How to improve retail sales for peanuts!
(Even In A Really Bad Economy!)
So the nagging question bears asking; how to improve retail sales, especially in a really bad economy? Ah yes, the joys of being an entrepreneur.
Let’s face it (already); as your best customers and clients struggle with the fact that their disposal income is temporarily shrinking.
And they are constantly (both) on and offline being bombarded with all types of sales messages at every turn.
They can’t simply afford to be loyal to you; while any number of your main competitors and other vendors are trying awfully hard to entice them with lower prices, longer warranties, better free bonuses, longer trial periods and better guarantee periods etc.
Why Wouldn’t You Want To Implement Some Proven Strategies To Increase Sales Revenue?
(By the way: Any one of those last five rather simple,(yet proven effective) marketing strategies is certainly worth inexpensively testing and tracking; in order to discover which (if any) help improve your overall gross sales figures.)
The other thing is (in business) you’ve gotta effectively compete or face either shaving a few employees or lowering your ever shrinking razor thin profit margins.
And once you decide to go down the road of trying simply to compete on price alone.
Unfortunately, you always run the risk that another major competitor, (or a new) previously unforeseen competitor can always successfully under cut your price and (systematically) over time, erode your loyal customer base.
So the constant the real question remains. How much lower can your prices go before your effectively out of business?
How To Improve Retail Sales! Three Really Simple Ways To Out promote Your Big Buck Major Competitors! (Especially If Money Is Tight And New Customers Are Few!)
If would be a disservice to simply instruct you to start adding (low cost) high perceived valuable free bonuses to your marketing arsenal.
But in effect, that’s what your going to be doing. However, let’s really add some concrete meat on the bones.
That way you can (hopefully) really start to crystallize this incredibly exciting (and oh so) profitable marketing concept.
1.) Secret marketing strategy # one: This first incredibly powerful, (not to mention) proven marketing strategy.
(For lack) of a better name is often referred to as “Situational marketing” because it will, and can apply to so many potential marketing situations.
For ex; Picture this, you and your wife (and or) significant other are dining in one of your favorite fancy restaurants.
When your offered pre planned, (a glorified upsell) opportunity, to purchase a slightly more expensive bottle of wine and or champagne; and you’re informed that by doing so, your dinner date will receive the following three powerful, (market tested) bonuses (valued at X) absolutely free!
You Can And Definitely Should Implement Some Proven Ideas To Increase Sales!
A.) Her choice of (either) a nice pair of women’s earrings or a nice charm bracelet (both) of which are valued at X amount of dollars!Say what?
B.) Pus a coupon from a local vendor (in essence) a local joint venture partner, for a nice complimentary box of gourmet chocolates.
C.) Plus, another coupon good for a nice free dozen roses, (and card) to be delivered to (either) her job, place of business and or her home!
Now before you panic and go off the deep in, wondering how the heck you’re going to be able to afford these seemingly lavish extra free bonuses.
Aren’t You Tired Of Struggling Trying To Figure Out How To Sales Productivity!
Relax, you don’t have to. Huh? Your best joint venture (JV) partners, should be more than wiling to supply them to you for free and or peanuts, because they’ll be getting access to a steady new pool of potential new long term customers and clients for a fraction of their normal traditional cost!
Think about it for a second. How much would it traditionally cost them to reach this exact same potential customer (via) expensive local radio, TV and or newspaper ads etc?
So needless to say, a certain percentage of guys presented with this (practically) irresistible offer, doesn’t wanna face looking like a cheap skate in front of his wife and or significant other does he? Nope!
And as the savvy restaurateur, think about what just happened as you successfully implement this incredibly brain dead simple marketing strategy.
On average (anywhere) from 10-40% or more of your daily paying customer base will take you up on your offer. There by incrementally increasing your overall gross profits for a fraction of the traditional upfront out of pocket cost.
Who In Business Isn’t Constantly Trying To Figure Out How To Increase Revenue Streams!
And this powerful technique works whether you have multiple locations or not.
2.) Secret marketing strategy # two: The other way to cash in big time with situational marketing is to look for adults entering your place of business with kids. And that includes grand parents with their grand kids tagging along.
What doting parent and or grand parent can resist looking like a hero in the eyes of their kids (or grand kids?) Exactly!
So why not find an inexpensive way to capitalize off the situation; by offering the adult (preferably) in front of the kids, the opportunity to upgrade to product or service X in exchange for the kids getting (one) or some of your local JV partners best market tested free bonus goodies valued at x!
It’s literally found money.
Of Course Steadily Increasing Business Revenue Is Job One!
3.) Secret marketing strategy # three: Here is another untapped potential “situational marketing opportunity.” Think about what happens everyday all over the country.
Your cable rep shows up to install cable in (either) your business and or home for the very first time.
If the new cable subscriber has kids, of course the rep will offer several really cool (previously) unannounced bonuses in exchange for the new customer adding one or two kids premium channels to their monthly subscription.
And since you’re talking about millions of new subscribers per year. If just 25-40% of these new subscribers take them up on this (point of purchase) “situational marketing” offer.
Look at all that additional untapped profit. And that my friend, is how to improve retail sales.
Even in a really bad economy! No matter what your specific niche market is.Don’t you agree?
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