We discussed 5 common strategies to increase profits in a previous blog, so in this post, we focus on increasing sales.

It’s not rocket science: you either need to sell to more people (a.k.a. increase your market share) or sell more to the same people (a.k.a. increase your wallet share).

So, let’s break down some questions you can ask to decide the strategy that works for you and your business.

1. Sell more to current customers

It’s easier to sell more to an existing customer than it is to get a new one, so think about better meeting the needs of the customers you already have.

• Is there an opportunity to increase the number of purchases customers make?
• How can you increase the size of each sale?
• Can you create a subscription service or membership-based option that encourages loyalty and increases engagement?
• Can you provide them with additional services? For example, you could not only provide software but also load it onto your customer’s systems.
• Can your product or service replace something they are currently purchasing from another supplier?

2. Sell to more customers

Consider whether you’re reaching all your potential customers in your current geographic area and whether you should enter new markets.

• Can you sell to new customers in your current market? What do you need to change to do this: for example, do you need to adjust your messaging, increase your marketing reach, and improve your operations (e.g. expand delivery)?
• Are you ready to find new customers in new geographic areas? This could be in another area of town, another city or beyond!
• Should you consider expanding your business internationally? Selling to customers in other countries creates the opportunity to increase your sales volume and may also offset seasonal fluctuations in your current market.
• What is your competitive advantage? Does your product fulfill export regulations? What is your export strategy? You will need to prepare your company before exporting, but there are many resources available – and we can help you access grants and programs to help you export.

3. Add new products or services to your business

This strategy may be like a combination of options 1 and 2, because it may help you attract new customers AND sell more to your current customers.

But, be careful: don’t add a product or service just because it seems like a good opportunity. It should be something that complements your current products. The more focused your products/services are, the stronger your business identity.

Here’s an example. A WeBC loan client, Francesca Galasso, has run Il Castello Pizzeria since 2014. She kept getting requests from customers who wanted to buy her dough balls for pizza night at home. In response to this demand, she launched Holy Napoli frozen pizza, and today her frozen dough and pizzas are available in grocery stores across Canada. Francesca took a product that was already successful and re-imagined how she could use it to increase sales!

• Are there products or services that complement what you already do?
• Is there anything your customers wish you offered? Here’s an idea: ask them! Maybe they love a specific brand of product you offer and would like you to offer more of the line.
• Are there products or services you could easily incorporate into your current offerings, so you can avoid a costly learning curve? Think about options that you already have some experience with.
• How can you incorporate new offerings in your current marketing so you don’t increase those costs?
• Think about what you do better than anyone else: What you are becoming known for and can do more of?
• Could you explore a strategic partnership with another business?

This is an adapted excerpt from the free downloadable Growing Your Business Guide by WeBC. View the guide >>

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To be fair, these are good questions and good ideas! But they fall into a very common trap—they assume all you need to do to drive sales is to tell more people about your product and persuade them to buy. 

In other words, to advertise. 

But marketing is so much more than just advertising. Marketing is about understanding your customer, developing the right product, putting the product in the right place, and pricing it correctly. 

Promoting or advertising your product is just one tool in your toolbox, and sometimes, you need to take a more strategic approach. In this business skills post I’m going to write about how you can get out of the advertising trap and use all the tools in your marketing toolbox to reach your potential customers and (hopefully) get a sale.

Marketing Skills for Entrepreneurs: First, Marketing 101 

If you took Business 101, you may have heard of a target market, which is the segment of your customer base that you’ve decided to focus on marketing to. You may have also heard about the four Ps of marketing, (Product, Price, Place, and Promotion), a.k.a. the Marketing Mix. Think of these as the tools in your marketing toolbox that you can use to reach your audience.  

In a business textbook these concepts are about as exciting as doing your taxes, but when you thoughtfully combine knowledge of your target market with the tools of the four Ps, it’s a powerful combination to unlock new ideas for your business. 

Target Markets – Everyone is not your customer

Finding your target market starts with market segmentation. This means asking questions to understand the characteristics of the people you want to market to:

• What are their demographics? 
• How do they make spending decisions? 
• What are they interested in? 
• What is important to them? 

Sample: 

Using an eco-friendly skincare business as an example, you may end up with a target market description that looks like this: 

• Professional/working women aged 35-45 living in Canada.
• Household income of over $100,000.
• Values environmental and social causes.
• Likes to research a lot before making purchasing decisions.
• Likes to share on social media and stay up-to-date on trends.

To segment your market effectively, make sure to do your market research to back up your assumptions. Who is actually purchasing the most of your product? How much do they spend? Where do they live? Dig in and you might be surprised. 

If you’re like most businesses, you will come up with more than one target market. That’s fine, but try to narrow it down to just one or two segments for your marketing efforts. Don’t fall into the trap of saying that everyone is your target market. 

The point of finding your target market is to identify your ideal customer. This is a person who will buy from you often, engage with your message, and hopefully, tell a friend! 

This helps your marketing efforts go further (saving you time and money). There are lots of tools online to help you refine your target market, so get started! Now that you’ve got your target market in mind it’s time to apply the marketing mix.

Product – You are not your customer

You may have heard this one before—“You are not your customer.”  This is especially relevant when it comes to product and product strategy. 

Often a business owner will start their business based on developing products and services that they themselves want or need. Maybe you created a product that you love, and think other people will love it too. 

Great! You identified a need!

But to make your business grow and thrive, you need to shift away from a product-focused mindset (people are going to love the awesome skin lotion I created) and towards a customer-focused mindset (what are the needs and wants of my target market and what products fill that need?) 

How can you do that? It’s relatively easy—ask your target market about their wants and needs, and then listen. What new products can you add or adjust? What products should you retire? Can you offer different varieties or packages?

Price – Your product is worth what someone will pay for it

Price sometimes gets overlooked as a part of marketing strategy—but it’s a crucial part of how a customer decides to buy from you. When it comes to pricing, there are some fundamental financial considerations that will constrain how much you can charge. You need to charge enough to cover your expenses and make a profit, but there are other variables to play around with. 

Build your marketing skills: Here are some things to think about:

• Try to understand your target customer’s willingness to pay. What is the most they will pay for your product, and at what point do you risk coming across as a lower-quality product compared to your competition? If you’ve identified that your customer values quality over price, trying to get more sales by undercutting your competition is probably going to backfire.

• Create a strategy for sales and markdowns. They say that everyone loves a sale, but is that true for your target market? If you use discounts and markdowns to try to improve sales, you may be training your customers to wait for sales. This can be a sound approach, but only if it’s tied to your overall business strategy and you can still make a profit while doing it. 

• Be strategic about shipping. Most businesses need to build shipping costs into their pricing strategy. What approach is best for your target market? Free shipping? Flat rate? Customer pays in full? Some customers will back out of the transaction if they have to pay for shipping, but others aren’t bothered in the least. What approach is best for your target market?

Place – Location, location, location!

The next element in the marketing mix, Place, is about more than just where to sell your product—it’s about all of the elements that come into play to get your product into the hands of your consumer in a timely and cost-effective way. 

Build your marketing skills: How can you re-think your Place strategy to better meet the needs of your target market?

• Consider your channel strategy. Some customers will prefer to buy your product through a direct channel—that is, directly from you. This may help make sure they have access to customer support and feel more confident in their purchase. Other customers may prefer an indirect channel, such as buying from an unaffiliated website or retailer. They may prefer this approach because it allows them to consolidate their purchases or because it’s just more convenient. The key is to determine what channel your target market prefers and incorporate that into your overall channel strategy.

• Help your customer find your product. Consider your target market when you design your sales environment. What kind of design elements and branding do they relate to? How can you organize your shop or website to help them find what they’re looking for? What purchasing support or nudges can you provide throughout the purchasing process? Some target markets will appreciate a hands-on sales experience, while others might just want to be left alone. Figure this out for your target market and think of how to execute on that approach. 

Promotion – Build relationships that last

We’ve arrived at the last “P,” Promotion, which is how this post got started. As I mentioned, many clients are quick to jump to advertising solutions when looking to drive sales, and sometimes, these solutions are expensive, time consuming, and questionably effective. 

But promotion is more than just advertising—it involves all the things you do to communicate with your target market and (eventually) persuade them to buy. 

Build your marketing skills: How can you use what you know about your target market to do promotion better?

• Build a relationship. Marketing communications is about building a relationship with your target market, not just trying to drive a transaction. Use your marketing communications to tell your brand’s story in a way that resonates with your target market. Tell a story about your product that aligns with their values, and incorporate that with other more sales-driven promotions. Think of it like planting seeds: each meaningful engagement you have with your target market has a chance of growing into a sale. Be patient and consistent with your brand to harvest sales down the road.

• Use the right kind of media. Your target market likely trusts messages from some sources more than others. How can you target those sources instead of taking a more scattershot approach (i.e. Facebook and Google Ads). Maybe you can approach micro-influencers in your area, set up a pop-up shop in a local boutique, or provide word-of-mouth referral bonuses to encourage people to tell their friends? If you had to get a sale tomorrow, what would you do? The answer to this question can give you a hint about how you can actually reach your customers. 

Your Target Market-focused marketing strategy

Trying to drive more sales to your business? Who isn’t! 

No matter where you’re at in your business, it might be worthwhile to take a step back and thoughtfully apply the marketing mix to your target market. Have an open mind and consider how your overall business strategy might benefit from some tweaks (or bigger shifts!) in how you approach Product, Price, Place, and Promotion. You can flex your marketing skills, and your target market will thank you!

Would you like to stop guessing what your customers want so you can connect with them better? Check out our free On-Demand SMART course, “Strategic Marketing: Build a Marketing Plan for Your Business.”

Focused Marketing Workbook

Do you feel tired and frustrated at the amount of money and effort this marketing requires? What if you could find a way to reduce the scatter, efficiently manage your time and get better results?

$20.00 – $40.00Price range: $20.00 through $40.00

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Join us on June 12 to hear from digital marketing expert and WeBC Mentor, Glynis Tao, who will share best practices to help you build, manage, and optimize your email marketing campaigns.

In this free WeCafé, Glynis will share how to:

• Attract, retain and segment subscribers
• Craft engaging emails that resonate with your audience, from attention-grabbing subject lines to persuasive calls to action
• Use data to refine your email campaigns for better results
• Ensure your email marketing practices are compliant with regulations like the CAN-SPAM Act

Join us to have your questions answered and gain provide practical tips to manage your list and create content that converts!

Free and open to everyone !

Facilitator: Cathy Burrell, Client Services Coordinator

Panelist: Glynis Tao, Apparel Business Consultant & SEO Specialist, Chase Your Dreams Consulting

Register Here >>>

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Does this sound like you? Maybe you’ve hired a marketer in the past and didn’t get the results you expected. Or, maybe you’re thinking about investing more in your marketing and you want to make the most of it.

A strong brand is the sum of all touchpoints with your customer. It may include those flashy campaigns, but there are many other factors you should consider. Taking the time to do the groundwork will help you get better results.

On May 21 we’re hosting a fireside chat with two experienced marketing professionals who will give you a glimpse of how marketers think, so you can improve your own marketing or give a stronger brief to a marketing firm.

• Fern Sabo is the Founder of Spring Creative, a marketing and design agency that specializes in graphic design, branding, digital marketing, and website development. In 2022, Spring Creative won two Gold Design Awards for their work with Kootenay businesses and community organizations.
• Victoria Levy is the Vice President of Client Services at Talk Shop, a North American communications agency with offices in Vancouver, Los Angeles, and Toronto. She began her career in journalism and then transitioned to communications in 2017. She spends her time at Talk Shop focused on client strategy, issues management, and speaker training. Victoria is also an adjunct professor at UBC’s Sauder School of Business, teaching in both the undergraduate and MBA programs.
• Kira Kelsie is the owner of Kasm Consulting and the only Certified Digital Marketing Expert in Western Canada. She is up for nomination for TechnoPreneur of the Year and Young Entrepreneur of the Year by the Canadian Business Magazine. Her business, Kasm Consulting, is listed among the Top 10 Digital Marketing Agencies to Work in Canada on Yahoo Finance! Kasm specializes in helping startups grow and scale with marketing under the pillars of Marketing Strategy, Digital Marketing and Advertising, and Online Optimization. Kasm serves as the preferred service provider or expert in residence for over 20 incubators, accelerators, and VC firms across Canada.
• Alyson Gourley-Cramer is the Principal & Founder of Monogram Communications. She brings over 18 years’ workplace experience as a PR professional. She specializes in community engagement, crisis and issues management, brand and web design, and major engagement projects. Alyson started her national firm, Monogram Communications, in 2019 and has grown it nationally to 20 team members, 90% of whom identify as women.

Join us to hear from these marketing professionals and ask your own marketing questions!

Free and open to everyone!

Facilitator: Fern Sabo, Founder of Spring Creative and WeBC Regional Ambassador, West Kootenays

Panelists:

• Victoria Levy, VP of Client Services, Talk Shop
• Kira Kelsie, Owner of Kasm Consulting
• Alyson Gourley-Cramer, Principal & Founder of Monogram Communications

Register Here >>>

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This immersive workshop is tailored for business owners seeking to elevate their brand’s impact to be memorable and engaging. Discover the art of effective brand storytelling and the strategic elements that define your unique identity. Through fun interactive sessions and expert guidance, you’ll explore the power of having a unique value proposition, mission, vision and brand personality.

This package includes two live sessions. Participation in both sessions is required.

• Session 1 – January 16 from 4:30pm to 5:30pm – Virtual only
• Session 2 – January 23 from 4:30pm to 7:00pm – In-person only

Seats are limited in this hand-on workshop. Register today to secure your spot.

What Will I Learn?

• Understand the importance of branding and how it affects your business
• Describe who your audiences are and how to connect with them
• Define your unique value proposition
• Create the key elements of your brand: values, mission, vision and brand personality
• Develop an elevator statement

The post Branding Basics for Business Growth: An Entrepreneur’s Workshop appeared first on WeBC.

Join us for a series of interactive workshops that will give you the tools to enhance your digital presence and create consistent and engaging content.

This workshop includes:

• An introduction to SEO
• 7 steps small business owners can follow to optimize their website
• SEO tools and resources to boost your ranking
• A live SEO audit (pre-submit your business’ URL to get reviewed)

Register now >>>

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The workshop will begin with an introduction from the Carmella Marketing team where they will provide an overview of the key digital marketing trends for 2023 and help you get a handle on key digital marketing methods for your business. After the short presentation, you will break out into smaller groups to dive deeper into specific marketing areas that are a priority for your business. Whether you are looking to improve your social media presence, optimize your email marketing campaigns, or develop a strong brand identity, there will be a table tailored to your specific needs. Each table will be led by an expert marketing professional, who will share best practices and answer any questions you may have. Don’t miss this opportunity to take your marketing to the next level and achieve your business goals with Carmella Marketing!

Wednesday April 12
9:00-11:30am
Lion’s Hall, 651 HWY 93/95 Invermere
$20 per person includes breakfast

Register Now >>>

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Launching an Effective Email Strategy

Course Description

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Make Your Own Website

Course Description

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