Business Growth Strategies
Get your customers to make larger average purchases!
In other words, increase the average transactional value of their purchases. Or more simply, get them to spend more money when they buy something from you. Find out more about some simple business growth strategies that will surely give you better numbers!
Now, this just happens to be the quickest and the easiest way there is to increase your profits.
One of the things that continually amaze me is the number of businesses that have extensive and expensive plans in place to acquire more customers. Yet, very few have paid much attention to this highly profitable and highly leverage able step of increasing the size of the order… getting more money from each of your customers every time they buy from you.
If you think about how easy this is and how profitable it can be, you’ll see why it’s such a powerful concept. And, you’ll also see why nearly every fast-food restaurant has embraced… has mastered… and requires that every person who takes orders, understands, and is proficient in the use of the “up-sell” and “cross-selling.” Think back about your own experience. You drive through and place your order… a sandwich and a drink. And then what happens? A voice comes back over the speaker and asks if you’d like an apple pie, or fries with your order.
That’s an example of cross-selling.
Selling an additional product in addition to, or beyond the initial purchase.
Or, they might suggest that you “super-size” or “giant-size” your order. That’s an example of an up-sell… increasing the size of the initial order.
In any case, if you take them up on their suggestion, what they’ve done is just increase their profits substantially, since they made an additional sale, but had no acquisition or marketing costs. You see, they realise that a certain percentage of their customers will say “yes.” And the only reason they say “yes” is because a suggestion was made to them. So they play the numbers game.
And the result? Well, by being aware of what their customers might want… but not ask for on their own… and then by asking questions or making suggestions, they bring in a substantial number of dollars. And other than the actual cost of the product those dollars are pure profit.
This is just one of the many business growth strategies The Essentials Group can advice you about. To learn more of this, feel free to connect with us and get a free consultation.
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