Put your hands up if you would like to boost sales in this second half of the year.
Boosting sales is the primary purpose of every business, as it helps you grow your customer base and expand your footprint in the industry. Whether to fix a dip in sales or pick up a new idea, we curated tips to help you achieve measurable impact in your sales through the third and fourth quarters. Let us go!
What lessons did you learn from the first half of the year? Are there any regrets? What do you wish you did better? When you analyze your wins, losses, and shortcoming, are there patterns you can recognize?
One of the key ways to boost sales is to understand which products are defective. Did you think a super trendy garment would sell out? But in reality, maybe it gets repeatedly discounted, takes up valuable shelf space, and cuts into your margins? You need to identify common factors, pay attention to your sales and marketing cycle and not just the final stage of the sales process. Analyze more factors and create a strategy in case of a repeat episode. With access to product insights, using your point of sales data, you gain better insights that help avoid future mistakes because you will understand what your customers crave.
Lastly, please do not beat yourself up for opportunities lost but take it as a reference for the future.
It is essential to assess the plans made at the start of the year to figure out what is or has not been working. Have things changed in your market that is beyond your control? What is the performance go between the sales goal and actual results? The key is to take a proactive approach to address the weakness in your plans. Good thing you still have months ahead of you to reach your revenue goal. By evaluating your current situation and taking action, meeting those goals you set will be more attainable.
POS software can give you insight into your sales. It tells you about products selling well, what time of the data or season is the busiest, and helps you anticipate changing inventory needs. Doing this is necessary because you have to prepare for the holiday season when you need to pre-order items and meet your customer product expectations. If you can not anticipate your customer needs, you stand a chance of losing them to the competition (Read all about Inventory Forecasting here).
Increasingly, more customers are researching what they want and where to buy online first before setting out so, your business must have an online presence. Having an online presence does not mean just a website, but incorporating things like listing your business on Google and optimizing a Facebook and Instagram account to get you discovered by potential buyers in the area. With a little bit of work, you can make it easier for people to find your store online, research what products you offer, and connect with your business. Your goal is to make it as easy as possible for customers to see that you have what they need.
Your employees are your store frontline. They are the ones interacting directly with customers, selling your products, and creating positive experiences. You must hire passionate people that will contribute to the positive experience of your customers. Listen actively to the wants and needs of your customers, understand their pain points, and find a better way to solve them through the products you sell. When you can understand their wants and make their needs your priority, it builds a better relationship in the long run.
Have you considered making upselling and cross-selling as a part of your sales strategy? When done wrong, it can make your sales representative appear to be self-serving. But when done right, it makes for excellent customer service.
With upselling, you should train sales representatives to use the rule of three. Take the item that the customer was initially interested in (for example, a pair of sleeping garments) and showing the customer three different types at three other price points (entry-level, mid-level, and high-end). Doing this is the best way to upsell because by showing them everything available, the customer can make the most informed decision possible. It tells the customer that you understand their needs and are not pressuring them but informing them.
With cross-selling, you should apply a similar approach: Do not try and sell a customer something they do not need. An example of an authentic cross-sell would be educating them on the various types of stock available: from expensive to economical. Guide them on the differences between all three and allow them to choose what is best for them.
Remember, the job of your sales representative is to facilitate the needs of your customers and offer solutions in the most easy-to-understand way without coming across as overly pushy.
Another strategy to help significantly boost revenue is using a cloud-based point of sales system. Having a cloud solution manage the operations of your establishment allows you to keep up with the rapidly changing pace of the retail and hospitality ecosystem, so you are constantly evolving even as the climate is.
A cloud-based POS allows you access to your secure online back office anytime, allowing you to manage your customers and employees efficiently. The cloud ensures that all the data gathered by your point of sales solution is accessible from anywhere at any time so that you can always check your inventory, update prices, forward invoices in an entirely secure environment.
As you can see, increasing sales during the second half of the year can be accomplished. You need to take a step back to evaluate and fine-tune your sales tactics. Ready to grow your business with a new POS system? Speak with a professional here at email@example.com.
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