3 THINGS YOU MUST DO BEFORE APPLYING FOR BUSINESS FINANCE Funding and Business Growth Playbook T: 0330 350 3356 @: hello@GrowingYourNumbers.com www: growingyournumbers.com
If the ‘direction of travel’ is positive, chances are it will continue, but you don’t want to leave things to chance… The obvious question to ask you and your team, and keep asking is:
What can we do to increase average transaction values?
Do you know what your average transaction value is? If you provide a wide range of products or services, you may need to segment your income streams…
The most obvious and simplest way to increase transaction value is to simply increase your prices, more about this in a moment.
Let’s consider a simple strategy to sell more, a sales script, they are used all the time, for example:
“Do you want fries with that?” or “Do you want to go large”?
This simple ‘upsell’ strategy costs nothing but makes a huge difference to certain burger franchise’s sales and makes an incredible difference to their profits.
Are all your clients aware of and purchasing everything they could from you?
Many businesses offer more than one product or service, but their customers are unaware that the other products or services exist.
Moving on from Average Transaction Value, let us turn our attention to the next Business Growth Driver, Purchase Frequency.
Purchase Frequency
How many times does the average customer purchase from Alex ’s Software Company ? How many times on average do your customers purchase from you?
Average Purchase Frequency is another one of your critical Business Growth Drivers and it is also easy to calculate:
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