Increase Average Sales
Posted on : 31-08-2009 | By : admin | In : Internet, business
When you go to your local McDonald’s and order a burger the clerk will automatically ask you if you want to have fries as well. Every customer who answers “Yes†adds $1 or more to that particular sale. If just a fraction of McDonald’s 54 million daily customers say “Yes,†that means millions on extra dollars. This strategy is an effective way of increasing average sale.
The same strategy used in increasing average sale should be observed by start-ups. These businesses have not yet built a large customer base so they need to increase average sales as much as possible from each person who buys from them. It is like the old story: A bird in the hand is worth two in the bush.
During the first few months of operation your focus is not the market share but increasing average sales. Boost the dollar value of your average sale, and you boost your cash flow and bottom line. Here are some tips to help you increase average sales.
1. Crunch the figures. To start increasing average sales you have to understand the dollar value of your average sale. Say for example you have 30 customers and your total sales reach $1,500 on a normal day, then your average sale is $50. After you figure out your average sale in a day you can set a higher target from then on and plot your strategy as to how you can reach your goal.
Depending on the nature of your business it would be helpful if you can calculate your average sale per hour, day of the week, location, marketing campaign and other variables. The answers that you get will most likely lead you to your plan of action. Say for example you average sales on a Monday is pretty low compared to other days then you can plan special Monday promos.
2. Change the product or service mix. Adding or subtracting to what you sell can help you increase average sales. Take the case of a bakery that had an average sale of just $5. The problem was they offered virtually no higher-priced items. When they added specialty cakes and other premium goods, that figure jumped to $14.
You can achieve the same effect if you get rid of lower-priced products. Say for example you sell three different types of jeans drop the $35 jeans and the customer is forced to get either the $45 or $55 jeans instead.
3. Give bundle offerings. A good way of to increase average sales is by encouraging your customers to spend more. How? You can provide consumers with a packaged deal on various products or services. Take McDonalds for example, they do have what we call Extra Value Meals that include burger, fries and a drink.
4. Raise prices. Being the cheapest in the market is not the right technique to increase average sales. If you are just starting your business, price your products or services on the high side and then figure out how to offer more value. Being the cheapest in the market is not necessarily going to pay the bills, and you will be left high and dry when a competitor beats your price.
If you use these strategies I have cited you would be able to increase average sale by maximizing every transaction you get. You help keep the cash flowing while you are getting your business off the ground. And once business has taken flight, these same strategies can develop your flight plan for generating peak profits. Master the art of supersizing your sales early and it will pay off many times over.
Acquiring New Customers
Posted on : 31-08-2009 | By : admin | In : Internet, business
It is so sad to see a customer walk-out of the door empty handed. A potential sale goes up in smoke so does the potential for acquiring a new customer. Nowadays a lot of small businesses turn to plenty of channels to acquire new customers. However some of them are expensive that it acquiring new customers cuts down your business profit. Acquiring new customers does not have to be tedious and expensive.
For start-up businesses every sale counts. As a newbie in the industry you have to make sure that you maximize every customer you acquire, every sale that you make.
The first step to acquiring new customers which will eventually increase sales is to calculate your actual conversion rate. Since you are running an online business, web analytics software should do the trick for you.
The optimal conversion rate of course will vary from business to business depending on the product being sold. However, knowing the ratio is the key because many businesses overestimate this figure. Seeing the actual numbers is a signal for entrepreneurs to focus more on acquiring new customers hence sales are improved.
Once conversion quotient is determined, you are on your way to improving it. These strategies will help you close more sales and of course assist you in acquiring new customers.
1. Stress your USP (Unique Selling Proposition). Making your business unique, separating it from others is an effective way acquiring new customers. You have got to deliver you message loud and clear.
2. Figure out the bottleneck in your sales process. If you are set on acquiring new customer you also need to analyze the steps required to convince prospects to buy from you and pinpoint the weak spot. Say for example you are in the wedding dress business. To help you acquire new customers you need to show photos of your work, propose a design for your client, price the item etc. Look closely at the pictures you provide are these pictures clear enough? Are these pictures detailed enough for your customers? Figure out the flaws and for sure acquiring new customers will not be far behind.
3. Rewrite the sales pitch. One of the biggest roadblocks to acquiring new customers can be traced to sending the wrong message. Take the home security firm whose opening line will be, “We heard there have been series of break-ins in your neighborhood and we would like to assist you in keeping your house secured.”This approach was a major turn-off so it has to be changed. With the revised opening the firm acquired new customers and hence increased their sales.
As you can see acquiring new customers for your start-up business need not be expensive. It is more of a controllable facet that some entrepreneurs fail to look into. Do not make the same mistake and start acquiring customers for your business and in doing so you also increase the sales of your business.
Electronic retailer Harvey Norman takes a shine to Top brokers
Posted on : 31-08-2009 | By : admin | In : Business Opportunities
Harvey Norman shares
rose 5.35 percent to A$3.94 at the 4:10 p.m. market close in Sydney, their highest level since May 2008. The stock, which has gained 49 percent this year, rose the most in 20 years on Friday after posting earnings that beat analyst estimates.
Broker ratings on Harvey Norman
The stock was also raised to the equivalent of “buy” at JPMorgan Chase & Co., Deutsche Bank AG and UBS AG. Analysts at Citigroup Inc. raised their rating to “hold” from “sell.”
The government has distributed more than A$12 billion ($10 billion) in cash to households since
December while grants to home owners and borrowing costs at a half-century low are increasing home-building approvals at the fastest pace in four years.
Gerry Harvey says
HARVEY Norman shares surged yesterday to their highest level in a year after executive chairman Gerry Harvey triggered a wave of retail confidence with his claim the economy "is growing stronger and stronger each day".
Profit from Australian franchises, where the company gets three-quarters of revenue, has risen as government cash handouts stoked demand for flat-panel televisions and notebook computers and helped the nation avoid a recession. Chairman Gerry Harvey said a pick-up in sales that started in April has extended into the first two months of this fiscal year.
Mr Harvey said July and August sales had improved. More customers were buying electrical goods, bedding and furniture, an indication that the government’s first-home owners stimulus packages had encouraged more people to purchase homewares, he said.
The company will pay a fully franked final dividend of 6c a share, taking its full-year dividend to 11c and Mr Harvey will pocket $34m in dividends for the year. Harvey Norman has 264 retail outlets across Australia, New Zealand, Asia and Europe trading under the Harvey Norman, Domayne, Joyce Mayne and Norman Ross brands.
ANZ Capital buys into Blue Energy shares
Posted on : 30-08-2009 | By : admin | In : Business Opportunities
ANZ Capital 79,198 Blue Energy shares from July 22 to August 26, increasing from 113,525,219 shares (20.07%) to 113,604,417 shares (18.07%).
STOCK CODE IS : BUL ( SPECULATIVE BUY RECOMENDED )
BUL:AU Blue Energy Ltd
Industry: Oil Comp-Explor&Prodtn
Blue Energy Limited is involved in the exploration, evaluation and development of conventional oil and gas and coal bed methane. Blue Energy Limited (BUL, formerly Energy Investments Ltd) is a diversified energy company that undertakes the appraisal and development of Coal Bed Methane gas, Natural Gas and Conventional Oil resources within eastern Australia. The company’s acreage consist of seven tenements across five productive basins in South Australia and Queensland, totalling approximately 33,000sqkm.
STOCK DASHBOARD: August 28, 2009
Blue Energy / Closing Price: 24.0c
Market capitalisation: $150.9 million
Turnover volume: 273,639.0
Volume Index (1 is average): 0.3
Value of $1,000 invested 1 year ago: $857
Blue energy news :
Blue Energy wants an order restraining both the receiver and ANZ from calling a meeting of shareholders or voting its Blue Energy shares without the consent of the Takeovers Panel.
Assets Acreage:
Acreage include: ATP813P, ATP814P, ATP859P, ATP817P, ATP818P, ATP819P, ATP896P, ATPA656, ATPA657, ATPA658, and ATPA660. These acreages are prospective for CBM gas and natural gas/oil.
File Format: PDF/Adobe Acrobat – View
substantial holder notice in relation to shares in Blue Energy.
Blue Energy also wants ANZ to sell down its interest in the company to below 5 per cent in the next year. Read more
Blue Energy Limited
Suite 15A, 421 Brunswick St
Fortitude Valley, QLD 4006
Phone: (08) 9225 9800
Fax: (08) 9227 8655
Email: info@chieftain.net.au
Web Site: http://www.blueenergy.com.au
LINKS:
sector: Energy . industry: Oil & Gas Exploration & Production · View BUL on other exchanges
http://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=reasons_for_decisions/2009/015.htm
Australian Stock Watch: Indian stock market Blue chips at bargain …
Indian stock market Blue chips at bargain prices …. Margin call (3); Margin loan (3); Mumbai stock market (3); Penny Hopefuls 2008 (3); Penny stocks (3) …
www.australianstockwatch.com/…/indian-stock-market-blue-chips-at.html
http://misteaq.blogspot.com/2009/06/indian-goverment-promotes-solar-energy.html
Business from home
Posted on : 30-08-2009 | By : admin | In : Business Opportunities
With the recession that had come in recently , many had embraced the path of the internet to start their own new business due to funding problems for premises, rent , meet overheads etc.
Now the recession seems to be over but people have realized it still is a better way to start your business online to reduce overheads. I recently came across MoneyMakerClub. Here is what they have to say in their own words
Maverick Money Makers offers a great opportunity to make (really big) dollars at home AND (drum roll please) it also teaches and coaches you at every step along the way! There are hundreds of hours of tutorials (video and audio) with detailed and specific instructions on how to get started – and how to become hugely successful. It is actually a little addictive if you’re not careful!
This site reviews and advertises an online marketing toolbox and coaching club called Maverick Money Makers. This is REALLY a must for anyone who is trying to start an online business (work from home) or anyone who is disappointed with the results they are currently getting. The resources available here for members are overwhelming! Really great for anyone looking for help in earning extra income or earning dollars online.
There is a great business opportunity here AND all the tools necessary to make it work although many use it in their own home businesses.
This is a great system to get started with if you are new to making money on the Internet. This system will keep you from making all the costly mistakes most people make when they are looking to make money online for the first time. For you that are more advanced, don’t miss the tools that you will get here along with the unbelievable lessons that you will learn!
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