How To Increase Sales Volume (With Tips And Steps)
By Indeed Editorial Team
Updated 7 November 2022 | Published 1 May 2022
Updated 7 November 2022
Published 1 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Sales volume reflects the count of products a company sells and is a major factor to consider while measuring a company's success. Increasing sales volume can contribute directly to the company's success and help maintain a positive reputation. Understanding how to increase the sales volume is important to help you focus on key factors to steer a business in the right direction. In this article, we discuss what sales volume means and explore 15 helpful ways to figure out how to increase sales.
What Is Sales Volume?
Sales volume is the number of products a company sells over a given period. A high sales volume can indicate that a company's marketing and sales tactics are effective. Sales volume is a common metric that many sales professionals measure along with revenue. Revenue tracks the amount of money coming into a business, while sales volume tracks how many units of products you are selling.
How To Increase Sales Volume?
Following are 15 effective methods for how to increase sales volume:
1. Highlight customer benefits
An important way to increase the sales volume is to incorporate customer benefits into a product's sales pitch. Understanding the customer persona can help you determine important customer benefits for your product. Identifying the target audience and researching their goals, thinking patterns and behaviours can help you develop an intelligent sales strategy. Reminding customers of what the product does to meet their needs and solve daily problems is an effective tactic to increase sales.
2. Assess your competitors
Information about key competitors and their products is highly valuable while marketing your product. Performing market research to identify competitors and their products can help you develop your own unique sales pitch. The following attributes can help you compare a competitor product with your product:
Price: Understanding the price competitors set can help you determine an intelligent price point for your product.
Value: Value refers to the number of features and benefits that a customer receives for the price of a product. Identifying the value of a competitor product can help you position your product as more valuable in the market.
Promotions: Exploring the promotional strategies of competitors may help you devise creative and more unique ways to promote a product.
3. Understand customers' challenges
Getting to know the challenges that your competitor experiences can help you position your product better in the market. An effective sales strategy is to convert competitor challenges into product benefits for your product. Highlighting these challenges as key benefits can help you market your product effectively. For example, if a competitor's product takes a significantly longer time to perform a particular task, you can highlight time-saving aspects of your product to position it as a better choice in the market.
4. Align sales and marketing efforts
It is a good idea to combine the marketing and sales processes of a business to help drive sales volume. Aligning both teams and streamlining their activities can give you a better perspective and maximise results. A collaboration between the marketing and sales teams can help a company sell more products and develop better sales strategies.
5. Offer sales incentives
Offering attractive incentives to the sales team like commissions and bonuses can encourage them to make more sales. Here are some common types of sales incentives:
Gift cards: Gift cards are compelling ways to incentivise sales. These can include gift cards to stores, restaurants and services.
Event tickets: Offering tickets to sporting events and shows can inspire your sales team to work harder and make more sales.
Office additions: Giving office-related accessories like new chairs, standing desks and other appliances can motivate teams to reach sales goals quicker.
6. Reward new customers
An effective strategy to increase customer loyalty is to reward new and existing customers from time to time. For example, you can offer a discount to new customers when they make their first purchase. Add limitations and minimum order amounts to promotions to create urgency and encourage them to buy more than usual.
7. Evaluate lead generation and qualification
Lead generation helps businesses find people interested in your product. You can assess lead generation by checking the quality and quantity of leads. You can increase the leads and in turn the sales volume by looking for new audiences and target groups for your product. Lead qualification is one way to measure if a lead is likely to buy a product. Below are some common ways to improve lead qualification:
Budget: Assess if your lead can afford to purchase your product.
Need: Find out what the needs of your prospects are, and if your product satisfies these needs.
Solution: If the product offers a solution to a problem, take lead surveys to check if your product is likely to solve their problem.
Timeline: Establish a sense of urgency to increase sales volume and velocity. Focusing on the timeline for each potential prospect can help you identify the leads that would buy your product the fastest.
Influence: Check for influences on your prospects and if they have the authority to purchase your product.
8. Use appropriate metrics to identify improvement areas
You can determine the cause of low sales through various key performance indicators (KPIs). After identifying these KPIs, you can develop a strategy for sales improvement. Following are some KPIs to assess to maximise sales volume:
Sales volume by location: This metric helps you identify the territories buying the lowest and highest units of a product.
Lead conversion rate: Lead conversion rates denote how often a lead converts into a sale.
Units per transaction: This metric can help determine how many units a customer buys in each sale.
9. Utilise social media marketing
Companies can utilise social media channels in their sales strategies to boost sales. Apart from giving you a free platform to advertise your products, you can use these sites to inform customers about special deals, discounts and offers. Social media also offers paid advertising, which can significantly help increase reach and sales volume. An example of paid advertising is the pay-per-click model.
10. Practice responses to common sales objections
Sales objections are common barriers during the sales process. A good way to overcome common sales objections is to prepare your sales team to handle the situation with intelligent responses. This can help the sales team feel more confident and prepared during the sale. This can in turn help increase sales volume and boost the lead conversion rate.
11. Manage time more efficiently
Many sales executives can maximise their time to increase their sales metrics. Delegating non-selling tasks to other staff or using non-productive days to accomplish them can help sales executives focus more on selling. Training a sales staff to prioritise and manage time better can lead to higher sales volume.
12. Pay attention to sales velocity
Sales velocity shows the speed at which a business makes sales. You can directly relate this metric to sales volume. Sales velocity helps leaders evaluate sales processes, forecast revenue, accelerate the sales cycle and determine areas of improvement. Increasing sales velocity can help businesses sell inventory faster and thus increase the sales volume.
13. Pay attention to top customers
It is important to pay attention to top customers or consistent buyers of your product. Since these customers are already regular customers, you can try negotiating bigger orders with them. Encouraging these customers to buy more products can help increase the sales volume.
14. Find new audiences
Increasing the scope of your target audience can help you increase the sales volume as well. Follow the below strategies to find newer audiences:
Cold calls: You can use cold calling to contact customers in newer target markets to check if your product interests them.
Social media ads: Targeting social media ads to adjacent audiences can help you determine their interest level in your product.
Territory growth: You can also perform research on other territories to find newer customers.
15. Assess territories for top buyers
Use metrics to analyse market segments and territories that form the biggest customer base for a product. Once you determine this audience, you can develop marketing strategies to increase the sales volume across this customer base. Businesses can make sure that high-performing sales executives focus on this target group to increase sales volume.
Explore more articles
- Buyer's Journey: Definition, Stages, Importance And Models
- Always Be Closing Sales Approach: Definition And Tips
- 6 Vital Change Leadership Skills (With Tips For Practising)
- What Is Cross-Selling? (How It Works, Tips And 8 Examples)
- Telemarketer Skills: Definition, Examples And Tips
- 8 Supply Chain Software Tools (With Features And Tips)
- 17 Business Questions To Ask When Starting a Business
- What Is A Control Chart? (With Types And Steps To Plot One)
- A Comprehensive Guide To Account Management Skills
- How To Practise Graphic Design Skills: A Step-By-Step Guide
- What Is Business Performance Management? (With Benefits)
- What Is Business Efficiency And 11 Strategies To Improve It