I was reading some old hints and tips by founder of ActionCOACH Brad Sugars and thought I'd share some of these with you today:
Walk into any McDonald’s, order a Quarter Pounder, and the clerk will invariably ask, “Do you want fries with that?” Each affirmative answer adds $1 or more to that particular sale. If just a fraction of McDonald’s’ 54 million daily customers say yes to that question, that’s millions of extra dollars in the burger biggie’s pocket.
The same strategy is important for any business! You haven’t yet built a large customer base, so you need to coax as much money as possible from each person who does show up. It’s the old story: A bird in the hand is worth two in the bush.
The issue at this stage isn’t market share but wallet share. Boost the dollar value of your average sale, and you boost your cash flow and bottom line. Here is the first tip how you can bring in more of those sales. The other 7 will come in the next posts, so make sure you keep an eye out for them!
1 - Crunch the numbers.
Begin by figuring out the dollar value of your average sale. If you have 20 customers and total sales of $1,000 on a typical day, your average sale is $50. Then you can set a new target and plot your strategy to hit it.
Depending on your business, you might also want to calculate your average sales per hour, day of the week, employee, location, marketing campaign or other variables. Frequently the answers will lead directly to a plan of action. If your numbers are low on Mondays, for example, you can plan special Monday promotions. If one ad typically brings in a $2 sale and another weighs in at $12, you can adjust accordingly.
The next 2 tips will be online next week! For today; go crunch those numbers!
To succeed... You have to believe in something with such a passion that it becomes reality - Anita Roddick
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