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Smart Discounting: The Right Way To Discount Your Products
If a store had a great discount in the middle of the woods and nobody was around to hear about it, would it make a difference? There are two types of discounting. There are arbitrary discounts; these are the type you just make up because you are trying to close a sale or for some other stupid reason. Arbitrary discounts are not only ineffective, but they can often backfire on you and make you look like a salesman. Then there are legitimate discounts that are in place to move a certain product or for some other acceptable reason. These legitimate discounts work great if you can promote them and use them to bring more customers into your store. Discounts will only eat up your margins if they are not promoted throughout the community. You need to make sure everybody hears about your great discount or else you are doing nothing more than throwing money out the window. You may also use discounts as incentives to buying an outdated product, or a product that you are simply trying to get rid of. Depending on your marketing and your clientele you can also offer cash discounts or discounts for using your 'in-store' credit card. These types of discounts 'make sense' to the customer and are generally accepted. Not everybody responds to discounts. By having legitimate discounts in place, you will be broadening the range of customers that you can effectively serve. The point being, your discounts need to be justified. Arbitrary discounts are dangerous and ineffective, not to mention they upset your current customers who paid a higher price. When you discount a product because it is last year's model, or the product has been discontinued, your customers understand and accept this as a legitimate discount. This presents the customer with a valid decision to make -- saving some money and choosing the less desirable product, or going with the hottest product and paying a little bit more. (This valid decision also becomes a great choice close.) When you take that concept of legitimacy and roll it out into an actual promotion, you have a means to generate more traffic into your retail store. Gather all of your legitimate discounts together, come up with a great way to promote them, and then get the word out. Nothing will upset your customer more than not hearing about a sale that they would have responded to IF they knew about it. The other day I was working out at my local fitness center as usual. I overheard an employee talking about how they had to through away thousands of dollars of supplements because they were outdated. I thought to myself, well? they did not become outdated all of a sudden. I don't think the dates stamped on the bottles snuck up and surprised anybody. Why did not I have the opportunity to buy some of these supplements at a deep discounts? (Can you tell I am a bit disgruntled?) I would have bought a ton of stuff at the right price and it would have saved them from the trashcan, as well as put money into the register. However, I never had the opportunity to buy these supplements because I did not know they were on sale. I go into the club everyday and walk passed the supplements and not once did anything jump out at me to alert me of any sale. That is just a missed opportunity, and a costly one at that. What types of opportunities do you have in your business that would be similar to my experience at the gym? Discounting can be appropriate when the discounting is done for legitimate reasons. Make sure that you are NOT offering discounts for arbitrary reasons, as that will backfire. Once you establish your discounts, you MUST MAKE SURE THAT EVERYBODY KNOWS ABOUT IT! Get the word out. Your customers will thank you for letting them know as they are handing you money. WOW?handing you the money! Visit Tom's website to sign up for his ezine, receive free products, and buy his new book on guerilla marketing. http://www.tomrichard.com
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Coaching The Top Five Traits of a Successful Salesperson If you are looking for a successful salesperson to hire, a salesperson who not only can sell but will sell, look for a salesperson with PRIDE. How to Sell a Feeling To be totally in tune with the needs of your customers or prospective customers you have to listen to them. Listen to them it sounds easy enough to do but not everybody gets it right. What you must always bear in mind when you are selling something is that you are not selling an item or object you are selling a feeling. The Key to Driving Sales is Understanding What Not How What does it take to make a sale lately? The Top 10 Powerful Tools for Growing Sales Through Creating Connection Your mission as a business owner is to develop a marketing strategy which offers your potential clients/customers a way to improve their situation in a certain way, solve a problem, provide more value, or open new opportunities for them which will motivate them to pick up the phone and buy from you. This requires that the focus of your marketing plan be placed on your customer?NOT ON YOU! Taken from The 90 Day Marketing Marathon Blunders from A to Z these ten powerful tools will support you in creating meaningful connections with your clients/customers and providing real time solutions to their challenges of the today. Customers Want You to Ask for the Money Many years ago, I was the one starting a small business. I ran a part-time resume service out of my New York apartment. One client showed up on time for her first appointment, nervously clutching her notes. Dont Read This Issue: Why Saying No Can Make Your Sales Rate Soar! Yes, it's true. Saying "No" is a great way of getting people to want what you've got even more. Why Salespeople Fail Since 1990 I have focused on the three primary barriers which affect the performance of salespeople:- Four Ways To Increase Your Sales Fast... In 2-4 Weeks? You built a very good web site... The Art Of Persuasion: 7 Tips To Successfully Persuade Anyone The saying "No man is an island" is an undeniable truth. We need the support and cooperation of other people to help us in reaching our goals. The Power of Confidence My experience has taught me that people want to buy from sales people who are confident in their abilities. Taking control of the circumstances and situations around you will develop your self-confidence. When you consider the amount of rejection that many sales people encounter, the fact that many salespeople lack self-confidence is not surprising. Top performing people in any industry typically possess a high level of self-confidence. They may not necessarily possess this confidence all their lives. How to Sound Just Like a Salesperson Prospect - "So now that I've told you what we are looking for, do you think that you can help us with this?" Your Business Approach Can Make or Break a Business Deal Every sales presentation should start with the approach, or introduction. Your approach should be a well-defined statement that can be easily adjusted for any situation. Although getting the prospect's attention brings fear into the hearts of some people, generally, it is not a difficult thing to do. But it can be easily lost with drawn-out, unnecessary chitchat. Three Types of Salespeople "There are three kinds of salespeople; those who make things happen, those who watch things happen and those who are wondering what happened." You've probably heard that one before. Actually, there are two different types of salespeople and they are easy to tell apart. Need A Sales Boost Try These! The telephone is still the best and most effective way to reach people. It can help generate more sales and build your business. Unfortunately most people don't like the telephone and don't use it effectively. In order to become more proficient using the telephone, you need to follow some basic guidelines and then practice, practice and then practice some more. 3 Hot Ways To Crank Up Your Sales 1) QUICK FOLLOW-UPS Assumptions The Hidden Sales Killer Assumptions can kill a sale. In my sales training workshops, I frequently discuss the importance of not making assumptions about a person before, during, or after the sales process. Participants frequently nod and tell me that they NEVER make assumptions. One person (Doug Maquire, www.MaquireMarketing.com) sent me this story of a situation that occurred in a department store he worked in many years ago. 10 Killer Ways To Multiply Your Sales Would you like to multiply your web site sales? Or course you would, who wouldn't? :) Then take a close look at the following 10 killer ways to multiply your sales... 11 Proven Sales Strategies to Help You Close The Deal There are a number of sales closing strategies that you can learn with different ones applied in different situations. Each salesperson might be more comfortable with one or another. As a business owner, you want to be certain that you and your salespeople become exposed to a number of different strategies so they can choose the one they prefer depending on different situations. 12 Sure-Fire Steps To Improve Your Retail Sales The purpose of any business is to bring in customers, and it can only be accomplished through marketing. If your cash registers don't ring, something is wrong and you had better find out what is wrong fast. Because in today's competitive retail world... getting results is what counts. 8 Sales Lead Generation Methods I've been getting lots of email from my readers lately. And one thing that I hear often is that people need more sales leads.
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