Every business has beliefs about which customers are going to buy more. Many focus on upper income people with lots of disposable income. Businesses feel those customers will have no problem paying for better products and services that have a greater profit margin.
Your business probably has favorite types of customers, be they single women in their 20s, families with adults in their 30s, or well healed middle-aged folks who now have lots of income to spend.
Meanwhile you may be quietly avoiding certain types of customers.
The belief may be they don’t have money to buy what you sell or they simply aren’t interested in your products and services.
But there are always surprises. Invariably there are types of customers a business is over looking that could be a major income source. One example of this is often found in the new car business. The guy who walks in with a scruffy beard and jeans with t-shirt will probably get ignored by a lot of sales people. But he is often the one who steps up and pays cash for a new car or truck.
The auto industry knows this. And points out beginning sales people with no experience often sell more than veteran sales people. Why? Because newbies haven’t yet learned which types of customers to avoid. So they sell to everyone!
Nearly every direct sales industry has a similar story. It’s hard to predict who will buy. On the other hand, it is simply wasteful to advertise to everyone. Marketing works much better when it is targeted, focusing on only those prospects who are most likely to buy from you.
So what is the right balance?
Finding the right balance between targeting and selling to the broadest group of people can be tricky. Often it’s best to target your advertising only to those groups that are like to buy – say 25 to 45 year-old women, for example. Then give sales attention to anyone who shows interest, even if they don’t seem like your typical customer.
Also watch for trends in your sales. Are certain types of people buying a lot of product and services? There may be surprises in this group. For example, some groups who don’t typically have a lot of money are major consumers of beauty products.
Getting a Better Picture of Your Sales
To make all these determinations you need lots of information. You need hard numbers about who is buying from you. A good Point of Sale System can give you the info you need. Learn what types of people are buying, what they’re buying, how much they’re buying, how often they buy, and when they usually buy.
A good point of sale system can be your best friend when looking for ways to reach new types of customers, or even knowing which types are becoming significant sources of income.
You can have a retail POS that lets you keep abreast of changes in your business throughout the day, no matter where you are. Know which employees are making sales and detailed information on each sale.
Getting a great POS Solution is imperative to expanding your sales to reach new and exciting types of customers.
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