How to Increase sales in Retail – The ONLY 3 ways to do it
This afternoon I met up with a
long lost friend of mine at his request. He basically wanted my advice on how
to increase sales in retail business. He was planning on putting up a business
in the auto industry and hoped to get some valuable tips. The tips that I
shared with him are mentioned here, which you can use to increase sales is
retail as well as home business. These are universal tips that I was first
exposed to through the great Jay Abraham.
There are only 3 ways to increase sales. Period. Whatever method you try, it will always fall into these 3 categories. They are…
Option #1: Increase the customer flow to your shop. You can do this through increased advertising or increased service quality. In the former you focus on mass marketing and in the latter, you focus on personalized service causing a word-of-mouth effect. Leave the rest to the law of averages. For example: If currently for every 100 customers you make 25 sales, then if you increase the number of customer visits to 200, you make 50 sales.
Option #2: Increase the average value per sale. You do this by selling higher end products. For e.g.: In a restaurant, instead of selling more of normal burgers, sell special upsized burgers. This causes the value of each sale to go up thus increasing overall sales. You do this through advertising, proper in-shop displays and sales talk.
Option #3: Sell multiple products to the customer. You do this by offering other products that compliment the main line of business. For example: In a restaurant, in addition to burgers you can start offering hot dogs, pizzas, salads, etc. This causes the same customer to purchase the other products in addition to burgers, which end up increasing the sales. You do this through advertising your product range, proper in-shop displays and sales talk.
Believe in your product, know what the customer wants and deliver it in the best way possible. Because, as Bob Hooey mentioned, “If you are not taking care of your customer, your competitor will.”