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Suppose you're an accountant. Most accountants do either compliance or tax work. But why not also offer financial planning services as part of
package? What better source to recommend truly worthwhile investments and financial services than an accountant? The deal could be that in addition to handling compliance work even' month, you also recommend, manage, and advise your client's investments all for a set fee (perhaps 50% above what you'd normally charge). It could mean a great increase in profit for you!
3. Use Point-of-Sale Promotions
Point-of-sale promotions are one of most simple, automatic, instant, and predictable methods for massively increasing total amount of a sale per customer. Let's start with a common example. Think about your local convenience store or supermarket. At checkout counter you'll find chewing gum, cigarettes, magazines, beef jerky, lottery tickets, single-dose pain reliever packets, and Lord knows what else!
Research shows that up to half of everybody standing at counter will choose one or more of these "impulse items." In some cases, adding these extra items could as much as double total sale simply because of impulsiveness of making them available to customers at point of sale. I have made it on http://www.my-mortgage-loans.co.uk
The same is true of signs in windows or on store shelves promoting specials: "Buy two, get third one for half price!" Every time you do that, it motivates a percentage of your customers at that point to purchase item. And that has effect of increasing average unit of sale.
Ever been in a K-Mart, where they had a Blue light Special? You're in store to buy something specific a piece of clothing, a hardware item, a household item of some sort. And then all of a sudden on loudspeaker they announce an incredible Blue Light Special where you can buy this $50 appliance or tool or game for only $38.
Why do they do that? Because a lot of people who had no intention of buying that product or game or appliance will flock there and buy it. And even though profit is reduced incrementally, it's all found money because they'll sell 100 or 500 or 1,000 of those products in that brief time period many, many more than if it just sat on display at full price!
Think it can't work for service professions? Think again. I have physician clients who put up signs up in their offices, continuously promoting various additional services or products you can get at time of your visit. "Flu shots: $19 today only." Special prices on vitamins. Reduced fees for complete physical examinations or specialized services. I've seen it work elsewhere as well. Health clubs have signs that say, "Free 15-minute facial with every full-hour massage." Guess what happens? A lot of people commit!
4. Offer Good, Better, Best Options
The idea of offering people good, better, and best options has a number of very powerful factors working together to help your customer get best outcome possible. The premise is that there are probably several different gradients of either quality or quantity that you could offer at graduated prices.
You could start with "good," meaning smallest size or basic service. The "better" option might have more bells and whistles, be larger in size, or be somewhat more effective. "Best" would be like Cadillac or Rolls Royce or Mercedes version of your product or service or a premium combination of other choices. Prices increase according to grade, usually with "best" option representing greatest value for dollar.
A common example of good, better, best approach is at your local car wash. A basic, run-of-the-mill wash might be $6.00 a good deal. But a dollar more might get you a "Deluxe Car Wash," which includes wax to make your car shine. Finally there's "Supreme Car Wash," which includes wax and undercarriage wash and tire cleaner and chrome cleaner all for $8.00.
Who wants to get a simple wash when all these extras are available for just a couple dollars more? The good, better, best approach works on several levels. First of all, it provides a basic, economical option for those customers who might not have bought anything otherwise. But more importantly, it will likely steer about 30% to 50% of people who would normally have bought grade one to buy somewhere between grade two and grade three, depending on attributes and price incentives. And that has effect of tremendously increasing size of your order and amount of profit per transaction!
5. Use Volume Discounts
The final method for increasing your average sale is to offer discounts based on volume. You can secure a lucrative contract, land a big client, or move a ton of inventory simply by offering a special rate for large quantities. In process, you increase your average customer purchase substantially. The success and profitability of this approach is manifest by numerous warehouse clubs Price Club, Sam's Club, CostCo, etc. Now, if you've ever been in one of them, you know that you end up buying 15 bottles of ketchup, 60 rolls of toilet paper, and giant-sized jar of peanut butter! Do we really think we need it? No! It's just that price incentive is so appealing we cannot say no! This is a phenomenon that has driven a multi-billion-dollar industry. You should recognize and consider borrowing this proven process for your business wherever possible.
Never Sell Them Less Than They Need!
No matter which approaches you use to boost your average customer purchase, never forget that it is your job no, it is your undying duty, responsibility, and obligation to sell your customer everything he needs to achieve their desired end result. If not, you are doing a grotesque disservice to your customers, and they may not buy from you again.
Remember: You're not selling a product or service, you're selling a desired result. If you truly embrace this philosophy, you won't feel sheepish about selling additional products and services you'll actually feel compelled to make recommendations or to tell your customer whole story. And believe me, they'll richly reward you for it!
Editor, http://www.my-mortgage-loans.co.uk
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