When searching for ways for your mobile phone dealership to improve it’s wireless sales, there are techniques you can use that will not only improve your bottom line, but also empower your staff to create an environment of success. So, where do you start? How can you easily improve revenue with minimal cost up front?
Grow Your Wireless Store’s Revenue With These Five Tips:
1. Revisit Your Inventory and Eliminate Dead Stock
It’s true that you want to have the best options for your customers, but stocking everything available to you is a mistake. Do you need every single color available in a particular model of phone? No. When you revisit your inventory, take note of how much of your stock is dead. If the product is out-dated, or unpopular consider discounting it to remove it from your store and create space for new items.
2. Utilize Reverse Logistics in Your Supply Chain
Reverse logistics is an important aspect of creating a profitable wireless business, as customers are demanding it more and more often. Customers want the convenience of returning their goods as easily as their bought them. Often businesses compare the cost of reverse logistics to other supply chain and decide to invest in other areas that seem to provide a greater return. However, a reverse logistics program can provide positive revenue streams through recycling, donations, refurbishment, and repackaging and reselling in secondary markets.
3. Emphasize Sales Training and Development
Often businesses are frustrated with the amount of sales brought in from individual stores. Owners believe they have setup their team for success, and while the initial training program was in place, many fail to recognize that a continuous staff development plan must be implemented for long-term sales growth. When you build on fundamental sales tactics, communication between your sales team and the customer improves greatly. With better communication, comes more trust in your store. This makes up selling and cross selling easier for your team, thus improved revenue for your store.
4. Don’t Neglect Your Protection and Warranty Programs
How many times have you gone to buy a product and the sales person says something like, “Do you want the 3-year warranty to go with that?” You respond, “No thanks,” and the transaction continues as normal. This is a huge missed opportunity for the store. When training your staff hone in on getting your team to upsell protection and warranty plans. Extended warranties benefit and protect the customer in a multitude of ways making it an easy conversation to have with a customer. Also, if trained on an on-going basis, your sales team will be more comfortable with not taking “no” for answer on the first try.
5. Dig into the Data
When trying to drive revenue for a mobile phone dealership, many owners miss opportunities by not collecting and digging into data. How much revenue does your warranty program bring into each store? What stock sells best with your customers? What is costing you more money than you thought? All of these questions can be answered through data. There are several data dashboards that make reporting a cinch for mobile phone dealerships. W3 Solutions relies on Complus for our reporting needs and offers an easy integration to POS systems like yours. When you have access to data, you have more power to make decisions for your business that will drive more revenue.
As you continue to grow this year, what other ways are you utilizing to grow revenue? Let us know in the comments!