Thursday, December 6, 2012
Learning To Get More
Learning to get more from every relationship your business has is a great target for an improved bottom-line. You can consider this aspect for both customers and suppliers.
If each customer can be enticed to either buy more per visit or to purchase a more profitable up-scaled product that is a good example of learning to get more per visit.
You need to ask every supplier to see what they can do for you in addition to selling you products, what can they do to help you sell their products. Make sure you are taking advantage of every thing they offer. Your sales rep may not be telling you the whole story. Does the company offer co-op advertising dollars? Do they offer a different discount range with different product buys.
You need to find out if they offer a discount for product pick-up Vs delivered product and if that can make good dollars and sense for your company. The price you can buy for is often more important to profitability than the price you can sell for.
Do you track your average dollar income for every customer visit? Do you factor in the customer visits that end with the customer leaving with no purchase being made? Do you reach out to a no purchase visitor and try to find out what is the reason that they visited and made no purchase? Once you understand why, can you reduce the number of no purchase visits?
Do you have a program in-place to improve how your associates are “selling” to your customers? Commission incentives are nice for the sales associate but costly to the bottom line. Contests, prizes and recognition can be both more effective and less expensive motivations than commission increases. Sales training has an upfront cost but can be very effective in supporting sales and profit growth.
Learning to be better at both buying and selling can be very effective ways to make your business more profitable.
Holiday Wisdom; There are a lot of things money can’t buy, but none of them are on my Christmas list. – Joan Rivers.
If you are looking at doing some printed advertising instead of the glow in the dark variety give us a call here at MI Printing 623.582.1302.
MI Printing, LLC