I increased my cheap mtn data plan sales volume by 413% and made a profit percentage increase of 938%. Do you want to know how? Keep reading.
You probably came here searching for:
- Ideas to increase sales
- Ways to increase sales
- how to increase profit margin in business
- How to increase profit in a small business
- How to increase profit without sacrificing quality
So I’m going to tell you all about the sales strategy that increased my sales.
THE STORY BEHIND MY PROFIT MARGIN INCREASE AND SALES MARGIN INCREASE
For a while now, one of my profitable small businesses, selling mtn data plans, had been lagging behind in terms of profits as a result of a price increase by Mtn and as such, I was experiencing really low sales. To make things worse, my phone got spoilt in October leaving me with no way to adequately market my cheap mtn data plans on social media (mainly Whatsapp) like I used to. So I made relatively low profit net margins in October, just a bit lower than that of September.
LUCKY EVENTS THAT CONTRIBUTED TO THE SALES AND PROFIT MARGIN INCREASE AND OPENED THE DOOR TO MY SALES STRATEGY
November came and two very significant things happened at the same time:
- Mtn made a drastic reduction in their data price
- I got a new and better phone
Regardless of all these, it was a decision and action plan of mine that led to my drastic profit increase and sales increase.
THE SALES STRATEGY THAT LED TO MY IMPROVED SALES MARGIN AND PROFIT MARGIN INCREASE
It was a pretty simple action plan to increase sales: REDUCING MY PRODUCT PRICE BELOW MY COMPETITORS’ PRICE.
And no, I didn’t have to sacrifice quality to reduce my price below that of what people were selling.
I also continued making profit even though it was not as much as my fellow data sellers were making.
HOW DID I IMPLEMENT THIS SALES STRATEGY?
While competitors were selling their mtn data plans as high as N550, N600, N650, etc, I reduced my price to NGN 500, a drastic change from the N750 that mtn data plan used to be and the sales began to roll in.
I boosted my marketing strategies to boost sales.
Here were some of the marketing strategies I used to try to improve sales:
MARKETING STRATEGY #1: I used great whatsapp marketing strategies like:
- Experimenting till I got the best time to post that brought more customers
- Joining more whatsapp groups.
- Consistently putting new content to my Whatsapp story while advertising.
- Sending broadcast messages to many whatsapp groups at the right time.
MARKETING STRATEGY #2: I also created other social media marketing platforms:
- I created an Instagram account. Please follow me.
- I created a facebook page specifically for my services.
- I opened a telegram account and tried to join as many telegram groups as possible. (But that was a bust because I still haven’t gotten the hang of Telegram)
MARKETING STRATEGY #3: I created a blog post about the cheap mtn data plans.
All these marketing strategies and my sales strategy of reducing the prices of each unit of data plan led to a 938% increase in profit and a 413% increase in sales.
HOW TO CALCULATE PROFIT INCREASE AND SALES INCREASE
Here’s how I calculated my profit percentage increase:
FORMULA FOR CALCULATING PRICE PERCENTAGE INCREASE:
Increase= New price increase – Old price increase
% Increase= Increase – Old price increase x 100
FORMULA FOR CALCULATING SALES PERCENTAGE INCREASE:
Increase= New sales increase – Old sales increase
% Increase= Increase – Old sales increase x 100
However, I want to make sure you realize that I could not have an exact figure of my boost on sales and profit if I had not diligently kept records, so you should probably start keeping records regardless of how small your business is.
“You need to keep records of your business deals regardless of how small the business is. This is so that you can use your record to measure your business progress and goal attainment.”
I just want to welcome you to the new month of December, 2018. And remind you that this year is coming to a drastic end so you should try and achieve at least some of your goals for the year.
For those whose goals include financial empowerment, you can check out some of the other posts on this blog that can help you make money online and offline: