. We found that more of our customers were successful with the product and we had significantly fewer returns.
We also had a policy of going above and beyond for our customers, and doing our best to eliminate the hassles of doing business with us. We found that people appreciated the effort so much that they would only buy from us, we had very few complaints, and almost nobody took advantage of our good nature. In fact, we only ever had 2 credit card charge backs because we would usually be able to work things out with our customers. I had mentioned that we used to bill customers who would send payment. We had so few customers not pay us that we saved money versus customers who used credit cards. I would also call customers who didn’t pay just to ask them if everything was ok. I ended up writing off 2 of the accounts but we generated a lot of word-of-mouth advertising.
Chris and I used to have meetings to discuss “the right thing to do” when we had an issue with a customer. This led to better customer service policies and more happy customers.
Hopefully you can come up with other ideas to improve customer retention and pump up your sales.