Add-on sales can account for a considerable amount of additional revenue and home security solutions offer huge potential for making branches more profitable. The products that work best are usually quick to buy, easy to sell and most importantly, have high profit margins.
So how can you make the most of them?
Know your stuff. It’s simple, the more you know about your products, the more you will know about how specific products can add value and convenience to your customers, as well as recommending upgrades or alternatives. The same goes for staff members. Make sure their knowledge is up to date with the latest products stocked, and that they understand the relevant industry standards to provide the best advice to your customers. This positions your branch as trustworthy, encouraging repeat visits and therefore increasing sales.
Stock trusted brands. Customers are more likely to purchase products if they have confidence in the brand name. When household names are coupled with point-of-sale merchandising techniques, they can act as a reminder to trade professionals to stock quality items and also raise awareness of the latest security products on offer.
Strategically placing products in an eye-catching display, both by the shop entrance and on the countertop, can help to promote seasonal offers and new product deals, and can result in a significant impact on sales.
It’s also beneficial to find out everything you can about a customer’s business, especially if they are a regular client. This will enable you to offer products relating to their company that they might not have known you stocked or heard of previously. Trade professionals want simple solutions to save time and money, so, give them the option to get everything they need from one place.
Finally, the most likely upsell to increase margins is to offer additional items related to what the customer is already purchasing. For example, if a customer is buying a cylinder lock, suggest a new cylinder pull and handle to accompany the door set.
Suggestive selling with additional products is an easy way to increase margins. However, there are limits. It’s important to understand your customer and not hit them with a sales pitch. Instead, keep the customer’s needs and budget in mind and make sure your recommendations are helpful, not muddled.
Once you’ve tapped into these simple tricks of the trade, making the most of add-on sales will come naturally, so you can sit back and watch sales soar.
Hannah Adkins is marketing executive for Yale.