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Managerial Problem-Solving Memo
TO: Employees
FROM: The C.E.O
DATE: April, 1st 2019
SUBJECT: Strategies for Increasing Sales
Hope you are all fine. This memo is intended to inform you about strategies we are going to implement to increase our cash in the wake of decreased sales we have experienced in recent months. We are all aware that we are a leader in the industrial cleaning supply organization, and if we lose this leading position, it will be an uphill task to regain it.
Therefore, the following basic strategies will serve as our guide in an attempt to boost our sales in this coming financial year.
STRATEGY 1: INCREASE NUMBER OF INDIVIDUAL SALES
I call upon all of us to strive towards increasing the number of individual transactions. Since our business supply products and services that are needed occasionally, we need to concentrate all our sales activities towards to increase the number of sales since once a person has purchased one of our items, he/she is not going to be our customer for a long time. For this reason, we need to double the number of our transactions.
STRATEGY 2: MAKE LARGER SALES TO EACH CUSTOMER
Furthermore, if we determine that a customer wants to buy from us, we must think of ways to increase the size of the sales, which will translate to profitability and cash flow. The good news is that we are excellent at customer service, but we need more improvements. For example, instead of focusing on marketing through conventional means such as television and radio, we should ensure targeting branding through digital marketing efforts, especially Facebook and Twitter marketing since this is where our customers reside (Dimofte & Haugtvedt, 2015).
We should also sharpen our customer response strategies to make sure our customers like, trust, and likely to buy from us. Sometimes we can up-sell our customers to a more expensive item we sell at our stores, and in some occasions, we might cross-sell our customers by offering additional products and services that go along with products and services they are interested in. Additionally, I encourage the sales team to use strategic planning to decide how to get our customers to buy more from our stores. We all know that acquiring customers can be so expensive, I urge the finance department to find ways that we can offer deep discounts and bonuses in an attempt to get customers to buy something else before they leave our stores, especially when they look reluctant to buy products they showed intentions to purchase. In this case, we can cut the price by 25%, 30%, and even 40%; depending on what the finance department will recommend. The bottom line is that the extra cash we will earn is money that we would not have had if we let the customers depart without buying anything (Nijssen & Frambach, 2011; Ingram, LaForge, & A, 2007).
STRATEGY 3: GETTING THE CUSTOMERS TO BUY MORE FREQUENTLY
There are also some products that we regularly sell, such as detergents and soaps. The key to our survival in this financial year is to capture more of the customers’ business. We should get the customers to buy from us frequently rather than letting them go somewhere else.
By using the strategies I have proposed above, I hope we can significantly increase our sales and regain our leading position in the industry.
Thank you
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