Increase Sales Revenue

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Increase Sales Revenue by Mind Map: Increase Sales Revenue

1. Get the customer list for customers buying cheap products

1.1. Give them combo offers to add 2nd/3rd item to cart with a further discount on the additional items

1.1.1. Underlying Assumption: People who are into cheap products might have the item price as one of the major factors in taking the decision to buy. Seeing a price reduce may tempt them to buy something

2. Create gender/age group based campaigns

2.1. If the data tells us that a major part of the buying comes from only a specific gender or age group, understand the logic behind the reason and push for aggressive campaigns for the left out audience

2.1.1. Sometimes, such campaigns affect the state of the mind of many if the campaign is able to target the exact cause

3. Gamifying the products page

3.1. If the data tells us that most of the sales takes place with an added discount on the product(s), we can introduce small puzzles, games or scratch cards which will tempt the buyers to buy things based on virtual discounts

3.1.1. Underlying assumption: People tend to get involved in a product more on seeing even a virtual discount

4. Converting into consumer centric items

4.1. Based on the data, we can do a SWOT analysis of the type of products (out of the 200 types) and push the sales of products in the opportunity category and can conduct market research to find the gaps for the weak selling products. Can rectify the areas based on surveys from customers which would eventually increase the revenue even from the weak categories

4.1.1. Underlying Assumption: Improving the bottlenecks will improve the sales revenue drastically

5. Usage facebook/google/instagram ads/SEO

5.1. If the data tells us that the impressions on the landing page isn't much/ hasn't changed much over time, SEO and ads can help out in solving the bottleneck in the funnel.

6. Forecasting demand based on past data and reduce inventory and lead time

6.1. Sometimes, delivery period of 5 days can be the bottleneck as now-a-days, amazon, walmart etc offers same-day/next day delivery options. Forecasting the demand in specific areas and keeping a need basis inventory in every warehouse in each region can in turn increase sales. Also, keeping a check on the quality of services by the delivery agents.

6.1.1. Assumption: As a consumer, i will definitely go for a product that takes less time to reach my home

7. High quality blogs to spread the brand name

7.1. In the current times, enriching blogs can have a long lasting effect in the audience's minds. High quality blogs about tea, the quality, the benefits, events etc can attract many new consumers based on new reach through sharing/word of mouth

7.1.1. A case in point can be uber and swiggy blogs. Such interesting reads they have, a good food blog can obviously have a buying effect from swiggy from a potential customer

8. Create 'Make In India' specific campaigns and donation programmes

8.1. Assuming that the products are manufactured in India (as India has a rich source of tea gardens), can create various make in india campaigns and campaigns such as 'for every product you buy, 1% goes to the family of a tea garden worker'

8.1.1. Such campaigns also help in the doing a greater good, fulfilling CSR policies and along with that, attracting new consumers based on empathy.

9. Internal / External Referral Programmes

9.1. Employees can be given lucrative bonuses if customers sign up and buy using their referrals. The same can be done for existing customers if someone signs up and buys using their referrals.

9.1.1. Assumption: Incentives bring out the energy both in employees and existing customers.

10. Make use of reviews from top customers

10.1. Customer reviews are one of the major factors in deciding a purchase. Categorising the top customers, asking them to give reviews, and work on those reviews to improve processes or spread around the top reviews

10.1.1. Assumption: There won't be biased reviews. To ensure that, reviews from the regular customers can be put on top

11. Email-marketing

11.1. Mail customers / potential customers with upcoming sales dates, items wishlisted or left in cart, additional virtual discounts on products lying in the cart for a long time, introduction of a new type of product

11.1.1. Assumption: The content would be interesting to generate a good CTR

12. Conducting regular sales in at festival times or when the data suggests that the sales are getting lower

12.1. In a country like India, sales are a proven and cost effective way to boost sales