Irish retailers how to cut thousands off your rent bill with simple marketing
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On a recent family shopping trip to the Outlet in Banbridge we got some great deals on clothing and shoes for all the family. Coupled with that we found the service of the staff in just about all the shops to be streets ahead of their equivalents in Dublin.
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Still the reason for this article is not to extol the virtues of the Outlet but to highlight a very simply step that one of these retailers took which can have significant impact on their bottom line. And it is so simple that just about any retailer (or other business) can adapt it for use within their business.
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When I was in the Clarks shop buying shoes I brought them up to the cash register and the assistant asked me simply “Do you want to keep the shoes looking their best?”. I wasn’t expecting this question and so entered into a discussion with her and ended up spending and extra £3.50 on a small shoe shine kit.
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With these 10 extra words she was able to upsell me to buying a shoe shine kit when previously I had not even considered this. This is a very simple and effective strategy and one similar to the fabled McDonalds phrase of “Do you want fries with that?”.
Lets look at the impact this can have to a businesses bottom line. Lets assume that this store serves 100 customers per day and out of this 20% agree to the upsell that is an extra revenue of £70 that day that the store wouldn’t have otherwise got. It may not seem like a lot but over the course of a year based on a 6 day week it comes to £21,000. Which I’m sure would go a long way to helping pay the rent or a staff members wages.
So how can you apply this to your business? When your customers are already about to buy and have their wallets in hand is an excellent time to ask them if there is anything else they need. After all you are there to serve them by meeting their needs, you owe it to them to make sure you have met as many needs as possible.
In these challenging economic times it is all to easy to admit defeat or whine that rents are expensive, but sometimes implementing a simple strategy, like this upsell, could make a significant difference to your bottom line.