If you have a business, then like it or not you are a salesperson. This term can be quite uncomfortable for people, however, as nobody likes the thought of being a pushy salesperson as we all know what it’s like to be faced with such an uncomfortable experience; yet, when it comes to sales there tends to be a scale where people find themselves at one of two extremes; either they are “too enthusiastic” when it comes to selling – or they are too passive and shy.
In this article we’re going to look at a number of ways to squeeze more from your sales in order to generate more revenue and profit.
USE A CREDIT CARD READER
If you sell in a physical location, it’s important to remember that most people don’t carry that much cash with them – they tend to use their credit or debit card, perhaps even phone, meaning they are used to the convenience of just tapping and paying.
If you don’t have a credit card reader then you’re likely to be missing out on a lot of sales, because most people have the expectation today that they will be able to pay anywhere with a debit or credit card. The main challenge is that you are limiting the amount people will spend, as there’s a ceiling to what most people carry in their purse or wallet – plus there’s something more reluctant about handing over cold hard cash versus tapping your card on a device.
There’s an old saying in marketing that is it’s much easier to sell more to an existing customer than it is to find a new customer, so therefore, you want to increase the average order value by upselling relevant items. Supermarkets are fantastic at this, as are platforms such as Amazon – using personalized recommendations to encourage users to add more to their shopping cart.
The best way to think of an upsell is to consider booking a flight with a low cost airline. The flight might be $50 but then they will try to upsell you an in-flight meal, priority boarding, extra legroom and so on… meaning your cheap flight of $50 soon added up to nearly $100.
Similarly, if you have a photography business you might want to up-sell large prints, t-shirts, mugs, fridge magnets and so on… all in an attempt to increase average order value.
In a similar vein to upselling, cross-selling is recommending related products that could be of interest to your customer. Going back to the airline example, this is where you might be sold car rental, travel insurance, tours, or hotels. The point being that if you have a customer making a particular purchase, chances are they will be making similar purchases, and it’s often more efficient and convenient to purchase things from you – as they are already buying something here anyway.
The convenience factor is key, for instance, if you’re booking an international flight would it not be much more convenient to check a box and add travel insurance (which is something most people booking an international flight will need)… rather than having to go to a different site and put in your details all over again.