Residual sales, we are talking about those very small sales that can quite often escape us. When business isn’t free flowing through the door, these little wins become even more important. Here are some ideas to make sure you capture your residual sales:
- Are you in the service industry? Perhaps you are a motor mechanic. Generally, a motor vehicle is serviced every 10,000km or every 6 months. What if you created a database with a reminder system set up so that in 6 months’ time from the date of service a polite email reminder is sent to the customer to notify them that their car is due for a service. If a vehicle travels 10,000km per year, but you are reminding your customers that their service is due at the 6 month mark, this would significantly increase your sales.
- Offer a premium option. This is relative to most service based businesses and the retail sector. Take a mobile phone repair shop. You could offer a premium screen replacement service and a standard screen replacement.
- Assess your inventory. If you notice that you are constantly running out of products or having low stock levels, talk to your suppliers about a revised buy price. If you order in larger quantities, perhaps you can ask for a better price from your supplier. This will increase your margins and will mean more money in the bank for you.
Just a couple of ideas for you and we hope you found the read interesting. If you have any topics that you would like for us to blog about, you can contact us here.