How to get a Buyer to go from buying $20k to $80k
Let's face it, Sales are the heartbeat of any company. So, it's crucial that you're crushing your year-to-date numbers to not only stay afloat but to be the leader in your industry.
There's a common notion that "New Accounts" are the epicenter of increasing sales; which I agree to some point. However, we must be cognizant of the peeps who took a chance and purchased our line in the first place (that’s right! existing accounts).
Nurturing existing relationships is an unspoken Goldmine!
Literally, you can double if not triple your sales by getting your existing accounts to buy $20K per year to $80K per year.
Want to know how?
Here's the step-by-step way to increase your year-to-date numbers.
I know, I know, we hear this word so much but do we really embody it?
Meaning do you know what it truly takes to stand out from the next sales rep or fashion designer who's selling their product into retail stores?
In the universe of Sales, it’s all about "what have you've done for me lately"? So, why not go the extra mile with a buyer who’s already purchasing from you.
There are no traffic jams along the extra mile- Roger Staubach
Ordinary vs. Extraordinary: make a difference by doing one thing differently.
Meaning, set higher standards for yourself rather than simply achieving the status quo.
Be your word: this is simple, just do the things you said you were going to do.
Relational Interactions: You want the sale. I get it and personally, I do not blame you. Since, transactional sales only get you so far, strive to show that you care. Honestly, it doesn't take much time or effort to be interested and demonstrate the value we have for our customers, especially when we depend on them for mutual success.
Once you've nailed your relationships with your existing accounts and an order was submitted, ring them up a few weeks later to ask for feedback on the collection. However, before contacting your existing accounts think about how you’ll lead and drive the conversation.
First I would encourage you to apply the 80/20 rule.
Contact your top 20 percent who makes up 80% of your sales.
In other words, contact your biggest accounts. Once you have the buyer on the phone inquire about sell-through and if the feedback is positive, ask for reorder. Now, if items aren't selling as expected it’s the perfect time to re-evaluate their buy and highlight 3-6 best sellers they didn’t purchase, and how it will help them because they are proven styles. Also, suggest the obvious like re-merchandising and POS.
Reorders are where the magic lies in taking a customer buy from $20K to $80K per year. Although the mentioned technique works the majority of the time, it's not the solution for some. Depending on what you are selling, try offering a monthly promotion to entice existing accounts to re-order.
According to Bain & Company repeat customers, on average, spend 67% more!
So, if you're looking for a way to work smarter and not harder well, here you have it.
ON TIME DELIVERY
No one wants to receive their items late. Think about it, if you deliver before or within the promised dates, the sale process is much smoother.
For example, if items are delivered on time then the buyer have a longer period to sell them on the floor for full price and or even sell out. If items are sold out, then you guessed it! Yup, a re-order will be placed.
Shipping on time comes in handy, however, if items are shipped late then the entire process will slow down and untimely can affect sales.
PUTTING IT ALTOGETHER
The bottom line is that you should not forget about your existing accounts. Focus your energy on nurturing and properly managing them.
Once you apply the above steps, you'll start noticing an incline in sales and eventually take your customer from a $20K account to an $80K account. (I've done it before so I know you can too!)
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