A business owner can boost average dollar sale by stocking more high-priced ranges of products and creating a quality image of his business.
Stock More High Priced Ranges:
This gives the business owner a chance to up sell from his existing budget range. Alternately, he may decide to go for a cheaper range some time in the future. This should be done with utmost care, as changing one’s target market can sometimes backfire.
Here are some useful hints and tips on stocking more high-priced product ranges:
- Always have extra-high-margin products available for those with money to spend.
- Analyze the profitability of both high and lower priced products; it may be prudent to just focus on the premium product.
Create a Quality Image:
A business owner should present his store and team members as being professional and upmarket. This will eliminate the bargain hunters to a large extent and will allow him to stock more expensive and profitable goods.
In order to achieve this, the store and the team need to be immaculate at all times.
Here are some useful hints and tips on creating a quality image to boost average dollar sale:
- Make sure your team dress well – a smart uniform may be needed.
- Reward team who constantly present themselves impeccably.
- Have someone in charge of keeping your premises perfectly clean at all times – this shouldn’t be left to chance.
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!