Here, Steve Pickering, the ‘unorthodox’ CEO of South East independent bed retail chain Sussex Beds, suggests a method for increasing revenue instantly – without spending a penny on advertising or customer acquisition …
In the fast-paced world of retail, many businesses focus on increasing customer acquisition. However, we have found that one of the most powerful ways to drive revenue is to focus on Average Order Value (AOV).
There are many strategies you can use to increase AOV, including personalisation, bundling, upselling, and exclusive promotions.However, the most impactful strategy of all is to start where you mean to finish.
What does this mean in practice? Organise your store to feature your most premium products first or in the most prominent positions. In service-based sales environments (such as the bed business), encourage sales teams to lead with and present premium products to prospects first. Either approach will instantly drive your average order/transaction values upward.
Members of our team who have adopted this strategy consistently top the sales leaderboard, and maximise each and every sales opportunity.
By focusing on premium products from the start, you set a higher benchmark for the entire sales conversation. This not only benefits your bottom line but often leads to higher customer satisfaction, as clients are exposed to your best offerings right away.
Have you ever hesitated to present premium options first? What held you back? What’s been your most successful approach to boosting sales without acquiring new customers?
Discover more of Steve’s thoughts in his blog.
