How to Keep Your Business Thriving Post COVID-19
The COVID-19 pandemic has been keeping folks inside and businesses shut down for over 6 months, and many businesses are falling into a trend where they are spending more than they are making. How are you supposed to keep your business thriving – or even afloat – in conditions like these? JDM Business Services is here to give you some tips on how to not only keep your business alive but flourishing through the rest of this unexpected pandemic.
A great way to increase sales is by cross-selling, the art of convincing a customer to buy a complimentary item in addition to their original purchase. When cross-selling, keep the theme of what the customer is buying along with the customer’s needs in mind. If a customer is buying candles, you have the opportunity to cross-sell lighters or even decorative candle holders. When cross-selling, the best thing you can do is to be prepared.
When cross-selling, remember:
- The item you’re offering as a cross-sell should be significantly cheaper than the main purchase
- Bundle products by offering a package deal that seems too good to pass up
- Incentivize customers to spend more for a reward
- Free delivery
- A free tote bag
- A coupon for their next visit
- Combine products and services relevant to what the customer came for
- Offer complimentary add-ons with products you believe the customer will need based on their main purchase
Another effective method of increasing sales is upselling. Upselling is when you convince the customer to purchase a more expensive item or an upgrade to the product they originally planned on purchasing. This informs the customer of a product they may have not previously considered while maximizing your profits.
When upselling, remember:
- Prepare your website to suggest products when something is added to an online cart
- Be aware of the products and services in your inventory and know about the benefits of upgrading to another product
- Listen to your customers’ feedback and use it to learn more about what they are willing to spend, what they are looking for, and which products different demographics may be interested in purchasing
- Try not to push upselling too hard
- Do not upsell an item with a price that is more than 25 percent higher than the original product
By cross-selling and upselling products, your business is bound to make it through the COVID-19 pandemic with financial success. Market research and analyzing demographics is an important part of owning a business, but staying afloat through a global pandemic requires creative approaches to making sales. As you incorporate these practices into your everyday transactions, you are bound to become more experienced and confident in the art of cross-selling and upselling.
Above all else, remember to stay safe and healthy – you can’t make sales if you are sick or quarantined! If you need business advice or bookkeeping services to help you through the current economic climate, look no further than JDM Business Services! We work with you to ensure that you understand all aspects of your business inside and out, and we can guarantee to save you time and money!
