Owning a Business
The only way to successfully run your own business is to keep sales and profit high. It’s important to have more than on effective business strategy that will help you to meet your financial goals. One great business strategy is strategically recognizing opportunities to upsell, which is done when you have something to offer a client, like a travel incentive, that will motivate them to spend a bit more money. Those little bits of profit add up at the end of the day, week, and month. You’ll really see the difference if you look for opportunities to upsell when closing a sale.
Upselling is when you help a customer decide to buy a little extra or slightly ‘upgrade’ the final purchase. Basically, the customer has already decided to spend their money, but in upselling you offer them an incentive to spend a little more money by offering them something extra. For example, a jewelry store might offer an extended warranty and during a jewelry store promotion, they might offer their clients a travel incentive if they meet a pre-planned qualifying price.
Upselling is a great business strategy and if it’s done regularly throughout the day, your sales will really add up. In order to recognize these opportunities, it’s important to focus on the customer’s needs. Dive in with the mindset that your customer already wants what you’re about to offer them. Explain to them that what you’re offering is unique and beneficial to them.
Upselling produces more profit for a company and one of the best gifts you can offer your customers is a travel incentive. After all, who doesn’t love a complimentary vacation? The offer practically sells itself as the customer has already decided to invest and it’s like you’re rewarding them for doing so. They’ll create memories with their loved ones that they’ll have for years to come. It’s also more effective than something like a gift card, as this can be quickly spent and forgotten about. Finally, studies show that customers prefer travel incentives to any other incentive that a store can offer. With that said, it’s easy to sell this unique and beneficial offer to customers.
Carters Jewellers and their Upselling Strategy
Carters Jewellers, a jewelry store with locations in various parts of British Columbia, Canada (Prince George, Quesnel, and Smithers), decided to offer a travel incentive as a business strategy to upsell. Baron Carter, the company’s owner, worked closely with the Odenza Marketing Group to plan a jewelry store promotion that offered customers a complimentary trip to Vegas if they met the qualifying price of $1999. When customers were close to this price, say at $1500 for example, employees would tell them that if they spent a little extra money, they could receive a pre-paid trip to Vegas. Also, if customers were spending $2100 and asked for a discount, employees could just inform them of their jewelry store promotion. This business strategy dramatically increased sales for Carters Jewellers as it provided customers with a unique incentive to spend more.
The Odenza Marketing Group
Carter said that without the help of the Odenza Marketing Group, the success of the jewelry store promotion wouldn’t have been possible, “[the travel incentive] helped us close sales and bring our customers to us…We were able to offer something that nobody else was offering so it definitely helped us stand out.” So, not only did the efficiently planned and well-thought out travel incentive help Carters Jewellers upsell, the jewelry store promotion also helped to increase their sales because it offered their customers a unique, beneficial gift.
This jewelry store promotion wouldn’t have been possible without the help of the Odenza Marketing Group. According to a study conducted by Concordia University, Odenza is the leading travel incentives company in the market. Our award-winning sales and marketing team work closely with our clients to make sure that they not only get what they want in this special offer but that it’s planned out thoroughly. We also offer free marketing materials so advertising your special promotion off is easy. As a business owner, you’ll have something to offer your customers when those upselling moments arise that they’re sure to enjoy. Working with the Odenza Marketing Group and offering a travel incentive to their customers really helped Carters Jewellers and Brian Carter, with not only upselling, but also with their sales. The jewelry store promotion that the Odenza Marketing Group helped Carters Jewellers plan did wonders for their store locations.