When a business owner provides the option of financing, he is able to attract customers to spend more, and this helps boost his average dollar sale.
Credit cards are also a great way of getting customers to spend more money because of the ability to pay for the product or service at a later date.
The other selling technique is quite interesting, and is based on the fact that exclusivity comes with a higher price tag, and many people will pay more for an exclusive product that is not found elsewhere.
Allow Payment Terms or Financing:
This allows your customers to spend more by giving them the chance to pay it off over a period of time. You’ll find this is particularly beneficial if you’re up-selling them to a product that’s beyond their original budget.
Here are some useful hints and tips on financing:
- Ensure they are credit-worthy.
- Use it as a real selling tool to close the deal.
- It helps to ask, “How much can you afford a month?” and then work out a payment plan to suit them – this makes it very hard for them to say NO.
Carry Exclusive Lines:
By stocking items that can’t be purchased elsewhere, you can charge higher than normal prices.
The advantage is that your customers can’t shop around and get cheaper quotes. This is a great way to avoid “C”and “D” grade customers asking you for a discount.
Here are some useful hints and tips on carrying exclusive lines:
- If people won’t pay your price, let them go because other customers will.
- Exclusivity is worth a lot, so don’t be afraid to lift your prices.
- Use the uniqueness of your product as a selling tool; people love to have something others don’t.
Allow Eftpos, Checks & Credit Cards:
This is one of the most important facilities you can offer. This can increase your average dollar sale by allowing customers to spend more than they have in their wallet.
Credit cards, in particular, are helpful if you’re trying to up or on sell. If they can have the better model and not have to pay straight away, they’ll take it more often than not.
Here are some useful hints and tips on using credit cards, etc. as a sales tool:
- Make it as easy as possible for people to pay.
- If you’re using EFTPOS, make sure you have the old manual credit card unit available in case of a communication or power failure.
Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!