1. Increasing market share in existing markets
If finding new markets or expanding markets may seem too risky. Why don’t we try to increase sales in the old market first? Because doing business in the same market that already exists It’s a process that we already have everything at hand. The whole sales team knows what to do. And how to sell Including information on customers in this group, how they look and what purchasing behaviors Including the sales expertise that we have from previous experience Resulting in increasing sales or market share from the original market Not a new beginning But it’s just the development of various things That is at hand to be superior to competitors Or meet even more customers’ needs in order to gain market share from other owners
Alternatively, if you don’t want competition in that market, you can do so by encouraging customers in the same market to use more of our products or services. From the purchase of 1 may be added to 2-3 instead, like the example of a drink like Ovaltine that has a slogan like “Nong Plub requested two” that makes from the usual old customers may only drink 1 cup of Ovaltine per day instead of 2 glasses, it may result in doubling sales if customers agree to follow
2. Expanding production lines for new products
The second strategy that is very popular for sustainable sales growth is Break the production line to create new products in accordance with the original products that our customers regularly buy or use Because that means that we will at least get an existing customer base that already likes our products and services There are also opportunities to get new customers. Who come to try our new products and services as well Like a steel-related business in America called Marlin Steel, which initially had steel products At that time, all customers called on this company to add steel plate products as well. But at that time the company still didn’t have both the technology and the personnel available. Until one year, the company decided to buy a sheet metal production machine to meet the needs of the first class customers that have demanded. After that, steel sheet products were well received by the existing customers who need more raw materials in other forms, including new customers. That needs products only for steel sheets as well Until the sales of the organization increased from the original that had only one product
3. Customers outside the country
If the customers in our country have reached saturation point This means that regardless of whether we are trying to expand or new product models, we do not increase sales or increase our customers. It is a good opportunity to try to find customers in foreign countries. Because some products may be more preferred for foreigners than in Thailand itself Also, if expanding sales out of the country, it will increase the customer base and the credibility of the brand even more. Since exports and foreign sales are a guarantee for the quality of the product. As well as increasing the potential to expand the product in the surrounding countries in the future. An interesting example in Thailand is the Naraya brand bag that focuses on exporting and selling to foreigners very much. Until able to increase sales more than just sales in Thailand alone
4. Increase sales channels
Today, very few businesses have only one sales channel. While in the past there may be just a storefront only Especially with the access to the internet in many areas, almost comprehensive and thorough, increasing the opportunity for sales even more. Transporting goods for sale online is another way that does not require much investment. By entrepreneurs in this era Can sell products on both the website of the Website that is a marketplace for selling products Or on various Social Media tools, all of which are interesting channels And besides, if we are really confident in the sales potential of the business And have a lot of costs, can open more branches in various locations at good locations, it will increase sales channels as well
5. Upgrade to a new level of service.
Various services That is attached to the product Beginning to be another factor that customers use to make decisions, not less With products at similar prices Customers may agree to choose a more expensive product or service if that brand There is a better after-sales service. Because in this era, customers have the need for prefabricated things and mainly focus on convenience Like the business competition of some televisions, it even increases the home repair service throughout use. Without having to overhaul the machine to the shop or repair center to be chaotic anymore Of course, once the customer has calculated the value for money, the customer may choose a television that has this type of service, even if it is slightly more expensive.
From the 5 theories mentioned above It can be seen that some items may require additional investment. Of course, there will be quite a bit of risk. Incquity would like to emphasize once again that Before embarking on any expansion or development based on these concepts Entrepreneurs should have a plan to survey the market and analyze their own business first that there is enough potential to increase sales. Because even though these methods are risky, they can guarantee that if successful It will be a sustainable sales increase over those undercut strategies. Which in addition to helping to increase sales in just the short term It also reduces the value of the brand to become cheaper in the long run as well.