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Sunday, May 1, 2016

CAEDC Action Report

Friday, December 17, 2010

Creating an End-of-year Sales Increase

Want to create a sales increase in your business before the end of the year? Here are four simple keys that every business owner should be doing right now, but most aren't.

First, identify the sales increase you would like to have. This seems obvious, but many owners can't tell me what percentage increase they would like to achieve by this year's end. It's also important to be specific about the amount of dollars you'd like to generate.

Without a specific number, you won't know if you're on track to hit your goal, nor will you know if you have to change what you are doing to reach it. You're flying blind.

Second, it's important to know how many dollars that percentage increase requires from each person entering your business. This means that you must know your business's Individual Average Transaction of each customer. How much is each person spending in your business? Again, this is simple, but ask a business owner this question and they can't tell you the amount.

Third, it's important to quantify the additional items or services that would need to be purchased to make this happen. Break the increase down to an attainable purchase, and plan what needs to be sold to make that increase.

Fourth, one of the most successful tactics to raise the overall sales of a business is to get a customer to come back for an additional unplanned visit. This works especially well in December and January.

This technique is called a Bounce-Back Promotion, and you have had it practiced on you. You were in a store, and you bought something. Right before you walked away, you were invited to return for some special event.

Here's how you plan a Bounce-Back Promotion: Look at your upcoming monthly calendar and determine a day where customer traffic is traditionally low. Plan some type of event, open house, special offer, or special occasion for that day. Then, create a simple invitation that you can hand to customers who are in your business that invites them back to that event.

The key in making this successful is creating a compelling reason to return, and having enough time to hand the invitations to your customers who have already come one time to your business. Best of all, a Bounce-Back Promotion works because statistically, it is easier to lure a customer to your business for a second, unplanned visit than to keep them in the business longer, spending more.

If these ideas seem simple, it's because they are.

Put these steps to work tomorrow in your business.