Expand your profits with some amazing tips in this weeks round up. Learn how to cross sell the proper way, learn the truth about how customers look at service and how to use your POS to boost profits using one simple feature. If you have products that didn’t sell well and they are stored in boxes in the back room take a look at a few creative ideas to sell them. Don’t be crazy like Cracker Barrel and store items for years to bring them out every couple months at their porch sale just to repack them again to be stored for the next sale.
1. New ’2D barcodes’ puts info at the tip of your camera phone – An interesting concept developed by ScanLife and Jagtag puts versatile information in the hands of the consumer by using a cell phone camera. The 2D bar code could deliver a vast amount of information if implemented and used in the United States. The company advertising a product puts a 2D bar code in place, the consumer snaps a picture of it with their cell phone and receives information about that product on the cell phone.
At first I was thinking there is no way I would walk through the grocery store snapping pictures of bar codes. Then as I continued to read the article they offered some innovative suggestions such as newspapers displaying them for recipes, placing the bar codes on promotional posters and Sears using them for product reviews. Now that’s a concept. I could see myself using it for a product review or an informational how-to video.
2. How Small Retailers Can Clear Out Excess Inventory – Short but sweet article with a few great tips on clearing out excess inventory. Don’t tuck it away in the stock room for next season use one of the four solutions given by this article to actually make a profit from items that don’t sell as well.
3. Cross-Selling’s Time Has Come – Cross selling can either fail miserably or work like gangbusters. To increase your overall profits and make cross selling a breeze there are a few lessons you need to learn about the correct way to approach your customer. Although the author of this article uses the example of selling software type products, the general tips and information applies to any retail industry.
Put yourself in the customer’s shoes and approach them using one or all of three angles of product problem solving. The article also goes into the two most common pitfalls that you must avoid when cross selling.
4. The five myths of customer service: What you don’t know is hurting your business – This is the most compelling article of the week and a must read for any small retailer. John Goodman not only gives you the 5 myths of customer services but also gives you the fact that debunks the myth, a short example and an action to prevent it!
Do you think the lowest price drives customers? Do you think out of stock and discontinued items are ok with your customers? Do you think that complaints and returns have dwindled so your customers are satisfied? Read the facts and Think Again!
5. Take the Next Step with Your System – This article may be geared towards the dry cleaning industry, but it applies to any company that uses new or old point of sale equipment in their business. The key point is capturing customer data not just any data, but the correct information needed to track sales and promote growth in profits. Many small retailers use their POS as an inventory control device rather than using it to their advantage collecting customer information.
Train your staff to enter the correct customer name, address and email address and you will have a new marketing venue at your fingertips. Take full advantage of your point of sale equipment to help improve management, simplify operations and get to know who your customers really are.