While marketing can certainly impact that number, your focus can’t be just about attracting new customers. In fact, if you’ve felt meeting your retail sales projections depends solely on the number of shoppers who show up at your door, then you’re leaving a lot of money on the table.
Why?
Because you probably aren’t maximizing the shoppers who already come into your store.
You’re probably not consistently moving them from a browser to a customer who purchases from you that day.
You’re probably not consistently suggestively selling additional products your customers could use but are never shown.
Your staff have created a culture in your store of price selling – what’ s on sale, what’s cheapest, and even I’m not trying to sell you.
When customers leave with only one item and not with everything they need, a competitor gets their additional business and a chance to make a loyal customer out of one who should have stayed yours.
Make no mistake; the stakes are high when a browser walks out without purchasing anything or with only purchasing one item. In short, you’re settling for crumbs when you could have the whole feast.
The best approach must capitalize on the visitors who do enter your store - whether it’s twenty or two hundred. Routinely building higher per-ticket sales is a win-win.
Even if you get fewer shoppers on slow days or during seasonal downturns, you can still meet your sales goals. During busier times, those higher per-ticket averages directly boost your bottom line.
So you might be asking, how do you improve per-ticket averages and increase overall retail sales?
Glad you asked…
The best way is with staff training that cultivates an atmosphere of value selling.
Your salespeople need to be constantly aware of how to sell the value of a single product over the price of the product while looking for ways to enhance that value with additional products.
Not only will this lead to more up-sells and add-ons, but it will also help eliminate the need for markdowns to move higher value items.
Here are three tips for your salespeople to focus on to increase your retail sales:
1) Building Rapport. Exceptional shopping experiences begin with exceptional employee skills. Your staff needs to know how to engage people from all walks of life in a genuine manner. That means getting out from behind the counter because they want to, not because you have to tell them. Those employees must be able to listen to why the customer walked through your doors today, identify their motivators to buy, and link all of your products in a way that encourages them to buy. When they build rapport and connect with their customers, it will keep customers from browsing for better deals on their smart phones while standing in your store. It will also lay the groundwork for a true relationship where each looks forward to seeing the other again. That also makes it easier for the salesperson to suggest add-ons because they are seen as a human being, a trusted adviser rather than a nameless clerk.2) Value Selling. Value selling is the foundation of increasing retail sales. It’s easy to mark down items or steer customers toward the cheapest option. Heck, that’s 90% of retail help these days. However, markdowns are bad for profit, and the cheapest option is rarely the best option for the customer. With the proper understanding of the premium products they’re selling, salespeople can keep the conversation focused on the long-term value those products offer. Once customers understand that there truly are differences in quality from good to better to best, they’ll be more understanding of the price differences between those levels. A good tip is to teach them the differences in your most popular SKUS and then have them use the Feel, Felt, Found Method and say, “I used to feel that way too about the price of this item. I felt it was too much. That was until I found out how much (better made, easier to use, quicker, etc.) it was over the others.” Having established the value of the product in the customer’s mind, it’s easier for the salesperson to then segue into a conversation about add-ons.
3. Add-Ons. Salespeople who have an in-depth knowledge of the products they sell should also have a clear understanding of the items that complement those products. If they work in electronics, they know that even the best 4K television only offers limited sound quality. That can lead directly into a conversation about sound bars or surround-sound systems. They’ll know that a beautiful dress is not, by itself, an outfit. That a camera has a lot of accessories to make it truly an artistic device. The customers leave with products that exceed their initial expectations, and the salesperson gains higher per-ticket sales. To do this effectively, your salespeople need to see the full picture when it comes to their product lines, more-so than the product features. For even if they don’t know the specifics of an add-on but understand the concept of what it does, they’ll be able to create additional value for their customer and not settle for clerking a single item.
Where to Begin?
The skills and knowledge necessary to increase retail sales all start with the right training program. A well-conceived training program will teach all of these techniques while also instilling an attitude geared toward creating an exceptional customer shopping experience.
When they are exceptional, those
experiences build a foundation for higher per-ticket sales, repeat customers,
and increased retail sales.
The purpose of any business is to bring in customers, and it can only be accomplished through marketing. If your cash registers don't ring, something is wrong and you had better find out what is wrong fast. Because in today's competitive retail world... getting results is what counts.
Successful retailers aren't any more talented or intelligent than you are -- They simply have learned to do things in a different way and make money in the process. Use the following 12 steps to improve your retail sales, you'll simplify your efforts, multiply profits, and increase the odds of success.
1. Know Yourself
Having your own business is more than
just creating a job for yourself. Your basic roles are in marketing, finance,
administration, and the responsibility of personnel. To get the best results,
it is rare for one person to play all these roles equally well. You must know
which parts you can handle yourself and which parts you're going to need help
with.
2. Plan Ahead
Many
stores are run by well-intended people but who don't have all the information
they need to do their job. This includes a clear idea of market segment, target
markets, customer service, product selection, marketing mix, promotional
activities and pricing tactics. If you want to succeed you need a well thought
out business plan that helps you make the right decisions?
You
can improve your retail sales by following these twelve tips.
The
purpose of any business is to bring in customers, and it can only be
accomplished through marketing. If your cash registers don't ring, something is
wrong and you had better find out what is wrong fast. Because in today's
competitive retail world... getting results is what counts.
Successful retailers
aren't any more talented or intelligent than you are -- They simply have
learned to do things in a different way and make money in the process. Use the
following 12 steps to improve your retail sales, you'll simplify your efforts,
multiply profits, and increase the odds of success.
1. Know
Yourself
Having your own
business is more than just creating a job for yourself. Your basic roles are in
marketing, finance, administration, and the responsibility of personnel. To get
the best results, it is rare for one person to play all these roles equally
well. You must know which parts you can handle yourself and which parts you're
going to need help with.
2. Plan
Ahead
Many
stores are run by well-intended people but who don't have all the information
they need to do their job. This includes a clear idea of market segment, target
markets, customer service, product selection, marketing mix, promotional
activities and pricing tactics. If you want to succeed you need a well thought
out business plan that helps you make the right decisions.
3. Know
The Industry
You
can gain the greatest competitive edge if you have an intimate knowledge of
your business. To thrive and prosper, you must be committed to learn and
have the desire and energy to accomplish your goals. These are five main
reasons why most businesses fail:
1. Lack
of Industry Knowledge
2. Lack
of Vision
3. Poor
Market Strategy
4. Failure
to Establish Goals
5. Inadequate
Capitalization
4. Understand
Your Customer
Make
it your business to give your customers what they want, and
they will do business and buy from you. The products and services you provide
should reflect your customers needs and wants. Think in your customers' terms;
buy, show, sell, and say things that interest them, not just what interests
you. Remember, it is the customer that determines whether or not you succeed.
5. Keep
Good Financial Records
If
you don't know where your money is going, it will soon be gone. The "game
of business" is played with computers -- and the score is evaluated in
dollars and cents. Good financial records are like the instruments on an
airplane, they keep you posted of your height, direction, and speed. Without
them you're flying blind with no controls to guide you to your destination.
6. Manage
Your Cash
It
doesn't matter how unique and wonderful your store is, your business can't survive without cash flow.
Money coming in your store is the vital component that keeps your business
financially healthy. If you budget wisely and know the interval of your monthly
income and expenses, you won't have to worry about running out of money.
7. Use
Sound Management Practices
As
a store owner, you are also a manager. You have to make decisions, offer
customer service, manage time and resources, and know how to merchandise and
run the business better than anyone working for you. Give your employees the
opportunity for growth, treat them fairly, pay them what they're worth, and
they will help make your business successful.
8. Develop
A Distinctive Image
Your
image is important and is a function of your marketing efforts and materials.
Customer's create their perceptions of your business from your name, web site
appearance, store location, products, prices, visual merchandising, signs,
displays, business cards, newsletters, advertising material, customer
service and anything else that relates to your business.
9. Control
Your Inventory
All
retail stores need to manage inventory. It is your money sitting on a shelf and
represents a large portion of your business investment. The retailer who merely
watches the store's shelves can't maintain a proper balance between the right
amount of merchandise and probable customer demand. Without adequate control, slow-moving inventory becomes dated and
very costly.
10. Buy
and Price For Profit
To
understand retailing, one must start with the concept that the price of your
merchandise is nothing more than a temporary estimate of what the customer is
willing to spend. In devising your overall pricing strategy, a practical
approach can be based on the function of supply and demand. To be more
competitive, join buying groups and seek out manufacturer discounts that allow
you to purchase merchandise below wholesale prices. By offering better values,
you'll be able to attract more customers, and offer more opportunities to shop
at your store.
11. Learn
From The Pros
In
today's explosive markets, making the right moves is absolutely essential,
there is little room for error. Without knowing how to navigate through these
fast-moving times, it can be a tricky and even a self-destructive experience.
Because of the emotional and sometimes difficult decisions that must be made,
the crucial difference is having fresh ideas with an impartial business
position.
12. Ask
For Help When You Need It
Remember, getting results is what counts! Don't be too proud
to ask for help, we all need help sometimes. It is important to recognize that
what you don't know can end up costing you money, hurt the odds of success, and
greatly reduce the chance of achieving your business goals. Hiring an expert
with specialized skills can be the most profitable decision you can make to
protect both your business and financial future.
