Increasing Average Dollar Sale Stores should know what their average dollar sale is per customer. Keeping track of our customer patterns, and understanding what they like to buy and how much they like to spend, can help us to create strategies to help us grow our bottom line.
Often the amount customers spend becomes a habit, so if they spend $8 with us every day, it is unlikely that one day they will spend $15 with us unless we can offer them a good reason to.
Some of the most common reasons for customers to decide to spend more money when they purchase are provided below: • Bundle proposition Create a strategically placed bundle proposition that is valued at several dollars above our average dollar sale. • Run a competition Spend over $10 to win a prize. The “spend over” strategy provides customers with an incentive to spend more money and best of all; they can select their favourite products to do this. • Upselling Sales staff must be trained and encouraged to up-sell. This means that if a customer wants a pie, then we offer them sauce or a drink. If the customer wants a sandwich, then we offer them a Danish or a drink. Upselling can be the single most effective long-term strategy you can do to improve your bottom line. Running Competitions Competitions can be a great way to encourage customers to shop in your store. Depending on what state your store is in and the value of the prize, it may be necessary to apply for a gaming permit. Keeping it simple To run an in-store competition you will need the following:
• A counter card that explains the competition • Entry forms • An entry box • A prize
The fine print Provided below is some further information that you should consider before you run a competition. • How to enter You must state how a customer enters the competition. Do they simply fill out the entry form or do they have to purchase a product or spend over a certain amount to be eligible to enter? • Start date and finish date You must disclose when the competition starts and when it finishes. You must also state when the winning entry will be drawn and how the winner will be contacted.
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