8 Successful Strategies to Increase Your Average Sale
There are lots of “secrets” out there about how to improve your sales, margins, and closing ratios. However, none of these touted how-tos are truly secrets. Instead, they’re tried-and-true, successful sales strategies that are used every day by entrepreneurs everywhere.
One of my favorite books is Instant Cashflow by Bradley J. Sugars (non-affiliate). In his tome, Mr. Sugars outlines some winning sales generating tips. I highly recommend reading the whole book, but for a quick look at successful sale strategies, take a look at his list below.
1. Raise your prices.
Often, we’re afraid of raising our rates because we fear we’ll lose our customers and keep ourselves from gaining new ones. This is especially true for entrepreneurs who are just starting out. The reality is that the opposite is actually true.
The fastest way to drive your sales and your margin is to make price increases you’ve been putting off. By upping your rates, you build more trust in your brand instead of scaring off potential leads.
2. Make up-selling a priority.
As you’re discussing the right solution with your customer, move them first to a higher priced, more fully featured item. Work hard to demonstrate the additional benefits and be ready to overcome objections before they come up.
3. Include appropriate add-ons with every sale.
Your customer’s request may not be the only thing they need or want and many times, they may not be fully aware of what they want because they don’t know they want it. Always sell a complimentary item with the original request. This is a great technique for driving revenue.
4. Utilize a reminder checklist.
In the past, I worked with the owner of a handyman business and he created a powerful process for driving sales: he and his team “reminded” homeowners of what their neighbors usually asked about and ultimately added on.
By using other common inquiries, you can appeal to your clients’ desire to “keep up” with those around them. Having a checklist of your most frequently requested products and services in-hand makes it easy to add more items to a single transaction.
5. Reinforce your full product or service offering.
It’s amazing how many customers – across all industries – never truly understand the full breadth and range of their vendor.
With every transaction, remind your clients of all the things at their disposal by working with you. Though we always believe we’ve done a masterful job communicating all that we sell and do, it’s likely that our clients won’t remember, so tell them again (and again, and again…).
6. Sell services and a warranty.
Recurring revenue is a beautiful thing. Despite what they may think, your client really does need your additional services and product warranty. Be convincing and sell those additional services.
7. Set an average sale growth goal.
Tracking sales patterns isn’t just for Fortune 500 companies. A major part of growing your business is utilizing sales information and making changes based on the emerging results.
If you want to see an improvement in your average sale, reach beyond your initial objective and set a “stretch goal” to motivate you and your team. Measure your results weekly or monthly to determine your success. Another great tactic to drive your average sales is to use sales scripts.
8. Giveaway perceived value vs discount.
Here’s another way to divert from lowering your rates or shying away from raising them: Instead of discounting your price, add a complimentary item or service that has a decent perceived value.
Be careful not to “give away the farm” here. While you might be giving your clients A+ treatment, you might be doing yourself (and your business) a painful disservice. Ensure that whatever you’re including with your customer’s completed transaction isn’t cutting deeply into your margin.
If you’re in the market to improve your average sale or better track your performance, start incorporating the 8 sales strategies above. It won’t be long before you see positive gains in your average sales and exciting growth in your business.
If you want to drive your average sale and profits, sign up today for a complimentary online coaching session with me.