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Monthly Archives: March 2017

Tips to Maximize Your Profit

In order to maximize your profit, it is important to make sure that your customers feel like they are getting something great. When customers feel like they are getting more value for their buck, then, eight times out of ten, people are more likely to buy your product. It is important to learn to build value. By building value, we mean looking at our product, the place where we sell the product and the person doing the selling. If you can get these things in alignment, then you will be able to maximize your product and make a grand profit.

Your product is one of the most important parts of the retail sale. For this reason, it is extremely important to know your product inside and out. Search for obscure details about your product that customers might not be aware of. Make sure you use what you know about the products features to draw in your customer. It is important to make sure that you use wording around your customer that will make them think that they cannot live without your product. For example, you want to use a phrase like ‘what this means to you is…’ or ‘this product will help you…’. Always make it see like it is a product that they have been searching for and now they have finally found it. When a product has a barrage of features, you want to make sure to keep to a minimum when talking the features. If you talk about too many features your customers will become overloaded with information and this can cause them to think negatively about the features. Above all, remember to learn as much as you can about your product, to the point that you are an expert.

When looking at the place where you sell your product, you want to make sure that your establishment is a one of a kind place. You don’t want to look like all of the other businesses out there selling the same things. You want it to draw in the consumer either by carrying a product that everyone wants or needs or by the way that you present the products on your store fixtures. You want to make sure that you have enough inventories for your client base. You definitely do not want to run out of stock and then have to turn someone away or special order something, because that will probably send the message to your customer that this is not a place to do business with again. Make your establishment a place that is welcoming to every consumer out there.

The most important place to build and increase value in your business is by looking at yourself. You are the one thing that is unique to your business. Your consumer can not get you anywhere else but at your establishment. When you are patient and well informed about the product, the customer will think that you are willing to go the extra mile for them. This will go a long way towards setting you apart from your competition. Usually, a customer is forming an opinion on you within the first minute to minute and a half. So make sure you greet the customer warmly and enthusiastically so that they will want to do business with you. Make sure that if you have employees that they adapt the same mentality. Think about it, you definitely do want your customer’s first impression being a non-smiling, upset, or angry teen. Along the same lines, you also want to make sure that whoever you hire to help you out has experience with the product as well. They need to know just as much as you do about the product so that they can better relay the information to your customers. If you are having a bad day or are dealing with a tough customer, take a quick attitude break and breathe deeply. It has always been my rule to ‘Kill them with Kindness’. This makes people think that they are completely special. Ask for referrals as your happy customers are your best salespeople. Let their great experience be a story that they tell other people about.

 

Tips to Develop your Business

As I said before it needs to start with passion for the product. Starbucks was started by people with a love for good premium coffee. Microsoft was started by nerds who liked to play with computers. Often an unusual hobby can turn itself into a business. People who love to fish can open a bait shop. The possibilities are endless, but you think there are big box stores out there that will crush your dream. That can be true unless you can offer something unique. Often with small businesses the biggest differences are knowledge of the products and customer service. These things can make or break a small business.

Where to Locate

Location, location, location, it can’t be said enough. There are locations that a business is destined to fail and it doesn’t matter how good the product is, if no one is willing travel to you. The best place to start is in a district with like businesses or complimentary businesses. If you own a fabric store, the best place could be next to a sewing machine store. You should be aware of parking and the different city variances where you want to locate. You don’t want a place that will not allow trucks to be loaded or unloaded if you have large products.

Size of the Building

The size of the building you have your business in is important. You don’t want one that is too small because it will look cluttered and messy. But if you have one that is too big you will be paying for space you’re not using and it will look like you don’t have the funds to stock your store. There are times when building yourself is the best option especially if your business requires some unique features. For example, if you are manufacturing heavy items and need over cranes to move things it would be better to build to suit your needs than to try to refurbish an existing building.

Sales Tips for Small Business Owner

# People buy based on emotion more often than reason. They purchase what they want, not necessarily what they need. First impressions are crucial, so your initial approach must establish a professional image. You have 5 seconds.

# People will buy from someone they trust. Your credibility must be evident, and how you open after those critical first 5 seconds will often determine your success. Do not try a hard sell up front. Avoid talking about the weather, current events, or the latest joke. It is time to listen. A brief introduction is usually enough which gives the prospect a chance to explain their business and situation.

# People are not looking just at you. What you have, what it does, and how it will help doesn’t matter until you understand fully what they want. If you start out with an open ended question, you show respect for the buyer’s time, and a willingness to listen. Any question that may be answered “yes” or “no” won’t work. Open ended means you begin by asking or stating something like “Please take a moment to explain your business and a few details about what you need.”

# People will open up if given a chance. Do not dominate the conversation until you understand what they want. Be prepared to paraphrase what you hear, and then offer your solution. Your message needs to be direct and to the point to establish the benefits of what you offer. Anything that you can do to create a mental image of your solution and the benefits to the customer shows you care more about them than the sale.

# People are usually sold before you ask for the order. Many are presold in those first 5 seconds explained in Tip #1. If you listen first, restate what they have said, and then explain your solution in terms of the benefits, it’s time to ask for the order. A small business owner may not be comfortable here. My advice is simply state “I want to do business with you. From what I have learned, I’m ready to help, so let’s get started today.”

# People will forgive mistakes if you remain honest. Establish trust, and openly admit errors if mistakes are made, and your customers are more likely to remain loyal. Have a plan when things go wrong. React quickly and state what happened, what you are doing to resolve any problems, and how long it will take. How you handle mistakes will be remembered by your customers a lot longer than what went wrong.

# People will not forgive a dishonest salesperson. A sale is not about tricking someone into something they don’t want or need. This is an important and tough rule: Be prepared to refuse an order if you realize your solution just won’t work. In any sales situation if you perceive an opportunity to sell, but doubt the results of your product or service, consider your long term reputation. Credibility lost is nearly impossible to regain, so give your customers the truth up front.