- Improve your margin! The first step in increasing your profit margin is by analyzing your current sales and what you are spending your money on. If you change vendors, and buy local, could you save freight cost? Can you buy direct from the manufacturer instead of using a broker? Can you outsource services that you currently have in-house, or perhaps, you can hire someone to replace what you have been outsourcing? Negotiate your loan interest rates, office lease and your phone bill to save money! But, most importantly, don't discount your products and services. You are only cutting into your profit margin and training your customers to buy only when there is a sale.
- Improve your conversion rate! Already have leads coming in the door, but can't convert many to a paying customer? Develop a guarantee and define your uniqueness! Make it easy to buy from you by offering easy payment terms, free delivery or exclusive product lines. Or, maybe all you need is a little sales training to convert those leads in to a sale.
- Increase your average dollar sale! Up sell and cross sell! If a customers' wallet is open, it is easy to keep it open by educating them on all your products and services. Provide a shopping check list so customers don't forget something! Keep impulse buys near the register. Give a free gift with purchase over a pre-determined amount!
- Get customers to shop more often! Under promise and over deliver to make your customers feel special every time they shop with you. Always have their product in stock or offer free delivery and expedite the shipping. Offer frequent buyer programs to encourage loyalty. And, develop a referral program to bring more like-minded customers to the store!
There are hundreds of ideas in each of these categories that can add to your bottom line without spending a dime in marketing. If you need help, give me a call at 515-259-0577 or email at renee@trioagency.com
