Posts Tagged ‘Generating More Sales’
What Works: The Key to Customer Conversion is Immediacy
Monday, October 13th, 2008
Whether you own a small brick and mortar business or a business that operates online, one of the greatest tools you can have at your disposal is the ability to act on information given to you by a potential customer and turning it into a conversion.
What Is Immediacy?
This process is generally referred to as immediacy; it means identifying exactly what it is that a customer wants at your point of contact through the correct interaction and then outlining exactly how you can fulfill their need.
The faster you can obtain and analyze information from a prospect, the less chance there is that the prospect will move on to a competitor before conversion.
Applying Immediacy to Your Business
So how do you go about implementing a policy of immediacy within your own business? Well, for a brick and mortar business it is a matter of having an adaptable sales pitch. You know that someone is interested in what your business has to offer just from the fact that they show up.
From there, the conversion is up to you. You want to find out how they found out about your business and which products exactly caught their eye, then go into detail about how the product can fill their needs and then make an attempt at closing the sale.
The whole pitch revolves around interpersonal communication; body language, vocabulary, and so on. And of course, you don’t want the prospect walking out of your store (online or otherwise) without making a purchase.
Immediacy and Online Businesses
For an online business, the aspect of immediacy can be a little bit trickier, largely because of the tools at your disposal.
Fortunately, innovations in analytical tools have allowed online business owners greater access to real time measuring tools which can determine what the people who are surfing your site are looking for most often.
Good analysis of this information (and it is relatively inexpensive as well, particularly when compared to the results proper use can yield) turned into a proactive pitch as soon as possible will, more often than not, allow you to complete the conversion.
In the Web 2.0 world, online business owners have the opportunity to put immediacy into action in much the same way as the owner of a brick and mortar business would. Any small business owner is working any time they go to a social function; if there are people there who might need their services of products, they are sure to let them know.
Using platforms like MySpace and Facebook allows business owners ample opportunity not only to advertise, but to see the immediate effects of that advertising and to act accordingly.
In other words, immediacy has come to cyberspace, even without the use of specific tools.
The ability to act on a prospect as soon as possible will help the business owner to obtain more conversions. Immediacy works, and you have to have an idea in place to implement this important tool into your business success kit.
Tags: brick and mortar, customer conversion, Generating More Sales, immediacy, Leeia Ladipoh, online buisness, small business, tips, what works
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Back to School Special - Seasonal Trending
Wednesday, July 30th, 2008
In order to maximize your profitability during seasonal changes, specifically with the back-to-school season, you need to remove the guesswork. You need to know exactly how the market is going to behave to make the most money.
Predicting the Future
How can you know when the peak sales are going to drop off? You can’t predict the future can you? Of course we can’t predict the future, but we can learn from our past.
Retailers keep track of what happened previous years to know how to effectively sell this year. Managers order enough calculators not only to get them through the back-to-school sale, but also the first few weeks of school. They know how to plan for this because of what happened last year.
The same is true with eBay. If you could see what happened last year with calculator sales, you could know when sales are going to start to drop-off.
With a market research tool like HammerTap, you can know what happened last year. With information like that, you can in a sense predict the future.
I used HammerTap to research calculator sales last year. I researched calculator sales for four weeks starting on August 23, 2006.
Below are the results by-week. Pay attention to how the Listing Success Rate (LSR) and Average Sales Price (ASP) change during the four weeks of sales.
The Dropping-Off Point
So when do sales drop off? Sales during Week 2, August 31 thru September 6 were the highest in both LSR and ASP. During this week, you can sell the most calculators for the highest price possible.
After September 6, the Average Sales Price drops rapidly. In one week you go from $66.85 to $53.95, a difference of $12.90. This is a huge drop in profit. While sales are steady at 77%, you are not making nearly as much per calculator.
Depending on your cost of the product, September 6 is your drop-off point. Even though sales are still high (that’s your Listing Success Rate) you may not be making enough money on each sale to cover your costs.
What’s your strategy then? Try to sell all of your calculators during Week 2 above to increase both your success rate and selling price. Selling during this week is going to maximize your profits for this product during the back-to-school season.
However, each product is different, and this is just one example. In order to maximize the sales of your products during seasonal and holiday trends like this one, you really have two options: 1) Try and guess when the optimal time to sell is or 2) Use a research tool like HammerTap.
Tags: advice, back to school, Generating More Sales, HammerTap, product trends, Sales, seasonal trends, tips
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Boosting Your Sales With Creative Retail Displays
Monday, July 14th, 2008
Having an interesting and wide variety of products in your store is important, but without a creative way to display them, you could be missing out on a ton of sales! Think of your store’s display space as part of product marketing and promotion. You are trying to draw customers into your retail space and get them intrigued about your products. Now, what better way to do this than by creating a warm and cozy atmosphere that is logically laid out and with products creatively and attractively displayed? Once your store’s retail space is being used to its full advantage, there’s no doubt you’ll notice a boost in sales and in repeat customers!
There are several ways to get your store’s space working for you. The first is your store’s actual building or room. Think of what you can do to make your store’s inner shell more inviting. For instance, if the walls are white and your lighting consists solely of florescent bulbs, then think of using some warm-colored paint along with bulbs that are less stark. The less your store looks like a warehouse, the better! And, use the theme of your products to your advantage. If you sell toys , then get whimsical in your decorations - maybe a blue ceiling with painted clouds, big, framed pictures of close-up toy pictures on the walls, etc. Get creative in your surroundings - they are meant to delight your customers!
Next, it’s important to group your products logically and display them together. If you sell both inflatable boats and electric pumps, then they should be displayed near each other - otherwise you could be missing out on an obvious up-sell sale.
Once you have your product groupings figured out, it’s time to display them using tables, shelves, furniture, etc. The key is to get as many of your most intriguing items between waist to eye level. Even the most charming of products will go unnoticed if they’re sitting on a bottom shelf - save that space for additional stock. First, lay out your display furniture (you may want to use paper cut-outs until you get the arrangement figured out) to get just the right flow - making sure that aisles are wide and that the arrangement gives customers a natural walking path through your store. Now it’s time to arrange your products. Newest arrivals should always be in the most eye-catching of spaces - that way repeat customers will see that your store is always changing. The way your products are displayed will depend on the type of store you have. If you sell decorations for the home, you might want your displays to mimic rooms of a house. If you sell children’s products, you may want to have products both in and out of the box, as parents typically like to read all the product information that the manufacturer prints on the retail packaging as well as see and test the product up close.
Another important point to remember is that whether or not you’re continually getting in new merchandise, it’s always good to change things up once in a while. Move products around, change displays, etc. Give customers a reason to keep coming back - changing the inside scenery gives the impression that new products are always coming in and that there’s always something new to see. Some examples to consider:
* Seasonal or holiday-themed displays
* Displays for upcoming special events (i.e. the Super Bowl, the Oscars, or even local events)
* New product lines, brands, or designers
Creativity and attractiveness are the keys when designing your retail displays . If you have an artistic flair, then this is your time to have fun and boost your sales at the same time!
Tags: advice, boosting sales, Carrie Hinkel, Generating More Sales, retail displays, Sales, seasonal, tips
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Generate More Sales This 4th of July
Monday, June 30th, 2008
Last year American’s spent nearly 2.5 billion to celebrate the 4th of July. This year, the weakened economy and soaring gas prices will take the air out of those revenue sales. According to the NRF 2008 Independence Day Consumer Intentions and Actions Survey , while two-thirds of Americans will still celebrate the holiday, many will be doing so at home.
So what can you do to help cash conscientious consumers enjoy their Independence Day this year?
Offer promotions, consider doing a PRE holiday sale and there’s no better way to attract customers than giving away FREE STUFF! Like gas for example…?
Tags: 4th of july, business tips, Generating More Sales, independence day, Rebecca Button, Sales
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Build Your Brand the Right Way
Thursday, June 12th, 2008
I’m sure you’ve seen those cheesy commercials that crowd your late night television viewing. You know the ones promising extraordinary results and benefits that basically scream in your ear to BUY IT! Well, I suppose those work to some degree because otherwise they would have fizzled out long ago. But the average business owner needs a different approach. A very different approach.
Be conscientious of what your copy sounds like. If it sounds like one of those late night "razzle-dazzle" quick-sell commercials, you’re on the wrong track. Here are some ways to figure out if it falls into that category (from Marketingprofs.com ):
Exclamation points. Use them judiciously—if at all—and only when a statement truly merits the added excitement.
Numbers. Headlines like "10 Powerful Secrets for [Fill in the Blank]" will undoubtedly pique a potential customer’s interest; but they also sound like copy that will lead to an impulse buy, not a long-term business relationship.
Hyperbolic claims. Does an image-conscious company really offer something extra for acting now, or suggest that the big secret will be revealed for the low, low price of $199.99?
The idea is not only to sell your product but to form a lasting relationship with the customer so they will keep coming back time and time again. Read more about how to build your brand here .
Tags: advertising, advice, branding, copywriting, Generating More Sales, Marketing, Marketing Your Business, Rebecca Button, tips, writing copy
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Using the Web to Draw in Customers
Monday, June 2nd, 2008
Many brick and mortar stores have learned by now that they need to have a website in order to compete in today’s internet driven consumer marketplace. What many of them haven’t figured out yet is that there is much more to using the internet to draw in customers than simply having a website with store hours and information on it.
It is becoming increasingly important for businesses to make themselves available for customer reviews. Sites such as Amazon.com use the customer review system to sell products. Yelp.com uses the same concept but allows consumers to review actual businesses. This type of instant feedback is valuable to the business as well as potential customers. Studies show that consumers trust peer reviews 83% of the time while experts are trusted only 63% of the time.
If you put your business out there for customer reviews expect both good and bad. Take the time to contact all reviewers if you can. This will likely improve your overall rating and bring in a considerable amount of extra business from people who check these sites frequently and write reviews themselves.
Tags: customer service, Generating More Sales, Growing Your Business, Marketing, Marketing Your Business, peer reviews, Rebecca Button, yelp
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Helping Customers Weather Recession
Friday, May 23rd, 2008
The following is a great excerpt from an article on Forbes.com . It highlights some strategies retailers can use to help get themselves and their customers through the economic storm:
"In the short-term, retailers need to continue providing sales incentives, discounts and promotions that demonstrate value to the consumer. Incentive packages can be offered for cost-saving items such as fuel-efficient cars or energy-saving light bulbs. Innovative ideas to help consumers spend "extra" money will be critical. We have seen this happen already in the travel industry where some resorts are providing gas cards for guests driving to the destination.
Retailers with a strong, customer-oriented Internet presence are well positioned to take advantage of the momentum in Internet sales carried over from the 2007 holiday season. Retailers should explore new payment options for customers for online sales, including prepaid gift cards, which would have the added benefit of capitalizing on the increase of customers buying gift cards. Ultimately, e-commerce will help consumers save gas money while having the associated benefit of lower operating costs for the retailer.
Looking ahead to long-term positioning, retailers can improve return on investment for their stores by taking advantage of lower retail space costs for new store openings. With companies halting store expansion and announcing store closings, certain regions have experienced an excess of retail space. The industry should capitalize on better lease terms than we have seen in recent periods.
As mid-range and long-term strategies, retailers will need to focus on properly managing the mix and quantity of inventory held in their stores and distribution centers. In conjunction with maintaining inventory, retailers should seek alternative channels, such as the use of distributors or value-added resellers in lieu of a retailers’ clearance center approach.
Retailers will also be forced to reassess their suppliers and transportation, as well as storage and handling costs, as product costs from overseas, particularly China, continue to increase.
In the end, the U.S. economy is built on both consumer spending power and retail success. If retailers remain determined to help consumers weather this difficult time while bracing themselves accordingly, we can all hope to emerge strong in 2009."
Happy Memorial Day Weekend!
Tags: economic crisis, economic downturn, Generating More Sales, Rebecca Button, recession, Sales
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How to Zero In On High Probability Clients
Friday, May 9th, 2008
When it comes to your business, time is your most valuable resource. The last thing you want to do is waste time on prospects that are not really interested in what you have to sell.
Say you have just gotten a fresh set of leads. How do you decide which ones are high probability? First, you have to contact them all and disqualify them.
I know that sounds harsh - but if you don’t disqualify them you will be wasting time on people that are not interested in purchasing from your business.
Qualify, Schmalify
How do you disqualify them? First, when you make contact you ask them ask them some questions. Ask why they are interested in your products and services. How serious are they about making a purchase?
Getting answers to these important questions will help you decide who you want to work with and who you don’t. Sometimes you may try to call a prospect and get a wrong number, or you may call and leave a few messages, or the phone just rings.
The wrong numbers you disqualify immediately - they were not interested enough to give the right number. The others you should call a couple of times and leave a message if you can. If they are interested, they will call back. If they don’t, disqualify them.
If the phone just rings, call a couple of different times during the day; and if you don’t get a response, disqualify them.
Here are a few things to keep in mind when considering who is a viable prospect and who isn’t:
1. Only work with high probability prospects.
2. Prospecting is a disqualification process.
3. A no is just as good as a yes.
4. Don’t waste your resources on low probability prospects.
5. End the conversation if the prospect is unwilling to make a commitment.
6. When in doubt, disqualify.
7. Go into each call with no expectation of a result.
8. True high-quality prospects will not allow themselves to be disqualified.
It won’t hurt anyone’s feelings to be disqualified. They may not really be interested anyway.
There are many websites where money or points are offered just for filling out a form. Most of the time, people that are filling out your form requesting more information are doing it to get points or other freebies.
Sometimes you are doing people a favor by disqualifying them.
The point is, don’t waste your time. The time you spend giving a presentation to an unwilling prospect is time you could be spending talking to a lead that is ready, willing and able to make a purchase.
It is not a bad thing to disqualify low-probability leads. It may be disappointing to you to have to disqualify leads because you will disqualify most of the leads you buy.
It’s best to remember that only about five will really pay attention to your information, and possibly only one will respond and become a customer.
Tags: advice, Generating More Sales, high probability clients, Leeia Ladipoh, prospective clients, Sales, tips
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Why Soft is the New Hard Sell
Tuesday, April 29th, 2008
One of the most successful movies at depicting business life was ‘Wall Street”. Made and set in the property boom and “me too” decade of the 80’s, it was the perfect example of the “hard sell” approach of sales and advertising. Now, however, despite some people still relating selling or advertising a product as normally “hard selling”, many companies are turning to the method of “soft” selling to get their message across.
The difference here is that instead of aggressively “forcing” your advertisement onto consumers and customers, your business should now adopt a softer approach that will actually make them more likely to buy from you. This is because they won’t see you as trying to make them buy your product - instead, you will appear to be trying to help them with their requirements.
Soft Selling in Action
If you’re still unsure of why your business should be using a soft sell approach to both your marketing and advertising campaigns, then the Dove “Real Beauty” campaign is a perfect example. Instead of using super-thin models to promote their products, the advertising campaign for Dove’s beauty products uses real women of all shapes and sizes. The message is that Dove knows that not all women are magazine perfect, and they’re celebrating this by using real women with real body shapes.
The success of this approach has seen sales of Dove products increase massively - despite Dove products often costing more than their counterparts. This is testament to how their advertising campaign has clicked with women everywhere, and has also resulted in their competitors using similar tactics.
Soft Selling and Your Business
Once you realize the benefits of soft selling, it’s time to see how it can work for your company. Depending on the market you’re in, you will have to take a different approach to ensure you target the customers you want. However, no matter which industry you’re in, the key to a successful soft selling campaign is to make sure that you’re using it effectively. To do this, you need to come across as offering a solution without actually trying to sell that service or product.
Another good example is the current campaign by Apple, showing why Mac’s are better than PC’s. The adverts don’t attack the PC, or say that it’s an inferior product - instead, they show what a Mac can do, and that it can actually do everything a PC can do and more. Because Apple isn’t deriding the PC industry, potential customers see Apple as a friendly company who doesn’t have to stoop to low-end advertising tricks, and as such Apple Mac sales have increased exponentially.
Let your business take the same approach - instead of calling out your competitors, let your advertising show that your product offers a solution to everyday needs. Slogans like “We understand…” or “Let’s talk about…” offer a softer and friendlier approach, and should see your sales and customer base increase accordingly.
Tags: advertising, advice, danny brown, Generating More Sales, hard selling, Marketing, Marketing Your Business, Sales, soft sellng, tips
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The Great Consumer Schism - Tips for Brand Name Retailers
Monday, April 28th, 2008
It’s begun. The Great Consumer Schism is effectively working its way through America-an event last experienced in this country in the ’70s. Economic disparity in America is nothing new. But in times of recession the division is inflated and even more apparent as seen through shifts in spending habits. It makes perfect sense of course that middle to lower income households are switching from brand name items to generic in order to save a few bucks.
So what does this mean for retailers? Well, if you sell cheaper products, this is great news! If you sell brand name (and therefore more expensive) products you may want to reconsider your strategy. Here are a few suggestions:
- Consider including cheaper items in your inventory as an alternative for customers with tighter budgets.
- Revamp your advertising to appeal strictly to wealthier customers.
- Revamp your advertising to enforce the value of brand name products over generic.
- Offer "freebies" along with the purchase of certain brand name items.
- Have a sale! Who doesn’t love a sale?
These are just a few ideas to get you started thinking in the right direction. For more tips check out Don’t Let a Slow Economy Slow Down Your Business
Tags: brand name, economy, Generating More Sales, news, Rebecca Button, recession, retail, Sales
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