| In a previous article, I discussed the necessity for | | | | so they can drool over them at work? If you sell |
| training, supporting and inspiring your sales force. | | | | insurance, do your clients know all of the products |
| Now let's explore boosting your average dollar | | | | that you carry? Can you easily demonstrate the |
| sale by implementing sales strategies. | | | | value of buying from you exclusively? If you are |
| Before you create sales strategies to increase | | | | a paint shop or hardware store, how about |
| your Average Dollar Sale, measure your sales | | | | keeping stacks of honey-do checklist on the |
| currently, so you can determine which strategies | | | | counter? |
| work and which don't. Then, pick the strategies | | | | Can you add complimentary products or services? |
| that work for you and capitalize on your | | | | If you are an accountant that typically just |
| strengths. | | | | prepares tax returns, why not add tax planning? |
| First, you must determine what you need to sell. | | | | If you own a wine shop, can you add wine |
| This may sound simple, but is generally | | | | classes and consulting to restaurants? |
| overlooked. Know your Break even and Profit | | | | Also consider incentives for larger purchases. Are |
| Margin on each product or service so you can | | | | there products or services that you can bundle |
| create marketing around them. It would be plain | | | | together at a discounted price? Perhaps you could |
| stupid to create marketing around an item that is | | | | give a price break for purchasing a year's worth |
| at zero or negative margins -- particularly with | | | | of your service in advance. You could also create |
| loss-leader items. My advice: get out of the | | | | a minimum order policy. |
| loss-leader game. | | | | In retail stores, take a look at how you display |
| Once you have determined what to market, | | | | your products. Do you keep complimentary items |
| figure out what your target wants. This may | | | | together to help jog the memory of your |
| have nothing to do with the product or service | | | | shoppers? For example: display spaghetti sauce |
| that you sell. You may be surprised to find out | | | | next to the pasta. Study the psychology of retail |
| what your customers really want (hint: ask them). | | | | displays. This includes keeping your fast moving |
| Instead of accurate accounting, they may really | | | | products at eye level, and slow moving items just |
| want peace of mind; or instead of a car they | | | | below eye level. |
| may want status. | | | | There are so many more strategies to choose |
| You will also need to know what will get your | | | | from. Educate yourself on cashflow strategies by |
| customers to want to buy. If you are a coffee | | | | reading the myriad of books on the subject. Have |
| shop, perhaps a wider variety of coffee creations | | | | fun with your team to pick and prioritize the |
| (with exceptionally good coffee) and a great | | | | strategies to test and measure -- perhaps a "Best |
| homemade sweets menu will do the trick. | | | | Strategy" competition would spark some |
| Also, do your customers know everything that | | | | creativity. Once you have measured and tested |
| you sell? It amazes me how many cafés | | | | to find a winning strategy, systemize it and move |
| don't have enough menus for each customer. In | | | | on to the next one so your business can thrive in |
| fact, why not send menus along with each patron | | | | any economy. |