Do you operate a small business, or plan to start one?
If so, you need to constantly do everything you can to increase sales. Especially these days, when even those with good jobs and who believe they have job security are cutting back on purchases.
To increase sales and profits, it all boils down to just three things:
1. Attract more customers.
2. Sell more to each customer.
3. Sell more often to each customer.
Easier said than done, of course. But don’t be like those small retailers who just wait around in their stores hoping that prospective customers will stop in, and then do little or nothing to encourage those prospects to become customers.
In order to attract more customers, you need to spend at least some money on advertising—using periodicals, direct mail, radio, TV, flyers, etc.—and track sales in order to find out which ads result in profitable sales and which do not. Also try and use publicity—“free ads”—to attract customers. And offer an incentive for existing customers to tell others about your business.
In order to sell more to each customer, promote add-ons, kits, accessories, supplies—whatever may be appropriate. Perhaps you can offer discounts if customers buy three, six or a dozen of certain items, instead of just one. You’ll make less profit per item, but more profit per sale.
And in order to sell more often, you may want to offer frequency discounts. Also, capture each customer’s contact information and send out newsletters or e-mails announcing sales, special events, etc., to encourage repeat business.
