How To Improve Retail Sales: How To Stop Leaving A Staggering 70% Of Your Long Term Profits On The Table!
How to improve retail sales (without) leaving a staggering 70% or more, of your long term (and much deserved) gross profits on the table?
That does seem like quite a tall order doesn’t it?
But like most things in life (upon) closer examination, it really isn’t quite as hard as it originally seemed.
Here in (basically) the trilogy of our exploration of this incredibly profitable subject. You are about to discover one of the absolute best ways to increase your sagging profits, for very little upfront out of pocket cost.
Actually you’ll be strategically plugging a rather gigantic hole in your operation, and thereby start reaping your much deserved profits.Sound good?
How To Improve Retail Sales And Out Promote Your Big Buck Major Competitors For Pennies On The Dollar!
Case in point; how many times over the years have you ever walked into a retail store of some kind. For the very first time. Which is (typically) located inside of a mall.
And within just a few moments, (some well) meaning sales associate approaches you and (unbeknownst) to them, they ask you retails # one worst (profit repelling) question of all time.
How many times (over the years) have you heard this marketing gem; ” Hi my name is blank, can I help you find something in particular today?” (Or some variation thereof.)
And of course your typical response, (at least) 99% of the time is, “No I’m just looking”, correct?
Now in order to really put this (mega) profit repelling response rate into perspective, (and) hopefully open your eyes to its deadly long term affects.
Your Semi Cash Strapped Small Business And Or Service Should Definitely Be Leveraging Your Current Customer Base!
Let’s suppose that it’s your current end of the year review for your own personal mutual fund investment portfolio.
And you unfortunately discover that one of the stocks that you’ve been holding onto for the last five years or so, was averaging a dismal one percent yield per year.Bummer, right?
And now you’ve decided to pull the plug on it. Now that you’ve made that wise decision. Watch how that decision closely relates to your long term business success.
How To Systematically Increase Your Long Term Profits By Eliminating Poorly Performing Business Assets…
Just like you correctly decided to replace that poorly performing stock in your personal investment portfolio; you’re now going to stop the bleeding and replace that poorly performing opening line with one of your best market tested responses.
Instead of opening with that same poorly performing open initial line.
Instead let’s suppose that (at least), two of your top sales associates start inexpensively A/B split testing various opening line approaches, and let your first time walk in customers reveal what works best.
Let’s Take A Closer Look At The Actual Numbers…
After they’ve tested and carefully tracked various (opening line) approaches.
Let’s take a look at how the numbers (may be) currently working against you, and how to turn things around asap.
Let’s suppose that your (rather) small retail outfit is conveniently located, inside a rather busy mall. And you average about 100 new customers per day, seven days per week.
Or 2,800 new first time potential walk in customers per month, (give or take) times 12 months per year.
Which means (are you sitting down?) That equates to a staggering 36,400 new potential first time customer contacts per year!
(And don’t forget, from the third week in November through Christmas, you’re liable to average even more daily foot traffic!)
Your Small Business And Or Service Really Doesn’t Need A Bigger Advertising And Or Promotional Budget In Order To Become More Profitable!
(100 new first time walk ins per day x 7 days per week = 700 new first time walk ins per week x 52 weeks per year, (give or take) = 36,400 new potential customers per year.)
Anyway, currently (as you recall), every time one of your well meaning associates asks the # one retail, (long term) profit repelling question.
Which on average, a staggering 99% of the time, it simply turns your potential new customers off.
So let’s take a look at the math. One percent of 36,400 equals (just) 364 new first time walk ins responding favorably!
Or to put it another way, on an annual basis, a staggering 36,036 do not! You gotta be kidding, right?
Moving Forward How You Will Strategically Capitalize Off Your New First Time Walk in Potential First Time Customers…..
What if instead after your associates introduce themselves, (depending) on the weather and time of year, and after your associate(s) has established that the visitor is in fact a first time walk in.
During the summer, you’ll direct them to another( joint venture partner) vendor inside the mall, that offers ice cold beverages of some kind.Give them a coupon for 75 (or X%) off a large bottle of whatever! 😀
(And you just might (test) making that coupon good for X% off for next 30-60 days.)
Depending on whatever you can work out with the non directly competing vendor. During the winter, (perhaps) it’s the same vendor (only), the beverage of choice will be for (either) ice tea, coffee or cocoa etc.
The Closer You Look The More You’ll Discover Some Effective Ways To Promote Your business And Or Service!
If they come in with kids ages 12 and under, you’ll direct them to a vendor that offers the most popular current DVD movies or something magnetic for kids, in a certain age range.
If a single guy walks in (with) or without his spouse and or girlfriend. You’ll offer him, his choice of coupons from various vendors (inside the mall), where he can save money on something really nice for his spouse and or girlfriend.
If the guy has a wedding ban on, you’ll joint venture (JV) with another vendor etc.
Here’s the real point, what if after you’ve been inexpensively testing and tracking your various new first time walk in customer approaches.
You notice that your favorable response rate has now increased to a staggering 19%.
That would mean that (by years) end, 19% of 145,600 new contacts, equals 27,664 new contacts (now) translates into three long term potential profit centers for you to further explore.
You Should Definitely implement Some Proven Small business Marketing Strategies And Or Tactics To Boost Your Long Term Profit Potential!
1.) Profit center # one: You offer them some sort of new customer “bounce back” offer good for 20 (or X% off) any purchase.With absolutely (no minimum purchases) required. And good for the next X number of days.
2.) Profit center # two: Be sure (one of the last) things your associate (s) does is, hand your new first time walk in, (potential first time customer) your best market tested lead capture page business card.
Because it offers them the chance to enter your (once a month) guaranteed winner, free drawing.(Power list building 101.)
You Always Have Tons Of Untapped Lead Generation Opportunities And Or possibilities To Pursue!
3.) Profit center # three: For every one of them that gives you a thumbs up on your Facebook business/fan page, you’ll gladly give them a “new customer only” VIP discount coupon card good for 25 (or X% off) your next three purchases.
Provided they use it, before the hand written date expires.
By simply inexpensively testing and tracking your all important “new first time walk in potential new customer” approaches.
You’ll quickly discover precisely how to improve retail sales.
No matter what your particular specialty niche is. As always, if you got any value out of this post, please share this on your favorite social media sites or tweet this. Thanks!
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some type of power networking.Let’s get connected asap!
Extremely important note:And if by chance, you happen to know any of the lesser known podcasters,who also target, small business owners,service providers or aspiring startups
entrepreneurs etc.
And they’re pro-actively looking for potential guest speakers.Please don’t hesitate to-either- pass their name and contact information directly to me or vice versa!Thanks!
And be sure you grab your explosive free 22 step small business marketing idea kit series. Because it will help you master your effective communication in marketing skills.
And help you increase your profits by at least 25% in the next 90 days or less. It’s a $97 dollar value and it’s free!
