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Friday COACHWORX Business Tip: There’s no such thing as too late

One handy thing that BUSINESSWORX can do for retailers is forecast future revenues. An algorithm built into the software looks adds up the invoices your store is posting every day, figures out how many Mondays, Tuesdays, etc. are left in the month, and then comes up with a number that gets more and more accurate as the days go by.

BUSINESSWORX also lets you set your daily goals, and when you combine those things – goals and forecasts – you can get a pretty good idea how you’re going to finish relative to your revenue wants and needs.

The reason that’s important to know is that there’s still time to turn things around. If your projected finish is less than your goal at the halfway point in a month, you still have a few weeks to take action to ensure you hit your targets. The worst time to find out you’re behind is at the end of the month when it’s too late to do anything about it.

Is there really anything you can do to boost sales that late in the game?

The answer these days is yes, and lots.  Social media, web services like Groupon, and direct marketing to your customers makes it possible to create a marketing campaign on the fly, and to take steps to boost business at extremely short notice. There’s really no such thing as “too late” anymore – there’s no publishing date to miss, or turnaround time with an ad agency. Marketing is something that can happen in real time, and given people’s attention spans these days it almost needs to happen that way to be effective.

Let’s say it’s mid-month and you’re trending behind your targets. What can you do?

There are a few different options.

You can advertise your business on forums like Facebook and social media, highlighting your products and services and hoping that will trigger enough people to come in. Sometimes all people need is a reminder that you exist to decide it’s time to come in.

Even better, you can leverage what’s happening at the time – e.g. the transition to winter, holidays and sale events, the arrival of new products, changes to your store, pictures and stories of recent install work, etc. to put something out that’s both timely and focused.

You can use the time contact your larger commercial clients with a limited time offer. For example, if you work closely with car dealerships, tell them you’ll knock 20% off window tint for any referrals they send your way – or will give an extra $50 in commission back for a paint protection job. You can also offer a special promotion to your commercial and fleet customers, like a GPS or in-vehicle Wifi system upgrade at a discount.

You can call a staff meeting, and put together some packages to upsell and cross-sell to customers, increasing your average sale value. For example, anyone who comes in for speakers is a candidate for a speaker-amp-sub combo, with progressive savings built into the package.

You can come up with a sale or promotion that you share on Facebook, Twitter, Instagram, and other social media channels. This should be something that scales and includes a full-priced installation. Groupon isn’t as popular as it used to be, but a limited time coupon for something everyone wants is a good way to get people into your store.

You can send your customers emails about your products and services, or any promotions you decide to run. For that purpose, BUSINESSWORX also includes MAILWORX, a direct marketing system that has almost 70 prewritten newsletters you can edit and send in a matter of minutes.

You can drop by the next relevant event near you, e.g. Cars & Coffee event, wakeboard competition, 4×4 rally, etc. and set up a tent with a contest and an event special people attending the event can take advantage of.

The sky is the limit when it comes to mounting last-minute campaigns that will bring more people into your store. It’s never too late to turn a mediocre month into a great one.

 


 

COACHWORX is a leadership and business management program that pairs 12-volt retailers with acknowledged experts in the industry to provide them with the knowledge, skills, and systems they need to thrive. Expert advice covers everything from management systems to human resources to inventory control – everything you need to take your business further. For inquiries, please email fixmystore@avidworx.com.

Filed Under: Business Tips.
 

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