SETTING SALES TARGETS
Not enough of the retailers I work and meet with set daily sales targets.
Every retailer should be setting daily sales targets; it's just not negotiable for me as a retail coach.
Set a yearly sales target based on last years numbers. Always strive for 15 - 20% increase as an average
Determine the amount of days your store is open and divide your sales target by that number. You now know how much you need to make today to meet your yearly goals. As you work this method you will also count the number of customers that come through the door daily. You will start setting the average sale. That number is your daily sales target, divide by the number of customers you expect will come through your door. It always more accurate if you have historical information to use, which means you've been tracking for a while. It's never to late to get started. Start as soon as you finished reading this newsletter.
If you have more historical info, your daily sales number will be more exact. Numerous things effect sales: weather, competitor sales activities, what you have on promo, and construction in front of your store. It all matters. So know what you are analyzing.
If you don't already have a POS System in your store please investigate buying one. All of this info needs to be at your fingertips so you know how to react to increasing sales on a turn of a dime.
No excuses; in future newsletters I'll direct you to the right POS System for your store. In the mean time open up your daily activity calendar on your cash counter and write your sales target in for each day and start counting customers. Make sure you tell your staff what your doing and why. Get them in on this.
If you calculate you average sale to be $20. Remember our goal is to increase sales by 15%. So what's that only another $3? I recommend placing the $3 product you have chosen close to your cash, train your staff to introduce the selected product to each customer cashing out. At the end of the day it's a numbers game. This will work.
Put this system in place. Be consistent doing it over and over again. You build your business as a Retail Specialist Store one client at a time. Your sales are built the very same way.
Get started. Good luck
Barbara
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