For retail businesses, especially publically held companies, same store sales are the core success and failure measurement.
We are halfway through the first quarter of 2020, so there’s still plenty of time for same store sales growth.
There are several steps you can take to boost your same store sales. The following five are a great starting point.
If you want to increase your same-store sales, step 1 is to get your listings right. We hosted an entire webinar on this subject with local listings experts at Yext.
Around 50% of the total search results returned on Google local searches are listings, not true ‘organic’ results that link directly to your website.
Get your listings right.
And remember, we don’t recommend using call tracking numbers on your listings. However, we DO recommend using them on your website and via paid search ads…and everywhere else.
Companies that measure more sell more. That’s a fact.
If you are using web analytics, call tracking, and have some sort of email marketing and automation structure established, you will increase same-store sales. Just missing one element on this list can hurt you. If, for example, you’re using call tracking but fail to measure online engagement, you’re not going to maximizing your revenue. On the other hand, most businesses track online data very closely, but fail to gather call tracking data.
Measure everything. Don’t spend a DIME that isn’t being tracked.
Every business has a few leads that simply fell through the cracks. These might be leads that didn’t end up in your CRM for whatever reason, didn’t get a phone call by a sales person, or didn’t get treated well on the phone.
The most common type of missed opportunities, however, are inbound calls that are not answered OR inbound calls that are not sold to appropriately.
Our data shows that in some industries, as many as 20% of inbound calls are not answered. That’s insane.
Our data also shows that as many as 70% of inbound callers are never ‘sold to’ effectively. Maybe the person answering the phone quotes a price or gives a brief ‘pitch,’ but the caller is never asked directly for their business. This is a massive missed opportunity.
These are missed opportunities. If you can cut down on these OR call them back after they’ve been missed, you will increase your same-store revenue.
Many of our clients use Convirza to track phone close rates. They want to know what percentage of callers are purchasing products or making appointments over the phone.
The close rate for the average B2C retail business is 15%. That means 15% of the time when someone calls a tire shop, auto shop, glass shop, restaurant, hotel, insurance agent, or a bank, that call ends up in a sale. That’s stunningly low.
Imagine if you could improve that close rate by only 10%. That may not sound like much, but imagine if you could get your close rate from 15% to 17%, or from 17% to 25%.
That would result in a huge increase in revenue. It would equate to an increase in same-store sales.
Most companies are stunned at what they hear when they listen to phone calls. They simply can’t believe that their employees handle calls that poorly.
The problem is that most companies are unaware of it.
Paying attention to close rates and call recordings, and even increasing them slightly, will increase same-store sales.
Content marketing is hard. It takes time, effort, and focus over an extended period of time. Content marketing is even harder in the local marketing world.
But it is a vital way to increase same-store sales. If you want to increase revenue, developing a content marketing strategy at the store level is critical. Now, this doesn’t mean that every employee needs to start contributing to a blog (though that would be great). Instead, it means that the company needs to create locally driven content for every local website.
– If you’re a national brand with a local presence and SEVERAL local websites, you need to create locally-driven content that appears on the local websites. Creating a corporate blog for the corporate site isn’t enough. Neither is creating one blog and then just changing the content slightly for each local page. Google will slam you for that. Instead, every local site needs to have regularly updated content. How you create that content is up to you. Just do it.
– Locally owned companies should blog regularly. Blog about the needs, desires, and fears your target market has. What does your product/service fulfill or solve for your target market? Write about this.
Updated content will improve your search rankings, drive more traffic to your site, get the phone to ring, and make you more money. If you want to succeed in the local space you have to create content.
And keep in mind that this doesn’t JUST mean blogging. Content marketing also encompasses videos, reviews, case studies, social media, webinars, podcasts, as well as printed material.
If you want to increase same-store sales, step-up your content creation efforts.
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