Rss Feed Tweeter button Facebook button Technorati button Reddit button Myspace button Linkedin button Delicious button Digg button Flickr button Stumbleupon button Youtube button


  •  


  • How One Sign Can Increase Sales

    Imagine you want to increase your sales by $100 per day.

    How could you sell $100 more every day?
    You could try to get one new customer a day into your store to spend $100.
    You could get 10 new customers a day to spend $10.
    Or you could get 10 of the customers that are in your store already to spend $10 more.

    Which one would be the easiest?

    You might think they’re all hard. It’s harder, and more expensive to acquire new customers.

    Instead, you can do things the easy way. The easy way is to get a customer that is buying already, to spend a little more. And one way to do that is with a sign.

    How can one sign make a difference?
    It has to be the right kind of sign. A sign that encourages shoppers to buy multiple items.
    You’ve seen these signs all over. In grocery stores. Clothing stores.
    Maybe they say “Limes: 3 for $1.00″ or “T-shirts: 2 for $15 or $9 each”
    And they work. People buy.

    Sure, some customers will still only buy one. But when you use a sign to promote multiple sales, you increase the number of customers who will buy more than one.

    Will the sign work to promote any product?
    Promoting multiple sales works best when you have a large quantity of one type of product to offer.

    It is also most effective with products that shoppers want in multiples.
    Victoria’s Secret sells underwear this way. We all need more than one pair.

    Items with lower price points are easier to sell in multiples. More people will buy more than one item if only costs a few extra dollars. However, multiple item pricing could be used with high end items as well. With more expensive products, a lower percentage of customers will buy more than one.

    Does a sign really work? Try it for yourself. What have you got to lose? If it doesn’t work, customers will ignore the sign and still buy only one item. Or maybe two. If it does work, they’ll buy more.

    Even if only one customer takes you up on the offer, you’re ahead. (As long as you didn’t spend too much money on the sign.)

    Make the sign work even better with these tips:

    1) Feature the sign and product prominently in the store. Place it near the entrance or the cash desk.

    2) Mention the promotion to all your customers. Either when the shoppers are greeted, or when they browse the promoted merchandise. Write down all the objections customers have. The objections are valuable. Use the objections to adjust the promotion, or make your next promotion even more appealing to customers.

    3) Get creative with your copy. Suggest reasons why your shopper might want multiple items.

    Get one for a friend too, and you pay less. Buy 2 for $67 (1 for $37)
    Get one for everyone on your list. Buy 5 for $25. (1 for $7.49)

    Try it out today. Put up a sign. Keep it there for the rest of the holiday season. Keep track of how many people buy multiple items. Keep track of how your sales go up.

    Next step: Learn more about how to increase sales without slashing prices with the Pinwheel Principle report. Go here to find out more: http://inspire.ca/products.htm

    –––––
    Don’t forget:
    To share the article via twitter, facebook, email, blog or your newsletter

    2 Comments

    2 Responses to “How One Sign Can Increase Sales”

    1. Paul Wolfe says:

      Melanie

      So many business people don't get this concept – it works in every kind of business. Someone who has already bought from you – or is buying from you – is something like 10 times more likely to buy from you that a 'new' buyer.

      And it's a principle that more businesses should take on board – sell to your existing customers before expending energy on attracting new customers.

      Good post.

      Paul

    2. Melanie says:

      Thanks, Paul!

      You're right, sell to existing customers first. It's applicable B2B, online, retail, service, you name it.

      Existing customers already like what you do – keep helping them. I have to keep working to apply this in my own business too!

      Thanks for your comments!