Sometimes we get so focused on ‘the big kill’ that we miss small marketing steps that over time will have a bigger impact on sales.
Here is a quick list of six easy steps to increase your IAT (Individual Average Transaction) today.
1) Add a featured low cost item at checkout. Simple, but most seem to forget. Whether you are selling online our out of your trunk always ask if your customer wants that cute, cheep extra little thing just before finishing the tally.
2) Change the ‘endcaps.’ Whether in retailing, food or even dry-cleaning some product or services should be featured in your industries equivalent of an end of aisle. These are not always sale or low margin items, sometimes exactly the opposite. This is where you increase excitement for items that are in demand.
3) Check your product mix. Is everything cheep? Sometimes adding a few higher price points provides the customer with more understanding of why the inexpensive product is a a good value. (And sometimes they trade up!) The reverse is also true. If a cheeper product is obviously inferior, then having it available will enhance the value of the more expensive product.
4) Create value combinations. It’s a difficult economic time and folks are looking for deals. combining multiple related products or services into a value package can remind a customer of things they needed. This is also a chance to make sure your products are organized in a way that allows for cross-shopping and discovery.
5) Buy 2 get 1 Free promotions. We’ve all seen them in the grocery stores. That’s cause they work. By 2 get 2. 6th one Free. You pick it. These promotions tend to encourage existing traffic more than drive traffic.
6) Fill The Bag promotion. “Get 20% off everything that will fit in this bag,” encourages your customers to fill the entire bag. This can be adapted for various selling environments. For example on-line – Get 20% off your next 5 items purchased today.
These are all quick and dirty tactics to improve IAT from your existing customers. Although some of these ideas might also build traffic that is not typically their biggest impact.
Fred H. Schlegel is a writer and marketer at www.Frogblog.biz.