Exclusivity

Offering exclusivity to your customers can be a great selling point and can encourage them to purchase now rather than later.

If you are able to offer your customers something that is highly valuable or rare then your customers will think that they are special and mean something to your business.

 Exclusive products and services

You may decide to include exclusive lines in your business that only you carry. These could be products or and/or services depending on your business type and what is currently in demand by your customer base.

If you hold exclusive lines of products and services your customer won’t be able to shop around for them elsewhere and hence will be obligated to return to your business if they feel it is worthwhile.

It is important to remember that it is only viable to have an exclusive line if it is profitable for the business and your customers are going to make full use of it.

 Scarcity and limits

If you regularly stock items that are rare or are difficult to come across, sharing this to your customers may help you get a sale.

If you provide limitations and rare opportunities to your customers then they are more likely to be motivated and act quickly to purchase what you have to offer. It is important that use this sales technique only when it is necessary as you don’t want your customers to be upset because they found the product at several other shops.

Clothes designers often use the scarcity or limitation technique and promote that their summer or winter lines are almost sold out and are unavailable anywhere else. This helps them to move the old stock for their new line and gain their customers attention.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.

Increase The Speed Of Operation

This relates to both you and your supplier.

Try to work with people who are able to supply you with what you want when you want it. This may mean that they run on a just in time system or something similar.

When you are supplying orders or items to your customers you want to try and move it out of your business as soon as possible. Having items sit for a long period end up dormant and wasted money, so act as quickly as you can.

This also means that you will need to assess your lead times and order processes. The longer the lead time the more work you will have in progress and the more money you will have tied up in inventory. Set a system and make it flow.

Where possible ship as much as possible at any one time to your customer. This may mean sending them half now and half next week or sending the amount in full. You may increase your activities from twice a year to four times a year so that you are constantly moving toward reduced inventory.

Move stock out quickly and try to eliminate the holding process so that you are able to get your money in quicker and reduce the amount of inventory in your store. It will also ensure that the inventory is sold and moved out and won’t be sitting there in six months time.

To help increase the speed of operation you may need to implement marketing plans or give your customers incentives for purchasing/paying for the item in full and taking it immediately.

For instance a furniture shop may offer free trailer hire for their customers when they purchase. This entices the customer to purchase a large item such as a bed or lounge suite and take it then and there.

If you are a middle man such as the person between the supplier and the customer only stock a minimum. You should also try to implement a flow that allows you to almost immediately pass the stock from the supplier to the customer in one automatic swift move. This may mean accepting pre-orders and only holding display stock on your shop floor.

Reduce your lead times and work in progress. Only hold a minimum amount of stock. Work with people are able to supply you when you need it and eliminate timely measures that will slow your operation speed down and need you to hold endless amounts of inventory.

Get in touch and ask us to conduct a FREE Business Evaluation Meeting and find out about our unique way of designing and implementing strategies to generate sustainable business improvement.