Oct 16 2007
21 Proven Ways to Increase Your AVERAGE DOLLAR SALE… RIGHT NOW
Part 2 of a 5 part series of articles on How to grow your business and increase your profits.PART 2 - HOW TO INCREASE YOUR AVERAGE DOLLAR SALES
Here is a list of 21 ideas YOU can use RIGHT NOW to INCREASE YOUR AVERAGE $ SALE.
Before you begin, you need to know what your existing average dollar sale is now. And, you should decide how you are going to measure it each week and how you are going to monitor each member of your teams individual average dollar sale.
SO, HERE GOES:
1. INCREASE YOUR PRICES.
Nothing will increase your profits faster than this one, and there are hundreds of easy ways to increase prices without losing customers.
2. UPSELL EVERY CUSTOMER EVERY TIME
Develop scripts for your team. Remember 18% of MacDonald’s total sales come from the simple question “Do you want fries with that”. You need to look at all your major prime purchases, and develop a logical companion product to suggest.
3. PROVIDE CHECKLISTS SUGGESTING ADDITIONAL ITEMS THAT MAY BE REQUIRED
4. DISPLAY ADDITIONAL PRODUCTS AT YOUR CHECK OUT POSITION TO PROMPT IMPULSE PURCHASES
5. DISPLAY REMINDERS AND SUGGESTIONS TO PROMPT NATURAL UPSELLS
6. REARRANGE YOUR TRAFFIC FLOWS AND MERCHANDISING DISPLAYS.
Display batteries close to products that require them etc.
7. CREATE PACKAGE DEALS
With bonuses for larger commitments.
8. OFFER A BONUS FOR ALL PURCHASES ABOVE A CERTAIN VALUE
(set the figure approx 20% higher than your existing average $ sale.
9. SELL SERVICE CONTRACTS
10. SELL EXTRA WARRANTY INSURANCE
11. OFFER AND PROMINENTLY DISPLAY A RANGE OF PREMIUM PRODUCTS OR UPGRADES.
12. ESTABLISH A PREMIUM BUYERS CLUB OR GROUP.
13. DISECT YOUR CUSTOMERS INTO A,B,&C BUYING GROUPS
(A representing those that spend the most) and concentrate more of your efforts on them, with the objective of attracting their friends and of encouraging them all to purchase more, more frequently.
14. MEASURE EACH TEAM MEMBERS AVERAGE $ SALE
and provide generous rewards for both the best performers and the most improved.
15. FIND OUT WHO ON YOUR TEAM HAS THE BEST AVERAGE $ SALE
And offer them a bonus to teach every other team member exactly what they do and what they say to achieve their results. (Develop systems that duplicate your best performers)
16. STOP DISCOUNTING
Or, at least offer discounts only to attract NEW BUSINESS. Instead of discounting, find ways to add additional value to each type of transaction.
17. CONSTANTLY EDUCATE YOUR CUSTOMERS ON THE UNIQUE ADDITIONAL VALUE YOU PROVIDE.
18. DEVELOP “EITHER OR” SCRIPTS THAT PROMOTE VALUE FOR YOUR TEAM.
So higher value products are always offered first.
19. ESTABLISH A MINIMUM ORDER $ AMOUNT.
20. PROVIDE A BROAD RANGE OF CREDIT FACILITIES AND EASY FINANCE ALTERNATIVES.
21. PROVIDE ADDITIONAL SERVICES.
Take away, Home delivery etc.
So there you have 21 ways to increase your AVERAGE $ SALE right NOW.
I’m quite sure you can think of several more, if so, I would love to hear of them.
The major question is: Which one are you going to implement TODAY???
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Great tips! Looking forward to the rest of the series.
[…] stuff4business.com wrote an interesting post today on 21 Proven Ways to Increase Your AVERAGE DOLLAR… Here’s a quick excerpt Part 2 of a 5 part series of articles on How to grow your business and increase your profits … . SELL EXTRA WARRANTY INSURANCE 11. OFFER AND PROMINENTLY DISPLAY A RANGE OF PREMIUM PRODUCTS Posted in stuff4business.com ( 8 links from 5 sites) by LindsayP […]
Love no 18 the idea of mentioning the highest priced item first.
My franchisor’s website in the UK, for a while until they were politely “educated”, displayed “Small” as the default pizza size, with “Medium” and “Large” only accessed via the drop down menu. Well hello!
This was some time ago but I have still sent a link to your site to the Marketing Director to remind him not to fall into that trap again of thinking that a website should be run by IT. It is a Marketing Function 100%